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Tracy King's Blog

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

New listing! 1145 Oak Grove Drive, Eagle Rock

Tracy King | Teles Properties | (626) 827-9795
1145 Oak Grove Drive, Eagle Rock, CA
New listing! OPEN SATURDAY 7/9 1-3PM; SUNDAY 7/10 2-5PM; TUESDAY 7/12 10-2PM; and THURSDAY 7/14 10-2PM.
3BR/2BA Single Family House
offered at $539,000
Year Built 1950
Sq Footage 1,540
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors 2
Parking 2 Car garage
Lot Size 7,160 sqft
HOA/Maint $0 per month
DESCRIPTION

Move right in to this midcentury traditional with upgraded systems from central air & heat to electrical and plumbing. Originally a duplex, the main floor has 3 bedrooms, 1 bath while the downstairs could be a master suite or the entertainment room/home office to die for. A sliding glass door opens to the spacious deck that overlooks the backyard. There is even an outdoor kitchen for all your alfresco dining fantasies. The 2-car garage has a finished interior.
see additional photos below
PROPERTY FEATURES

- Central A/C - Fireplace - Hardwood floor
- Family room - Living room - Bonus/Rec room
- Office/Den - Laundry area - inside - Balcony, Deck, or Patio
- Yard
ADDITIONAL PHOTOS

Front
Kitchen
Living Room
Den
Family Room
Outdoor Kitchen
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: Jul 8, 2011, 2:16pm PDT
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Gracious 1950 Ranch

Open today till 1, Thursday 10-2. Cookies!

Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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Eagle Rock July 3 Celebration





Sundown, moonrise Eagle Rock Park
Sundown, moonrise Eagle Rock Park


An elegant and fun fireworks display
An elegant and fun fireworks display


Celebrating Eagle Rock’s 100th year, the free fireworks display at Eagle Rock Park brought the community together with a big lovely bang. It seemed like the whole town turned out--we had to park many blocks away and hike in to the park. Ronny and the Classics played some good old Rock and Roll. There were booths staffed by the various Eagle Rock civic groups from TERA to the Chamber of Commerce to the Eagle Rock High Boosters. Classic cars parked on the field provided more browsing opportunities. There were food booths for everything from funnel cakes and kettle corn to Chinese food. We had some very tasty Argentinian grilled sausages spiced with ChimmiChurri sauce served in a roll with fresh salad and rice.

The weather couldn’t have been better: not too hot yet clear and balmy.


The crowd was mellow and friendly with lots of kids, lots of families. We all oohed and aahed at the fireworks which were at least 15 minutes of colors and swizzles and sparklers and booms. The crowd cheered and celebrated and then we all walked back to our cars. Happy 3rd of July, Eagle Rockers!

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Getty Center Cultural Field Trip

What a perfect day to go to the Getty. The Angkor bronzes exhibit was small but inspiring as well.

Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate

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New restaurant in Eagle Rock

Halong Bay opened just 2 weeks ago and it's doing well! Took the picture below just before we cleaned our plates!
Lovely atmosphere, delicious food, and affordable prices make this a winner in the successful Eagle Rock business model contest we all wage daily here.
Photo

The empty pineapple shell contained a dish called Festons, scallops sauteed with hoisin sauce, pineapple and red pepper. I had the Suon Nuong, thinly sliced grilled pork chops marinated in honey and lemongrass served with their house dipping sauce (and rice, of course). To start, we tried the Saigon spring rolls, shrimp and fresh lettuce, basil, carrot and cucumber wrapped in rice paper. We each had a drink and spent under $50 for the two of us. By the way, they serve Eagle Rock Brewery Revolution XPA, a bright and refreshing pale ale, so you can feel incredibly local when you dine here. The owner, Ray, had us try the Poisson, a filet of sea bass steamed in a banana leaf with herbs and spices. Yum! And for dessert, the cappucino mousse cake was divine.

