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With over 30 years experience in helping clients buy and sell homes in Northeast Los Angeles, Tracy King has a depth of real estate knowledge that makes her the go-to for both the first-time home buyer and the seasoned real estate investor. When she's not holding open houses or negotiating offers, Tracy enjoys wine tasting, cooking, and planning he...r next trip to Paris. More

Sneak preview of my new listing

4920 Floristan, 90041. $479,000. Isn't it lovely?

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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In a Foreclosure Agent's Shoes

Now I understand why some foreclosure agents (who typically deal with a lot of offers) are so difficult to get a response from when I submit an offer to them. I have a listing that we “event priced,” that is, we listed it at such a good deal for the neighborhood it’s in that lots of people made offers. We had initial offers that went 25% over asking, so we countered everyone back at that. A number of people dropped out with the attitude of “Was that a typo?” “How do you think you are going to get that?” and the like.  But we did get a few that were up at that price, and the highest one was quite a bit over.

So why did it take us almost a month to get this home in escrow?

The highest offer was VA financing, which means no down payment, seller to pay 3% of the buyer’s closing costs. The real issue is that, because the house needs work, a VA appraiser could require a lot of repairs and the seller would have to fix them before the loan could be finally approved. The seller isn’t in a position to do repairs (a major reason why we priced it the way we did.) So this is kind of a “teaser” offer. When I asked the lender what could happen with the appraisal, he said it was 50/50 that they would require a lot of repairs.  How much of a gambler is the seller?

The next highest offer was for cash. They accepted our terms, but didn’t read the offer well enough to see that they were supposed to counter us back with their best and final offer. We couldn’t reach them for several days and when we did, we were told that we should have emailed them. So why give us phone numbers? Why didn’t they tell us that? Then they said yes to our “best offer over” price verbally, but then they countered in writing at $15,000 less.

The next offer was the most reliable deal: cash, a good agent, a savvy buyer. But at this point it’s the third highest.

Which one would you take? Or would you keep waiting?

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Don't panic: Economy is not as bad as 'experts' say

DAILY REAL ESTATE NEWS

Produced by Inman News

October 4, 2011

Sponsored by Lowe's

Don't panic: Economy is not as bad as 'experts' say

Commentary: It's time to debunk 'Global Depression'

By Lou Barnes
Inman News™

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Take a deep breath. Two. Unclench your hands. Let loose your shoulders. Look out at a brilliant fall sky. Leaves. Breathe again, but for scent.

Put this global/financial/political whatever-it-is ... put it down. Back away from it, and look at it from a long ways off.

Domestic U.S. growth is marginal, but not recession. New weekly unemployment claims are steady near 400,000, with no new wave of layoffs. Purchase mortgage applications are too low to work off excess inventory, but they are stable.

The Chicago Federal Reserve Bank's national index is at -43, which is below the long-term trend line at zero in its index but far above the -70 that would mark recession. Orders for durable goods were flat in August, but held the huge July gain.

It's flat and soggy, but hardly over the cliff that you'd think from listening to many media reports -- and especially to the talk from people in financial markets.

These financial folks are normally the Pollyannas of the airwaves. Upon any devastating flood, nuclear accident or outbreak of war, they've got a loopy grin and a new investment for you to buy. Note how strange it is that finance types sound so panicky these days.

People in markets rarely get hysterical at the same time. Yet the brightest -- Nouriel Roubini, Robert J. Shiller, Martin Wolf, Goldman Sachs itself, George Soros -- are engaged in "Depression leapfrog," every day finding some new reason that the world will be unable to save itself. Risk-averse markets become a self-fulfilling prophecy, imploding.

The most immediate threat is Europe. In 1999, Europe embarked on a common currency to remove the trade-inhibiting risk of volatile rates of currency exchange. That minor problem, easily hedged, has created an entirely new and gigantic one: The euro nations must synchronize not just their borrowing and trade, but their entire economic cultures.

I don't think it will happen, but it may; in any event, this talk of a "Global Depression" as the inevitable result of breakup and/or austerity is nuts.

Italy knows how to run Italy, odd as it is, and France can run France, and so on for each of them. Germany does not know how to run Spain, nor Ireland how to run Germany. If the union blows, back these nations will go to dealing with their own affairs. Separation would be a relief.

