Palos Verdes Source

There were 26 homes on the July 27, 2010, Palos Verdes real estate Broker’s Tour.  We currently have 284 active single family Palos Verdes homesfor sale ranging in price from $725,000 in Rancho Palos Verdes 90275 to $12,800,000 in Rolling Hills 90274 (the low in Eastview is $579,000).  There are 56 townhomes/condos for sale priced between $200,000 and $1,060,00.  My favorites were:

Sue Goodale’s (Coldwell Banker PV/Beach Cities) 1349 Via Coronel, Palos Verdes Estates 90274 (above left) is a 6 bedroom, 4 bath, 3,600 square foot home for $2,580,000.   This private Upper Lunada Bay estate features panoramic ocean/coastline views, a new gourmet kitchen, pool and tennis court.  Rick and Kitty Edler’s (Peninsula Sotheby’s Int’l Realty) 612 Via Del Monte, Palos Verdes Estates 90274 (above right) is a 4 bedroom, 2 bath, 2,534 square foot home for $1,399,900).  This Malaga Covehome Queen’s necklace, coastline, whitewater views and a newly updated kitchen.

Wei-Shi Lee’s (Prudential California Realty) 28208 Semount Drive, Rancho Palos Verdes 90275 (above left) is a 4 bedroom, 3 bath, 2,185 square foot home for $1,120,000.  This Cresthome has upgraded remodeled bathrooms and kitchen, family room and master bedroom suite with Catalina view.   Cindy Chew’s (Coldwell Banker PV/Beach Cities) 6 Silver Spring Drive, Rolling Hills Estates 90274 (above right) is a 4 bedroom, 4 bath 2,919 square foot home for $1,099,000.  This Rollingwood/Silver Spur home has a large separate second floor master suite, separate office/home gym off garage and a large 14,320 square foot lot.

Photos courtesy of MRMLS

Academy Hill neighborhood  is located near the intersection of Palos Verdes Drive North and Crenshaw.  184 homes on a 58 acre tract are located in Academy Hill which has an Home Owners Association with voluntary $50/year dues that help pay for a yearly neighborhood party and other events. It has been described as a “tight knit” and “friendly” neighborhood where neighbors work together.

Academy Hill is located an the unincorporated area of Palos Verdes Peninsula 90274 and is actually part of unincorporated Los Angeles County.  This area is home to the prestigious  Chadwick School which is a private school established in 1938 with Kindergarten through 12th Grade classes.  Chadwick actually owned the area that is now home to the Academy Hill neighborhood and sold off the land in the late 1960s.  The homes were built by Presley Homes in the early 1970s.

There are currently two active homes for sale in Academy Hill - A 5 bedroom, 3 bath, 3,104 square foot home for $1,325,000 and a 4 bedroom, 3 bath, 2,542 square foot home for $1,357,000.  There is another home in escrow that was listed for $1,029,000. 5 homes have sold in Academy Hill since the first of the year between $945,000 for 3 bedroom, 2 bath, 2,063 square foot home and $1,415,000 for a 5 bedroom, 4 bath, 3,384 square foot home.

We spoke (complained), and were heard.  Fannie Mae told lenders on June 30, 2010,  that they “prohibit lenders from changing appraisals” according to a LA Times article yesterday (click here for full story).  This is good news for owners of Palos Verdes real estate and buyers also. 

Here is what has been happening since the new May 2009 Guidelines.  Lenders have been ordering appraisals from Management Companies who sometimes choose an appraiser from out of the area who may have only “minimal access to local realty data” and the appraisal comes in low.  Additionally, “Lenders unilaterally may be lowering the numbers on the appraisals submitted to them to avoid accusations that the loans they sell to giant investors Fannie Mae or Freddie Mac are based on inflated appraisals.  Such value inflations can expose lenders to ‘buyback’ demands, forcing them to repurchase loans at huge costs,” according to Kenneth R. Harney in his LA Times article.

As of September 1, 2010, the LA Times article goes on to say,  “lenders must contact appraisers to resolve any disagreements about the valuation.  If that’s not possible, they should order a second appraisal – not just chop the value supporting the real estate contract.”  Finally, the voice of reason.

Photo courtesy of Arvin Design

My new lease listing at 4112 Palos Verdes Drive South, Rancho Palos Verdes 90275 is a fabulous opportunity to experience resort living at Portuguese Bend Club with access to a private beach.  This 4 bedroom, 2.5 bath, 2,122 square foot home is for lease at $4,200 per month.  Sit inside or outside on your deck and watch the sunset.  Lounge by your own solar heated pool. 

This bright home has abundant skylights.  The open floor plan includes a nearly 20′ x 30′ living room with built-in desk area behind louvered doors.  The living room and family room both have fireplaces.  The kitchen has a glassed-in eating area with wide open 180 degree ocean views.  You can walk to Trump Golf Course, restaurants and trails.  A separate laundry room/bath is conveniently located off pool area.  You and your guests will enjoy views of Catalina, Trump Golf Course and Terrenea Resort.  Tenant may purchase membership to Portuguese Bend Beach Club with its own private beach, barbecue area, etc.