You can check out details about the restaurant and see the whole menu at www.halongbayrestaurant.com. Or just go on over to 1948 Colorado Blvd, LA 90041. Call for hours at 323-258-2618.
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The Crown Prince of Chihuahua

My house guest last weekend. Think he had enough cushion?
Photo

Sent from my iPhone

Posted via email from Tracy's LA Real Estate



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May/June Newsletter Out Now!

Our latest issue of the newsletter is now available for your perusal! Check it out:

May/June 2011 Newsletter


  • Why I Joined a New Real Estate Office

  • Appraisal is Art, Not Science

  • A Seller Success Story: 2030 Estes Road

  • Case-Shiller Index Double Dips - Big Deal!

  • Recent Activity

  • Eagle Rock Fourth of July Event

  • Enjoy! And feel free to forward on to anyone you think would be interested.
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    1443 Hits

    Dwell on Design

    It's fun to see creative design for the lowly chicken coop.

    From Evernote:

    Dwell on Design Raad Chicken Coop

    A3b2ff5fec57c15388fd34dcf4fdbb

    Posted via email from Tracy's LA Real Estate

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    1044 Hits

    Dwell on design

    Solar panel on the outside, shutter on the inside. Interesting.
    Photo

    This is from Plug 'n Save Energy Products in San Diego. One of these shutters costs around $400, plugs into a transformer that you can plug into an outlet in your home. The electricity produced is enough to run a computer monitor or a TV. Every little bit helps. www.plugnsaveenergyproducts.com.
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    Dwell on Design

    Interesting tile made from recycled materials www.ctm.com.
    Photo

    Sent from my iPhone

    Posted via email from Tracy's LA Real Estate



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    1425 Hits

    Green Real Estate

    I'm happy to announce that I've earned the NAR (National Association of Realtors) Green Designation. I now have access to the research and information from the Green Resource Council to share with you, like this essay on Why Go Green?

    There is a variety of reasons to go green, but most come back to supply and demand. We have a limited amount of resources available and more and more people using them up. If we want our future generations to enjoy the same standard of living we've experienced, we need to take action.

    Green building is a great place to start, as buildings consume 14% of potable water, 40% of raw materials, and 39% of energy in the United States alone (according to the US Green Building Council). That's 15 trillion gallons of water and 3 billion tons of raw materials each year! If that's not enough to convince you, here are some other reasons to go green:

    FOR THE ENVIRONMENT


    Want to make the world a better place? Implementing green practices into your home or office can help reduce waste, conserve natural resources, improve both air and water quality, and protect ecosystems and biodiversity.



    FOR THE SAVINGS


    Want to make your dollar go further? Green systems and materials reduce energy consumption, which in turn reduce your energy bills. They also increase asset value and profits and decrease marketing time; making your dollar go further for longer.



    FOR YOUR HEALTH


    Want to live healthier? Green building isn't just good for the environment; it's also good for YOU. Sustainable design and technology enhance a resident's overall quality of life by improving air and water quality and reducing noise pollution. According to a 2006 study by the Center of the Built Environment, University of California, green office buildings improve productivity and employee satisfaction in the workplace.

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    Appraisal Is Art Not Science

    I’ve been reflecting on appraisals lately, and I’m not alone— almost everyone who sells real estate is having appraisal issues. Why? Because appraisals are based on closed sales, appraisers are evaluating the present value based on the past value. If we’re in a declining market, appraisals will be close to the price that the buyer and seller agree on. It’s when we are in a fairly normal or increasing market that we have the issues that many of us face today. You might see this as good news since it could be an indication that the market is normalizing or increasing. From the appraiser’s view it just looks like available comparables can’t justify increasing sales prices.

    There is general acceptance of the notion (believed by many appraisers) that appraisal is a science, not an art (even though you’ll get as many different valuations as you have appraisers on the same property.) Many buyers believe this as well. But consider this scenario:

    There is a 2-bedroom, 1.5-bath house in good condition in a nice neighborhood in a small community within Los Angeles. It has a guest house for which no permit can be found, nor can a permit be found for the half bath. So for appraisal purposes, this is a 2-bedroom, 1-bath house. Because very few properties like this sell in any 3-month period, the only sales comparables that fit this size house are distress sales in poor condition that sold in the range of $350,000 to $450,000. Six months ago, there were a few comparables that sold for $480,000 to $520,000. An appraiser brought in a value of $440,000. Why? Because the “good” comps were too old and the more recent comps were all low, so to his mind that meant that the current value was lower.