Financial types howl, "It's all so interconnected that taking it apart will be the end of life on earth!" Translation: We don't know how to trade it, and we can't figure out who is exposed and how much.

The European Commission in Brussels -- the nascent pan-European government that ain't gonna happen -- says every day that the euro must survive and of course it will because nothing is wrong. (The talk of freeloaders trying to keep their paychecks running?)

Poor Angela Merkel, a scientist trained in Soviet East Germany, is hopelessly unprepared -- she apparently neither wants change nor can grasp its elements, instead clutching at status quo.

Europe has no voice. Change is going to come, and it will be briefly chaotic but will rationalize a hopelessly irrational situation. The euro is only 12 years old, and the status quo ante is hardly a mystery lost in ancient times. The lurch will be quite something, but the locals know what they are doing.

The economic situation here is different, but the problem is the same. No voice. No voice at all. No one to explain, to trust.

The most powerful forces in Great Depression recovery were Franklin Delano Roosevelt's grasp of the essential -- nothing mattered but the economy -- and his voice. My Okie parents and grandparents spoke for the rest of their lives about gathering in front of the RCA when FDR would speak: "Nothing to fear but fear itself!"

Here, as in Europe, the locals know what they're doing. Every state and town is doing what it must to get its budget under control, to raise revenue as it can, and to look after its citizens.

From a safe distance, staring at this predicament, please do not mistake the temporary incapacity of the largest governments for an inability to manage our affairs. We go on. We adapt. Collective arrangements come and go.

Lou Barnes is a mortgage broker and nationally syndicated columnist based in Boulder, Colo. He can be reached atThis email address is being protected from spambots. You need JavaScript enabled to view it..

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This email address is being protected from spambots. You need JavaScript enabled to view it. This email address is being protected from spambots. You need JavaScript enabled to view it. Letter to the Editor Letter to the Editor

 

Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Eagle Rock Music Festival

El Haru-Kuroi. Good stuff.

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Pasadena Farmer's Market

Perfect day for fresh food and flowers!

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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Eastern View from Echo Mountain

Good morning!

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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You can almost see the Ocean!

Back on Echo Mountain after a several week hiatus. Hot, clear, glorious Autumn day!

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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New listing! 1978 Chickasaw Avenue, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
1978 Chickasaw Ave, Eagle Rock, CA
New listing! First open house on Sunday, October 2, 2-5pm!
3BR/2BA Single Family House
offered at $619,000
Year Built 1948
Sq Footage 1,825
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors 1
Parking 2 Car garage
Lot Size 5,370 sqft
HOA/Maint $0 per month
DESCRIPTION

Originally built in 1948 for the nearby Lutheran church, this mid-century traditional has modern upgrades with retro style. This home has a great floor plan, with three bedrooms, one full bath and one half bath on the main level, and a bedroom with three-quarter bath on the upper level. The living room features a working fireplace and a built-in entertainment center to suit all your media needs. Adjacent to living room and kitchen is an enclosed patio which provides extra space for entertaining, office, or family room. The secluded back yard has been terraced and is completely fenced in. More features included recently refinished hardwood floors, central air and heat, updated second bath, and fresh paint throughout.
see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Fireplace
- Hardwood floor - Tile floor - Living room
- Dining room - Breakfast nook - Dishwasher
- Refrigerator - Stove/Oven - Microwave
- Granite countertop - Stainless steel appliances - Washer
- Dryer - Laundry area - inside - Yard
OTHER SPECIAL FEATURES

- Central Eagle Rock location - close to shops, schools and more!
- Great floor plan with bonus space
- Private, quiet back yard
ADDITIONAL PHOTOS

Front
Living Room
Kitchen
Living Room
Master
Bath
Bedroom
Bath
Breakfast Bar
Back yard
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
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Posted: Sep 29, 2011, 4:08pm PDT
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1079 Alta Pine

Cool midcentury high in the hills of Altadena. A real retreat $779,000.

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
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The Eagle Rock Music Festival Needs Your Help!

The Thirteenth Annual Eagle Rock Music Festival is looking for festival volunteers.