There were 37 homes on the July 13, 2010, Palos Verdes real estate Broker’s Tour – too many to see in the allotted 2 hours but I was able to see 10 homes today.  We currently have 270 active single family Palos Verdes homes for sale ranging in price from $750,000 in Rancho Palos Verdes 90275 to $14,500,000 in Rolling Hills 90274 (the low in Eastview is $579,000).  There are 57 townhomes/condos for sale priced between $200,000 and $1,080,000.  My favorites were:

Jennifer Cody and JoAnne Daddario’s (Cody & Co) 3920 Via Solano, Palos Verdes Estates 90274 (above left) is a 3 bedroom, 3 bath, 2,182 square foot home for $1,365,000.  This remodeled Valmonte home has a gourmet kitchen, vaulted ceilings and city/coastline views.  Pamela Lieb’s (Remax Palos Verdes Realty) 46 Empty Saddle Road, Rolling Hills Estates 90274 (above right) is a 4 bedroom, 5 bath, 3,101 square foot home for $1,795,000.  This Empty Saddle Club equestrian home features a pool and pool house, sports court, and a den/library.

Bill Ruth’s (Keller Williams Palos Verdes) 2916 Paseo Del Mar, Palos Verdes Estates 90274 (above left) is a 5 bedroom, 5 bath, 3,870 square foot home for $3,795,000.  From this Lunada Bay bluff home one can hear the surf crash against the rocks;it also has a pool, spa and sports court.  Terry Kane’s (Remax Palos Verdes Realty) 608 Via Estrada, Palos Verdes Estates 90274 (above right) is a 4 bedroom, 3 bath, 2,153 square foot home for $1,299,000.  This lower Lunada Bay home has an updated kitchen, hardwood floors, crown molding and an outdoor fireplace.

Photos courtesy of MRMLS

June 2010 statistics for Palos Verdes real estate indicate a possible slowing compared to both May 2010 and June of last year.  49 single family homes sold/closed escrow in June 2010 compared to 57 in May and 54 in June 2009.   However, 17 Palos Verdes homes sold/closed escrow since July 1, 2010 which is nearly 2 1/2 times as many as this time last month.  62 homes had pending sales for June, up from 58 pending sales in May.  Active homes for sale in June are again up to 260 (rising for the last 5 months) although down from 301 in June 2009. 

The average Sales Price in June 2010 was $1,378,000 down from $1,422,000 in May, but higher than all but two of the last ten months.  Average Days on Market in June was 78 days (May was 80 days).  In June, sales price/original list price was strong at 95% which is the highest in over a year.  Months of inventory (months it would take to sell existing inventory at the current rate of sale) for June was 5.3 months, up from 4.2 in May but below 6 months which is considered a “normal” market.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently there are 269 Palos Verdes homes for sale.  102 homes are in escrow (50 homes have pending sales and 52 homes are accepting backup offers).   Additionally, 17 homes have sold/closed escrow in the first 10 days of July.

“Newsweek has recently identified the best high schools in the nati0n ‘based on how hard school staffs work to challenge students with advanced placement college-level courses and tests.’” according to a press release from the Palos Verdes Peninsula Unified School District (excerpt continues below).

Peninsula High School is #178 in the nation and Palos Verdes High School is #239.  Among California high schools on the list, Peninsula is #18 and Palos Verdes High is #26.  According to Newsweek, “just over 1600 schools, only 5% of the public schools in the United States made the list.”  The Newsweek list includes many academies, charter schools, and specialized magnet schools.

District success is not accidental.  Both Palos Verdes and Peninsula High schools receive high rankings in the Newsweek rating system because of their open door policy to college level courses.  Students at both high schools are encouraged to stretch themselves and enroll in high level courses. In 2010, over 3400 AP tests were taken in PVPUSD.  2010 test results will be received in August, but in the past the passage rate was approximately 75%.

The entire Newsweek list can be accessed by clicking here.

Photo courtesy of PVUSD

Free 2010 summer fun  in Palos Verdes Peninsula is not just for owners of Palos Verdes real estate, but is open to all. Here are some of the events to chose from this summer:

The Lunada Bay Homeowners Association will be hosting “Summer Concerts in the Park” at Lunada Bay Park, Palos Verdes Estates.   It is recommended that you bring low beach chairs or blankets and a picnic dinner and enjoy the music for the three concerts this summer on the following Thursdays, 6:00 p.m. to 8:00 p.m.  They are:

     .  07/15 – Marti Harris & Friends (jazz, blues & funk)

     .  7/22 – Mike Stocksdale Band (folk, rock alternative country music)

     .  8/12 – Prima Divas – (broadway, classical & cabaret)

The Malaga Cove Business & Professional Association in cooperation the The Palos Verdes Police Officer’s Association presents “Summer Concerts in the Park” at Farnham Martin’s Park next to the Malaga Cove Library in Palos Verdes Estates on Wednesdays at 7:00 p.m. in July and August. You may bring your blankets at 3:00 p.m to save a spot. Here are the performers that will be showcasing this summer:

