Palos Verdes Source

Palos Verdes unique coastline with all its bays and coves makes for some great surfing spots. Both of my children’s friends surf and even they do not know where all the surf breaks are. In the Fall issue of the Palos Verdes Bulletin, an article entitle “Surf Mecca” described the history of surfing in Palos Verdes and went on to name the surf breaks – Avalanche, Boneyard, Charlie’s, Christmas Tree, Cove, Dominator, Exile’s, Indicator, Haggarty’s, Longs, Lower’s, Lunada Bay, Middle’s, Pinnacle, Pipe’s, Rat Beach, Rat Point, Ski Jump, TA’s (Tom Anderson), Turbo’s and Wally’s.

The article identifies Ski Jump and Boneyard as being located at Bluff Cove. “Bluff Cove was the first to be regularly surfed followed by Haggarty’s and Lunada Bay.” A few of the breaks are shown on the map provided by Matt Waters at Rancho Palos Verdes Parks and Recreation Department and can be accessed by clicking here to view my prior post on Bays and Coves.

Surfing is big in Palos Verdes; both our high schools have surf teams and several world class surfers came from this area. I could not find all the breaks mentioned above for my son’s friends (although they know quite a few) so it will be like a treasure hunt for them to identify and surf them all.

Yesterday, there were 11 homes on the Palos Verdes Real Estate Broker’s Tour. We currently have 258 active single family homes for sale in Palos Verdes ranging in price from $749,000 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the low in Eastview is $619,000). There are 69 townhomes/condos for sale priced between $249,900 and $2,000,000. My favorites were:

Lisa Hawk’s 43 Misty Acres, Rolling Hills Estates, (above left) is a 4 bedroom, 4 bath, 2,881 square foot home for $1,719,000. This single level home located in The Ranch (gated community) has a bright open floor plan, pool, and gazebo on a large flat 21,280 square foot lot. Katie Muck and Vicki Longley’s 805 Via Conejo, Palos Verdes Estates, (above right) is a 3 bedroom, 2 bath, 2,030 square foot home for $1,399,500. This Malaga Cove classic has the coveted Queen’s Necklace View and is ready to be personalized by a new owner.

Sandra Allbee’s 28619 Golden Meadow Drive, Rancho Palos Verdes, (above left) is a 5 bedroom, 3 bath, 3,278 square foot home for $1,498,000. This Los Verdes home has an open floor plan, an upstairs master retreat, and an ocean view. Frank Kenny’s 28920 Northbay Road, Rancho Palos Verdes, (above right) is a 5 bedroom, 4 bath, 2,346 square foot home for $1,100,000. This Crest home has a remodeled kitchen, separate spa room, and 3 car garage.

Photos courtesy of MRMLS

There are several 2008 holiday events coming up to be enjoyed by owners of Palos Verdes Real Estate. The 52nd Yule Parlor Parade featuring 3 beautifully decorated homes will be held Friday, December 5th, and Saturday, December 6th, from 11:00 a.m. until 4:00 p.m. with a Christmas Tea served at Neighborhood Church from noon to 4:00 p.m (benefiting South Bay charities). Call 310-378-9353 for more information. The Neighborhood Church Christmas Pageant will take place on December 14th at 5:30 and 7:30.

The Peninsula Holiday Parade of Lights which is sponsored by the City of Rolling Hills Estates, will be held Saturday, December 6th, at 6:00 p.m.. There will be marching bands, drill teams, equestian entries, floats, clowns, etc. The parade will take place on Silver Spur Road and Deep Valley Drive.

The Promenade on the Peninsula will have their “12 Days of Christmas $1200 Give-a-way” – you must register November 28 – 30 at the Ice Chalet. The Promenade will also host “Pictures with Santa” on 3 different Saturdays, November29th, December 6th and December 20th from 1:00 to 4:00. Breakfast with Santa will be held on Saturday, December 13th from 8:30-10:00 a.m. – tickets are available at the Promenade Management Office.