    Here are some questions for you:
    Had this appraiser seen all the properties that he used for his research? No, because in the current appraisal business these appraisers are working all over Southern California. The likelihood that they have ever been inside the comparables they use is slim.

    Did he talk to the Realtors who actually did see the properties? Very few appraisers bother to do that.
    Did he listen to the listing agent who met him at the property with comparables? No, because he thinks that appraisers know more than Realtors who are just trying to make a sale. He pretty much said that.

    Why all of a sudden did we have such low comparables? Did the values drop? Again, very few properties of a given size sell in this zip code. By chance, the only three of that size and configuration that sold in the previous 90 days were short sales and foreclosures. The consequence is that regular sellers who own 2-bedroom 1-bath houses are reluctant to sell because the only comparables that appraisers are willing to use are so low. It’s a vicious cycle. One almost feels that that is what some of these appraisers and lenders want to see happen, because it is less risky for prices to be low.

    When prices drop, regular sellers either don’t need or want to sell or can’t because they now owe more than the property is worth. They can’t refinance into a lower interest rate for the same reason. In 2005-2007, if you lost your job you might be able to use your equity line of credit to get by for a month or two. Or you could sell for a profit, move to a less expensive home and rent for awhile until you got on your feet. Today more people are stuck with too much debt and nowhere to turn. For many of these people, it is the same debt they were totally fine with in 2006, but their circumstances have changed. Now their only option is either foreclosure or short sale. And there you have more lower prices.

    But let’s go back to the pure appraisal question. How do you evaluate a property? Wikipedia says: Real estate appraisal, property valuation or land valuation is the practice of developing an opinion of the value of real property, usually its Market Value The need for appraisals arises from the heterogeneous nature of property as an investment class: no two properties are identical, and all properties differ from each other in their location - which is one of the most important determinants of their value.

    In residential real estate, market value is usually defined as the price that a willing buyer and a willing seller agree upon subject to appraisal if a loan is necessary. If everyone paid cash for property, the situation in real estate today would be much different. We wouldn’t have had the bubble and the resulting crash, for one thing, since they were both caused by unsafe and unsound lending practices.

    Market value is a concept distinct from market price, which is “the price at which one can transact”, while market value is “the true underlying value” according to theoretical standards. The concept is most commonly invoked in inefficient markets or disequilibrium situations where prevailing market prices are not reflective of true underlying market value.
    This is the crux of the matter: the prevailing market prices are not reflective of true underlying market value.
    In San Marino, prices have not dropped. Why? Because most homes there are owned outright. The same is true in parts of Arcadia. Distress sales drive prices down. If no one is in distress, the price doesn’t go down. Why not, when the entire country has been in a housing depression? Because if you aren’t in distress and you can’t get the price you want, you just don’t sell.

    What I am seeing with all the HVCC (Home Valuation Code of Conduct) and other strange rules pretending to establish reasonable rules for evaluating properties is that appraisers are all looking at market prices and defining them as value. If a buyer believes that a house is worth, say, $500,000, because it has all the amenities he feels he should find in a house at that price, why should an appraiser be able to declare that the actual value is only $350,000 because that is what a house of similar size sold for down the street?

    So what does a good appraiser do?
    What does a good Realtor do?
    What is the relationship like between a good appraiser and a good Realtor?
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    Why I Joined a New Real Estate Office

    In my 22 years practicing the profession of real estate, I have never left one company to go to another. I have worked in companies that were merged or sold, but I have never left by my own decision. Until now. What’s important to know is that I didn’t leave Coldwell Banker because I didn’t like it or was unhappy. CB is a great company and offers many opportunities to its agents to grow and prosper. It’s also safe to belong to a large national corporation. If you work at Coldwell Banker, its long history and good reputation cloak you in respectability. If you work for such a well-known and respected company there is a certain level of professionalism that is automatically conferred upon you in many consumers’ minds. To leave all that was a big step.

