We listed this La Canada horse property for $3,850,000 on February 10th. Soon after, we received three offers. Escrow opened on February 18. Ultimately, we closed at $4,010,000.
We marketed the property to nearby equestrian centers, including the Flintridge Riding Club. However, we did not secure an equestrian buyer. Two buyers planned to tear down the home because the lot spans more than half an acre. In contrast, the final buyer plans to expand the existing residence. Interestingly, the buyer had little interest in the horse facilities and focused primarily on the land.
There was one hiccup during escrow.
We disclosed that during the heavy January storms—when rain fell continuously for three days—water entered the basement. Then, while in escrow, another day of heavy rain caused water to enter again. Because we had completed a pre-inspection, the buyer had waived their inspection contingency. However, this new development gave the buyer the right to investigate further, request a credit, or cancel escrow. The buyer wisely consulted a drainage expert. Fortunately, the buyer plans to build an addition that will address the issue. As a result, the buyer proceeded with the agreed purchase price.