Do you know what the speed limit is on Palos Verdes Estates city streets? It seems there are changes in the air. According to the Peninsula News, the city of Palos Verdes Estates has completed a recent survey of several streets (the last review was in 2002). “The process for setting speed limits is regulated by the California Vehicle Code, or CVS, according to a staff report. The CVS requires that the city perform an engineering and traffic survey and periodically readopt speed limits for each street where the city wants to use radar enforcement, according to city officials.”

As I read it, we will be having increased radar enforcement. The speed limit will be raised on 3 roads and lowered on one road. The speed limit on Palos Verdes Boulevard at the city’s entrance from Torrance will be raised from 30 to 35 mph. The speed limit on Granvia Altamira from the PVE city limit to Via Fernandez will be raised from 25 to 35 mph. The speed limit on Paseo del Mar from Via Arroyo to Palos Verdes Drive West will be increased from 30 to 35 mph. Finally, the speed limit on Palos Verdes Drive West going to and from the Rancho Palos Verdes city limit will be decreased from 35 to 30 mph.

A police officer gave me some sage advice. It’s the 15-25-65 rule. Unless otherwise posted, the speed limit in an alley is 15 mph; the speed limit on city streets is 25 mph; and the speed limit on highways/freeways is 65 mph. You can read the entire Peninsula News article by clicking on this link.

On Thursday evening, I drove down Palos Verdes Drive South and noticed lights on at our new Terranea Resort. A call to Ara Mihranian, Project Planner at the City of Rancho Palos Verdes, confirmed that the contractors are working extended hours in the enclosed interiors of the site. It is the developers intent to have the project finished by June 2009. Photo above is of the entry court of the main hotel.

Recently I enjoyed an extensive tour of the furnished casitas, the hotel lobby, ballroom, suites and an overall view of the grounds. What a treat! There are several outdoor wedding venues with fabulous ocean views. The lobby will have original artwork from local artists at the Portuguese Bend Artist Colony. The photo below is of the view from the south-facing hotel rooms and is my favorite view. You can see Abalone Cove, Smuggler’s Cove/Sacred Cove and Portuguese Bend Cove.

There are Casitas and Villas available for sale. Click here to view my prior post with additional information on Terranea.

Statistics for single family homes for the month of October for Palos Verdes Real Estate are now available. There were 21 closed escrows (32 in September) and 16 pending sales (19 in September). Active homes for sale have been reduced a bit to 264 (276 in September) .

Average price for homes that closed escrow in October declined to $1,227,000 from $1,455,000 in October. This reflects the lower end homes that closed in October (only 1 home sold over $1,850,000 and 8 sold for less than $975,000). Average days on market in October rose to 93 (from 58 in September). Months of inventory (how many months it would take to sell existing inventory at the current rate of sale) spiked to 12.6 months; it was 8.6 months in September. Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 260 single family homes for sale on the Palos Verdes Peninsula. Additionally, 31 homes have pending sales, 20 homes are in escrow accepting backup offers and 4 homes have sold/closed escrow in the first 14 days of November. For the first time in years, as of October 31, 2008, the average sales price for the Palos Verdes Peninsula fell 2.6% to $1,647,655 compared to 2007 average sales price ($1,692,046).

Today, there were 16 homes on the Palos Verdes Real Estate Broker’s Tour. We currently have 263 active single family homes for sale in Palos Verdes ranging in price from $749,000 (see below) to $18,900,000 in Rolling Hills (the low in Eastview is $479,000). There are 63 townhomes/condos for sale priced between $265,900 and $2,000,000. My favorites today are:

Raju Chhabria’s 5 Sagebrush Lane, Rolling Hills, (above left) is a 6 bedroom, 9 bath, 11,996 square foot home for $5,900,000. This Rolling Hills private estate will be auctioned this weekend (this is new for us here on the Palos Verdes Peninsula); it features a home theater with lounge, ballroom with wet bar and is on two acres of flat usable land. Dennis Schoonover’s 1201 Granvia Altamira, Palos Verdes Estates, (above right) is a 3 bedroom, 2.5 bath, 2,591 square foot home for $2,000,000. This Montemalaga home has a remodeled kitchen, partial city lights view and is on 29,884 square foot lot.