Eagle Rock Music Festival is an annual centerpiece in our free arts programming of Center for the Arts, Eagle Rock, one of the last remaining arts and cultural programming centers in Northeast Los Angeles. Center for the Arts, Eagle Rock is a non-profit 501(c) 3 organization whose mission is to provide multicultural, innovative arts programming to the communities of Northeast Los Angeles. Programs include exhibitions, community festivals, free and low-cost after school arts classes, a Summer Art Camp, and more.

Volunteering at Eagle Rock Music Festival is an opportunity to put your talents to good use, learn new skills, and make new friends who love music as much as you do.

Our volunteers are present at every entry point to the festival, and many stages and venues along the boulevard. Most volunteer jobs require little to no experience.

FIRST, fill out the Volunteer Preferences Form Here: http://is.gd/NtJvhk

Then plan to attend an Eagle Rock Music Festival Volunteer Meet Up!

We’d love the chance to meet you in advance, so if you’d like to pop in and meet some of the Center for the Arts Eagle Rock staff and other volunteers, please come by at one of the times listed below, and bring friends who want to volunteer, too. These are scheduled as casual meetup times, drop in, hang out, we might have some projects to do, like badge-making or sign-making, or we might just hang out and get to know each other better, answer your questions, talk about bands… etc. We’d love it if you could make it to one of the Volunteer Meetups, but they aren’t required and no need to attend all of them.

• Sunday, September 25 11:00 AM – 1:30 PM
• Tuesday, September 27 6:00 PM – 8:00 PM

Center for the Arts Eagle Rock’s address: 2225 Colorado Blvd. Los Angeles, CA 90041

Once you have completed the online volunteer application, and attended one of the Volunteer Meetups, you’re good to go. If you can’t make it to a Volunteer Meetup, it’s fine, but plan to come 30 minutes early for onsite training before your first shift!

Connect With Us And Promote Our Festival On Social Media!

Facebook

Please click on 'ATTENDING' our Facebook event, Volunteering at Eagle Rock Music Festival on October 1, so that that you’ll be able to see the questions that have been asked and answered already, and you’ll be among the first to get new information as it becomes available:
http://www.facebook.com/event.php?eid=192332730836804

Please LIKE our Facebook page, Eagle Rock Music Festival: http://www.facebook.com/eaglerockmusicfestival

Twitter

Follow us: @ermusicfest
Hashtag: #ERMF

Promote Our Bands Playing Eagle Rock Music Festival
LIKE our bands on FB, follow them on Twitter. +1 them on Google+ ! Promote their shows and set times at the fest to your circles of friends! ! For more info on the bands playing go here: http://eaglerockmusicfestival.wordpress.com/band-info/

If you are not a social media-ist, no worries! It's gonna be a great time for everyone who volunteers.

Any questions, just email This email address is being protected from spambots. You need JavaScript enabled to view it. and we’ll be right with you! Thanks in advance for your time!
2225 Colorado Blvd. Los Angeles, CA 90041 323-226-1617 This email address is being protected from spambots. You need JavaScript enabled to view it.

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Wiggle Waggle Walk

Rex, the standard bearer for the Punk Rock Rovers. My guy!

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
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A great day to be in real estate

1315 Fairlawn Way, Pasadena. Listed for $2.8 million. Truly a multimillion dollar view!

 

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Tracy King
Teles Properties
DRE #01048877
Interesting homes for Interesting people
This email address is being protected from spambots. You need JavaScript enabled to view it.
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Just Sold! 401 E California Blvd. #210, Pasadena

Our buyers just closed escrow on this remodeled end-unit condo in a prime Pasadena location.  The unit has quality finishes throughout, from the distressed maple hardwood floors throughout to the basaltina vulcanic rock countertops and farmhouse sink in the kitchen.  The living room has vaulted ceilings and a stone fireplace with alder wood mantle.  A loft on the second story, with full bath, adds extra space and leads to a large rooftop patio.  This is the perfect urban Pasadena home!

 

401 E California #210, Pasadena

 

401 E California #210, Pasadena

 

401 E California #210, Pasadena

 

401 E California #210, Pasadena

 

401 E California #210, Pasadena



Listing and Photos Courtesy of Roy Tucker, Re/Max Tri-City Realty

Listed for $579,000
Sold for $560,000 on September 20, 2011
2 bedrooms, 3 baths
1,860 sq. ft. (condo)

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California Median Price Hits 2011 High


California's Median Home Price Hits 2011 High







The state of California is soaking in the last rays of the calendar summer and cashing in on the last days of the traditional homebuying season, with sales soaring in August and the median home price touching on its highest reading of the year.