    Real estate is a schizophrenic business: it’s very competitive and yet we have to cooperate with each other. A client naturally wants to work with the best professional they can, but how do they determine who that is? That’s why many of us have focused on being number one in our marketplace, working for a company that has the most market share, winning the most awards, etc., so we can assure our clients that we are good enough to earn their business. But there is much more to doing a good job than working in a big company, winning awards and doing a lot of deals.

    I have worked with agents from other companies and seen what they do. I’ve gone to many professional training events with excellent teachers. I’ve networked with other Realtors all over the country as part of our various professional organizations. In the last several years, I’ve coached and trained with a group that has attained the level of a virtual office although we are scattered all over Southern California. We’ve often commented how great it would be to work with each other in a physical office—to work in an office of like-minded professionals. For me, Teles Properties offered the potential for this, plus it’s a small boutique company that is focused on what I care about: providing its agents with research, technology, and marketing. It’s small enough (so far) that I know all the owners, and they know me, but that’s just a nice extra.

    What’s in this for my clients? A fresh approach. A simple, elegant look. A chance to work with a company that focuses on a deep understanding of the market, on the art and practice of real estate, and on where to position the client’s needs and desires to obtain the best result. A company that puts agents in a room together every week to learn more, to share ideas on how to price and market a property for sale and how to obtain and negotiate the best possible deal for the client. This is a company that shares its knowledge and encourages its agents to share theirs so we all get better—a truly cooperative and collegial environment. These are tumultuous times in the real estate world. Making a successful business in the shadow of one of the biggest economic downturns in US history is a real challenge. Teles Properties began in 2007 and has grown from 1 to 4 offices through these chaotic years. I think that’s quite an accomplishment. This company chose to strike out in a fresh, new direction and it is working. That’s what attracted me to it.
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    Case-Shiller Index Officially Double-Dips--Big Deal!

    Data released this morning by Standard & Poor’s show that the S&P/Case-Shiller national home price index declined by 4.2 percent in the first quarter of 2011, after having fallen 3.6 percent in the fourth quarter of 2010. The national reading hit a new recession low with the first quarter’s data and posted an annual decline of 5.1 percent versus the first quarter of 2010. Nationally, home prices are back to their mid-2002 levels.
    ...From DSNews.com, your Daily Dose of Default Servicing News, May 31, 2011.

    My response is, so what? What does this have to do with your home? What does this have to do with, say, the sale at 2030 Estes Rd in Eagle Rock (closed April 21, the highest sale in Eagle Rock since September, 2009, for $176,000 over asking)? In the first place, this is first-quarter news and we have moved on (and up) from there. In the second place, once again, we have to note that national home prices have little to do with local home prices.

    So why should we care at all about this depressing news?

    Because the common, everyday, not-in-distress, regular, homeowner who wants to move is influenced to wait.

    For what?

    For prices to “get better.” For the market to “improve.”

    I posit that by waiting, homeowners are creating the very problem they seek to avoid. The fewer “regular” sales there are, the more weight is given to “distress” sales, which often sell for a significant discount off market price, which lowers the average sales price, which lowers the comparables that appraisers use to value a home sale, and so on in a self-fulfilling prophesy downward spiral.

    We had 15 offers on 2030 Estes. That means that 14 buyers did not buy a home and went looking for others. Other “regular” sellers missed a bet by not coming on the market right after that. But it’s not too late! Some of those buyers are still out there looking...I know, I’ve seen them at other open houses. Plus there are buyers looking in different price ranges for other kinds of homes. Many buyers know that this is an amazing time to buy. They will pay fair prices for good homes. If you own a home and want to sell it, consider doing it now. Make your own good news and thumb your nose at DSNews and Case-Shiller!
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    This one is freeway close!