Cindy Chew’s 1120 Granvia Altamira, Palos Verdes Estates, (above left) is a 3 bedroom, 3 bath, 2,922 square foot home for $1,699,000. This Montemalaga home has city light/coastline view, a separate den/office and a pool. Pete Stefanelli’s 27753 Hawthorne Boulevard, Rancho Palos Verdes, (above right) is a 3 bedroom, 2 bath, 1,395 square foot home for $749,000. This Silver Spur starter home is tucked away on a service street cul de sac and has been freshly painted.

Photos courtesy of MRMLS

The news today from the Federal Housing Finance Agency was that conforming loan limits will remain at $417,000 in the continental United States for 2009. There are higher loan amounts for certain counties. These are known as ‘High Cost Areas” and we are one of them. Our conforming loan limits will be $625,000 (In 2008, we enjoyed a higher limit of $729,750). Any loans above $625,500 will be at the higher Jumbo Rate shown above.

This has been such an interesting week for our Country. With the elections over, there seems to be more focus and forward movement. There was so much excitement by so many at the possibilities of our desires like peace and equality. This can only translate positively for us in the future.

I recently visited the new 55 and over community of Rolling Hills Villas located in Rolling Hills Estates on Deep Valley Drive. This is a welcome addition to Palos Verdes real estate. It is conveniently located within walking distance to the Promenade, Bristol Farms, medical buildings, the post office, library and many other shops in the area. The condominium units are beautiful with granite counter tops, stainless steel appliances, fireplaces, balconies and interior laundry areas with a washer/dryer.

Rolling Hills Villas have 7 different floor plans – one, two, and two plus den models ranging in price from $419,900 to $929,900. All are on one level. Nine of the 41 units have been sold. Homeowner Association dues are approximately $200 per month. The complex is within a secure building, has a gated garage, a rooftop deck with barbecue grill, a walking trail and sitting areas.

This complex is perfectly located in the center of the Peninsula. Rolling Hills Villas will be great for those homeowners wishing to downsize or for parents wishing to move closer to their families that live on the Peninsula. Models are open daily from 11:00 to 5:00. Floor plans can be accessed by clicking on the links above. For more information, call RH Villas at 310-377-6200.

On Tuesday, I attended a presentation by Robert A. Kleinhenz, Deputy Chief Economist for the Callifornia Association of Realtors, to hear the forecast for Palos Verdes real estate. Although, Kleinhenz did not have information specific to Palos Verdes (because we need a minimum of 30 sales per month for their formulas), the Market Outlook was a good perspective on our overall economy nationally, statewide and then specifically the Los Angeles area. Please click on this link to view the entire Outlook/Forecast.

Here are some highlights: The real estate decline in the 1990s was due to economic reasons. Currently it is due to financial reasons. Unemployment for California in 2008 is estimated to be 6.5% with the largest losses in construction, financing and real estate; other sectors are showing growth. 2007 was the trough for real estate sales in California (-44%); the projection is a 12% gain in 2008 with a 31% decline in median price. Median price declines because low end sales were 76% of 2008 sales. High end sales which require jumbo loans have been difficult to get. “Lenders have cold feet and they are not lending”. For the last 40 years, average real estate appreciation is 12% when held for 5 years (see chart above).

The biggest takeaway for most of us was that the Palos Verdes Peninsula market is so unique that buyers who are looking at cold statistics cannot get an accurate assessment of our market by themselves. Buyers coming into the area who have read statewide or countywide statistics are unprepared for the “cold shoulder” they receive from sellers receiving their low offers. There are 4 different cities on the Peninsula, each with different areas and distinctive neighborhoods. Within those neighborhoods, some homes are new, some have views, some are on large lots, some have pools, etc. It is impossible to successfully use just square foot prices, or average/median prices. Buyers need a local Realtor to accurately interpret all the data and assist them in determining a market price for homes they are considering purchasing.

Chart courtesy of California Association of Realtors