Data provided by the California Association of Realtors (C.A.R.) puts the statewide median price of an existing, single-family home sold in California last month at $297,060.


“August’s median price marked the highest since December 2010, signifying that prices may be stabilizing in some market segments, as investors and first-time buyers continue to see value and opportunity in the market,” said Beth L. Peerce, C.A.R. president.


The August price point is up 1 percent from a revised $294,050 in July. Last month’s was the highest reading in eight months, but remains 7.4 percent below the $320,860 median price recorded for August 2010.


The San Francisco Bay area registered a median price of $498,190 last month, while the Inland Empire came in at




$173,670, and the Los Angeles metro fell in between at $275,100.


Closed escrow sales of existing, single-family detached homes in California rose to a seasonally adjusted 497,390 units in August, up 8.6 percent from July, according to information collected by C.A.R. from more than 90 local Realtor associations and MLSs statewide. August home sales were up 10.2 percent from the same period last year.


Leslie Appleton-Young, C.A.R.‘s chief economist, says while the increase in August sales is encouraging, this data is largely based on closings that occurred before the debt ceiling debate in early August which spawned increased concern about the future of the U.S. economy.


“How these events and the impending reduction in the conforming loan limits will impact home sales and prices in the coming months remains to be seen,” Appleton-Young noted.


C.A.R.’s index of unsold single-family housing inventory was 5 months in August, down from 5.5 months in July and 5.8 months in August 2010. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.


The biggest backlog of housing stock can be found in the Los Angeles metropolitan area, but at only a 5.4-month supply, even that is well below the national average.


By comparison, the National Association of Realtors’ assessment of market conditions for the month of July put the overall inventory of unsold homes in the U.S. at a 9.2-month supply.


The California Realtor group reports the sales cycle for single-family homes was a median 52.7 days in August, compared with 45.5 days a year earlier.





Posted via email from Tracy's LA Real Estate



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Good News from DSNews

DS stands for Default Servicing, so if this publication is talking about sales going up, this is real news!

Sales of previously owned homes came in 18.6 percent higher last month when compared to August 2010, according to data just released by the National Association of Realtors. Completed transactions rose 7.7 percent on a month-over-month basis to a seasonally adjusted annual rate of 5.03 million. The latest numbers far surpassed market expectations. Many analysts were forecasting a decline while others were predicting a much more modest increase, with projections for the annual rate ranging between 4.61 million and 4.80 million.

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Just Sold! 2611 Oneida Street, Pasadena

2611 Oneida Street, Pasadena



2611 Oneida Street, a stylish mid-century home in Pasadena, closed last Friday (the 16th) with a final sales price of $580,000. This was one of the smoothest escrows we've had this year, always much appreciated! Features include the crips lines of the mid-century style, original details such as casement windows, hardwood floors and a fireplace in the living room. Skylights brighten the interior. More modern upgrades include central air and heat, a new patio cover and a fountain in the backyard. The spacious family room just off the kitchen opens up the floorplan and adds to the versatility of this 1600 square-foot two-bedroom, one-bath home.

Listed for $589,000
Sold for $580,000
2 bedrooms, 1 bath
Built in 1948
1,610 sq. ft. on a 7,850 sq. ft. lot

2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


2611 Oneida Street, Pasadena


For more pictures and details visit www.2611OneidaStreet.com

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Just Sold! 1532 Rose Villa Street, Pasadena

1532 Rose Villa Street, Pasadena



After a year of traveling the world, our buyers were ready to settle back down in Pasadena.  We helped them buy 1532 Rose Villa Street, a Mediterranean-revival 3 bedroom, 2 bath home located on a tree-lined street.  Features include a Batchelder tile fireplace, gourmet kitchen, outdoor fireplace with built-in grill, in-ground jacuzzi, and period hardware throughout.

rosevilla


1532 Rose Villa, Pasadena


1532 Rose Villa, Pasadena


1532 Rose Villa, Pasadena


1532 Rose Villa, Pasadena



Listed for $1,175,000 by Cynthia Luczyski, Deasy/Penner and Partners
Sold for $1,184,000 on September 16, 2011.
2,094 sq. ft. on 0.25 acre lot
Built in 1925