    Only $175k in Highland Park.
    Photo

    Sent from my iPhone

    Posted via email from Tracy's LA Real Estate



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    Everyone is flocking to Teles Pasadena

    Including the ducks! Attracted by our garden and reflecting pool...
    Photo

    Sent from my iPhone

    Posted via email from Tracy's LA Real Estate



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    New listing! 4928 Onteora Way, Eagle Rock

    Tracy King | Teles Properties | (626) 827-9795
    4928 Onteora Way, Eagle Rock, CA
    New listing! OPEN TUES & THUR, MAY 17 & 19, 10-2PM; and SUNDAY, MAY 22, 2-5PM!
    4BR/3+1BA Single Family House
    offered at $849,900
    Year Built 2011
    Sq Footage 3,465
    Bedrooms 4
    Bathrooms 3 full, 1 partial
    Floors 3
    Parking 2 Car garage
    Lot Size 6,098 sqft
    HOA/Maint $0 per month
    DESCRIPTION

    Space, style, and incredible views add up to a fabulous home at the western edge of Eagle Rock. This contemporary-styled newly built multi-level structure has 3465 square feet on an upslope, western-facing 6,098 square-foot lot that captures sunset views from Griffith Park and Glendale to the San Fernando Valley. There is a 2-car detached garage at the street level. Next, enjoy views from the deck accessed by two spacious bedrooms. This level also has a full bathroom and laundry facilities. On the second level you will explore more views off the huge living room, dining room and kitchen space for the Dwell Magazine experience. A powder room completes this level. The third level has a huge master suite complete with walk-in closet, bathroom with a separate shower plumbed for steam and more views. There is also an interior atrium with fire-pit and a media room/family room with its own separate bathroom. One more staircase leads up to the best views of all, another deck, and the yard. Systems are all new and include gas fireplace, stainless steel appliances in the kitchen, gas firepit, central air & heat and a tankless water heater. There are closets on every level providing lots of storage.
    see additional photos below
    PROPERTY FEATURES

    - Central A/C - Central heat - Fireplace
    - High/Vaulted ceiling - Walk-in closet - Living room
    - Office/Den - Dining room - Refrigerator
    - Stove/Oven - Stainless steel appliances - Laundry area - inside
    - Balcony, Deck, or Patio - Yard
    OTHER SPECIAL FEATURES

    - Contemporary-style newly built home in Eagle Rock
    - All new systems including gas fireplace, gas firepit, central air & heat, & a tankless water heater
    - Western views from three levels of decks and patios
    - For more pictures and details visit www.4928Onteora.com
    ADDITIONAL PHOTOS

    4928 Onteora Way
    Living Room
    Kitchen
    Master Bedroom
    Master Bath
    Rooftop Deck/Lawn
    Contact info:
    Tracy King
    Teles Properties
    DRE Lic#01048877
    (626) 827-9795
    For sale by agent/broker
    powered by postlets Equal Opportunity Housing
    Posted: May 16, 2011, 9:36am PDT
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    A Seller Success Story: 2030 Estes Road

    Once in a while, everything comes together and the sale of a home exceeds everyone’s expectations. How does this happen? Is there a formula that can be used to at least maximize the odds?

    Some necessary components:

    • A great house -- good bones, proper updates, a private, idyllic setting, a very livable floor plan, a prestigious location in the area.

    • A seller who knows how to prepare his home for sale, how to present the property during the showing phase of the sale, and, of course, how to choose a Realtor who will work with him to strategize the best plan to sell the house for the most money in the least amount of time and with a minimum of hassle.

    • A Realtor with the market and real estate knowledge to conceive and execute the plan.

    • A team of dedicated people to carry out the plan. This team includes the seller’s willing family, neighbors, and  competent professionals (Realtor’s staff, photographer, escrow and title companies, etc.) to execute the marketing and sale.