     .   7/07 – Pat Chartrand & Friends  (jazz/big band standards)

     .   7/14 – Marc Massey Trio (jazz/pop)

     .   7/21 – Bad Haggis

     .   7/28 – Brice Martin (flute) & Natalie Dalschaert (piano)

     .   8/4 – Brenda Lynn – (vocalist)

     .  8/11 – Sarkis (classical & flamenco)

     .  8/18 – Jim Sutterly & the Heart Surgeons

     .  8/25 – The Cody Bryant Band (real cowboy)

Beginning Sunday, July 18^th, the South Coast Botanic Gardens will present their first concert; the PV Symphonic Band “Pops Concert” at 6:00 p.m. (outdoors on the lawn).  On August 22^nd they will have “Razzle Bam Boom” at 4:30 p.m. produced by Bubble Rock Productions. September 6^th the PV Symphonic Band will be  presenting a “Labor Day Concert” at 5:00 p.m. (outdoors on the lawn). Pack your picnics and bring your beach chairs & blankets…Free parking

 Shakespeare by the Sea presents..”Julius Caesar” on Wednesday, July 7th at 7 p.m. at the Terranea Resort.  Bring your beach chairs and blankets. $5 Parking..No outside food..Cash bar & Picnic Cuisine available for purchase. “Twelfth Night” – Sunday, July 18th at 7 p.m. at Fred Hesse Jr. Community Park.  Bring your picnic and beach chairs & blankets.  Plenty of parking.

For more information regarding summer fun go to: http://palosverdeschamber.com/Site/ThingstoSeeandDo.aspx.  Also you can visit http://palosverdeschamber.com/Site/PlacestoVisit.aspx to revisit local points of interest here on the Peninsula.

Photo courtesy of LBHOA

There were 27 homes on the June 29, 2010 Palos Verdes real estate Broker’s Tour.  We currently have 257 active single family Palos Verdes homes for sale ranging in price from $659,000 in Rancho Palos Verdes 90275 to $14,500,000 in Rolling Hills 90274 (the low in Eastview is $504,000).  There are 56 townhomes/condos for sale priced between $200,000 and $949,000.  My favorites were:

Pamela Lieb’s (Remax Palos Verdes Realty) 30904 Marne Drive, Rancho Palos Verdes 90275 (above left) is a 4 bedroom, 4 bath, 2,859 square foot home for $1,550,000.  This remodeled Country Club home features panoramic white water/Catalina Island views, a dream kitchen and a pool/spa.  Jacqueline Johnson’s (Prudential California Realty) 30110 Avenida Esplendida, Rancho Palos Verdes 90275 (above right) is a 4 bedroom, 4 bath, 3,324 square foot home for $1,489,000.  This Country Club home has separate guest suite/office, central air and a secluded patio and garden with sunken Jacuzzi.

Rick Edler and Michele Chodos’ (Peninsula Southeby’s Int’l Realty) 85 Yacht Harbor Drive, Rancho Palos Verdes 90275 (above left) is a 3 bedroom, 2 bath, 1,253 square foot home for $2,299,000.  This Portuguese Bend Beach Clubhome just steps away from a private beach and with unobstructed ocean/white water views comes fully furnished, even a grand MIDI piano!  Gayle Probst’s (Coldwell Banker P.V./South Bay) 6860 Eddinghill, Rancho Palos Verdes 90275 (above right) is a 5 bedroom, 3 bath, 2,330 square foot home for $980,000. This well-priced Los Verdes home features an updated kitchen with granite counters, a family room off the kitchen and a large grassy backyard. 

Photos courtesy of MRMLS

Fourth of July on the Palos Verdes Peninsula will be celebrated at two special public events. There will also be several local firework displays in the evening.

In 2010, Palos Verdes Estates will be holding their 48th Annual Independence Day Celebration at Malaga Cove School, 300 Paseo del Mar. The festivities are free to the public and will begin at 9:45 a.m. with entries into the Apple Pie Contest followed by the Children’s Decorated Bike/Scooter Parade at 10:00 a.m. There will be music and family games for all ages. Everyone is welcome to bring picnics to enjoy on the lawn. This year’s guest speaker is Tommy Lasorda.

Rancho Palos Verdes will be hosting their 34th Annual Independence Day Celebration at Point Vicente Park/Civic Center at 30940 Hawthorne Boulevard from 11:00 a.m. to 5:00 p.m. There will be Rides & Games, Arts & Crafts Booths, Music, Pie Eating Contest & Hula Hoop Contest, Petting Zoo and Helicopter Rides. Admission is free, on-site parking is $4 per vehicle and free shuttle service is provided along Hawthorne Blvd.

Fireworks can be seen in the evening at the Redondo Beach Pier/Seaside Lagoon at 9:30 p.m., at Torrance’s Charles Wilson Park at 9:00 p.m., the Barge off the Coast of Torrance Beach at 9:00 p.m., and at Cabrillo Beach in San Pedro at 9:00 p.m.