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Tracy King has shared: 5 ways appraisals are sinking real estate deals | Inman News

Very concise and accurate assessment of the appraisal issues I have been commenting on for over 2 years.
5 ways appraisals are sinking real estate deals | Inman News
Source: inman.comWhy your loan may be denied. The first article of this series described an epidemic of late-stage mortgage loan rejections. These rejections are very costly to consumers because they occur after the payment of an appraisal fee, and in some cases after payment of a nonrefundable fee to the lender.A major factor underlying the increase in late-stage rejections is a decline in the quality of appraisals, which is the subject of this article. Why appraisal quality has declined: market factors Part of the decline in appraisal quality has been the result of market factors beyond anyone's control. Home-price weakness: During the go-go years before 2007, home prices generally increased. Both appraisers and underwriters implicitly assumed price increases would continue, which imparted an upward bias to appraisals.

Tracy King sent this using ShareThis.

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New Listing! 5220 Hartwick Street, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
5220 Hartwick St, Eagle Rock, CA
New listing! Open Sunday 9/11 2-5pm; Tuesday 9/13 10-2pm; and Thursday 9/15 10-2pm.
3BR/1BA Single Family House
offered at $299,000
Year Built 1923
Sq Footage 1,200
Bedrooms 3
Bathrooms 1 full, 0 partial
Floors 1
Parking 1 Car garage
Lot Size 7,450 sqft
HOA/Maint $0 per month
DESCRIPTION

Perched above the street to take advantage of sunset views, this 1923 Craftsman cottage offers so much to love--the well-above-Colorado Blvd location, the spacious living/dining room that stretches across the width of the house, the large back yard, the Dahlia Heights Elementary school down the street, the list goes on. Priced to help you see the opportunity behind the original solid wood door--at last, a house to make your own home!
see additional photos below
PROPERTY FEATURES

- Fireplace - Hardwood floor - Living room
- Dining room - Stove/Oven - Laundry area - inside
- Yard
OTHER SPECIAL FEATURES

- Built in 1923
- Located north of Colorado Blvd. in Eagle Rock
- Large lot with lots of potential!
- For more photos and open house times visit www.TracyKing.com
ADDITIONAL PHOTOS

Front
Porch
Porch View
Dining and Living
Living Room
Dining Area
Kitchen
Kitchen
Bedroom 1
Bedroom 2
Bedroom 3
Bath
Laundry Room
Hallway
Patio
Back Yard
Back Yard
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
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Posted: Sep 8, 2011, 2:16pm PDT
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New Listing! 5326 Loleta Avenue, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
5326 Loleta Ave, Eagle Rock, CA
New listing! Open Sunday 9/11 2-5pm; and Tuesday 9/13 10-2.
3BR/1+1BA Single Family House
offered at $679,000
Year Built 1925
Sq Footage 1,859
Bedrooms 3
Bathrooms 1 full, 1 partial
Floors 2
Parking 2 Car garage
Lot Size 6,000 sqft
HOA/Maint $0 per month
DESCRIPTION

Want that open floor plan with a view from the kitchen to the family room out to the backyard? Want some Spanish character like a nice fireplace with Mayan-style tiles but with an updated kitchen with caesarstone counter tops and lots of cabinets? Want a master bedroom with its own bath and walk-in closet, and you want it separate from the other 2 bedrooms and bath? This is it! And there's more: hardwood floors, central air & heat, a completely fenced and gated backyard with room for play equipment and a fountain.
see additional photos below
COMMUNITY FEATURES

- Garage parking - Covered parking
OTHER SPECIAL FEATURES

- Built in 1925
- Located north of Colorado Blvd. in Eagle Rock
- For more open house information visit www.TracyKing.com
ADDITIONAL PHOTOS

Front
Porch
Living Room
Dining Room
Kitchen
Kitchen
Family Room
Family to Kitchen
Bedroom
Bedroom
Bath
Master
Master Bath
Master
Backyard
Back
Contact info:
Tracy King
Teles Properties
DRE Lic#01048877
(626) 827-9795
For sale by agent/broker
Equal Opportunity Housing
Powered by Postlets
Posted: Sep 8, 2011, 12:27pm PDT
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