    When I first met my Success Story Sellers in February, 2011, the highest sales in Eagle Rock in the past few months had been $749,000 for a much larger house and $675,000 for a house that was a foreclosure but was bigger and a popular Mediterranean style. The house at 2030 Estes was unlike any other house that had sold in the area in years, so how were we to arrive at the probable sales price? The sellers were hoping for more than $750,000 and I truly believed it should sell for much more. But how to get such a number when sales comparables were so low? Even if we found people willing to pay our price, it would never appraise for that value in the current conservative lending environment.

    Out-of-the-box thinking was required. If the house sold for a price that wouldn’t appraise, we simply would insist that in order to be considered, an offer had to remove any appraisal contingency. We listed the property for $749,000, the same as the highest sale in the past few months.

    Preparing the house for sale included planning how to deal with the seller’s family which included a dedicated and fabulous wife, two young boys, a dog, and a lot of personal stuff. After packing up or selling much of the stuff, the wife packed up the boys and took them away for the 8 days we were on the market. For every showing or open house, the dog went to the neighbors. More neighbors were enlisted to move their vehicles that had been parked on the street. The house looked like a Dwell magazine cover story for all showings.

    We had five open houses in eight days including brokers’ open houses and a twilight open house. By the ninth day, we had 15 offers, 14 of which had no appraisal contingency. By the time counter offers came back, we had three offers over $900,000! The highest offer was for cash, closing in 10 days. Long intense story short, we closed 11 days later for $925,000, as-is, no repairs or termite work to be done.

    As I said, this was an ideal situation: great house, great sellers, great team altogether. It’s rare to have it all. But isn’t it good to know that a house can sell with multiple offers way over the last highest sales price in this uncertain market?

    Here is what the seller of 2030 Estes Road had to say:

    videoscreenshot
    Thank you to Kendyl Young for her fabulous video shooting and editing skills!
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    New listing! 2611 Oneida Street, Pasadena

    Tracy King | Teles Properties | (626) 827-9795
    2611 Oneida Street, Pasadena, CA
    New listing! OPEN TUESDAY, MAY 17, 10-2PM AND SUNDAY, MAY 22, 2-5PM!
    2BR/1BA Single Family House
    offered at $599,000
    Year Built 1948
    Sq Footage 1,610
    Bedrooms 2
    Bathrooms 1 full, 0 partial
    Floors 1
    Parking 2 Car garage
    Lot Size 7,850 sqft
    HOA/Maint $0 per month
    DESCRIPTION

    This stylish mid-century home has crisp lines and 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. The fenced yard of this corner location meanders behind the 2-car garage and is much larger than it looks from the street. The fountain flows into a koi pond creating a peaceful oasis. Your own orchard has a peach tree and a large apricot tree that yield delicious fruit. Ideal for indoor-outdoor entertaining, the flow from the kitchen through the family room out onto the patio leads inevitably to the barbecue. This special home in its lovely quiet, established neighborhood, is located in the coveted blue-ribbon distinguished Alexander Hamilton Elementary School area (check with Pasadena Unified School District for availability), and has easy access to the 210 freeway.
    see additional photos below
    PROPERTY FEATURES

    - Central A/C - Central heat - Fireplace
    - Hardwood floor - Tile floor - Family room
    - Living room - Dining room - Laundry area - garage
    - Balcony, Deck, or Patio - Yard
    OTHER SPECIAL FEATURES

    - Stylish midcentury home with crisp lines and original details
    - Spacious family room off of the kitchen opens up the floor plan
    - Yard with patio, fountain, koi pond and fruit trees
    - More pictures and details at www.2611OneidaStre
    ADDITIONAL PHOTOS

    Front
    Living/Dining
    Family/Kitchen
    Patio/Yard
    Kitchen
    Master
    Contact info:
    Tracy King
    Teles Properties
    DRE Lic#01048877
    (626) 827-9795
    For sale by agent/broker
    powered by postlets Equal Opportunity Housing
    Posted: May 16, 2011, 9:22am PDT
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    Join me for lunch!

    Today, Thursday, 10-2 at 2611 Oneida St, Pasadena 91107. Doesn't my new Teles sign look good?

    Photo

    Sent from my iPhone

    Posted via email from Tracy's LA Real Estate

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    985 Hits