Palos Verdes Real Estate Blog

Well, it’s back to work for me. I took the weekend off for my daughter’s wedding. It was the perfect day all around. The weather was a sunny 75 degrees, perfect for a garden wedding. The bride and groom so happy and joyful – it was contagious. There were so many family and friends to share in our joy. It was a perfect day.

Carol Quan, Special Assistant, Los Angeles Tax Assessor, spoke at our Palos Verdes real estate Remax office meeting and gave us an update on property tax reassessment. Before June, the Tax Assessor’s Office will pro-actively review 400,000 Los Angeles County single family residences, townhomes and condos purchased between July 1, 2003 and June 30, 2008 to ascertain if there has been a decline in value.

These reviews will be done in the office; there will not be any field checks. Notices will be sent out to property owners in June. If you believe you should have your property taxes reduced and do not receive a notice (or receive one but disagree with the results), you may file a “Decline-in-Value Reassessment Application (Prop 8)” which can be downloaded from the Tax Assessors Website under “Forms“. They will accept 2 comparable sales but that comparable property must have closed escrow between January 1, 2009 and March 30, 2009. The form must be filed by December 31, 2009.

The Special Assistant said that a homeowner does not have to pay anyone to file a Proposition 8 Application. She warned there were 13 companies sending out official looking letters requesting a fee to apply. She recommended ignoring them and going directly to the Tax Assessor’s website. If the Assessor approves a reduction in taxes, you will receive a reduction to your next tax bill.

“Hope Stirs in Housing Market” was the headline in the LA Times front page on Wednesday. Peter Hong’s positive piece states “Home prices in Southern California held steady in February for the first time in nearly a year, figures released Tuesday show, as low prices brought buyers back into the market.” On top of that home construction rose nationwide.

Sales of Palos Verdes real estate confirm that forward movement. 31 properties have sold/closed escrow since the beginning of March and 30 properties sold and went into escrow since the first of the month. This is twice as much activity as we experienced in February and we have 10 days to go before months end.

“Mortgage rates down, but standards high” was the headline in today’s Daily Breeze front page. A conforming 30-year fixed mortgage is below 5% which “…was the first time the average had fallen below 5 percent since the publisher (HSH Associates) began keeping records in 1979.” Lower interest rates allow more buyers to get into the market. Lending policies are much tighter though compared to a couple of years ago and it’s better to understand the new guidelines so you are prepared as a buyer. Lew Sichelman (LA Times) has some great advice to borrowers that can be accessed by clicking here. All in all, things are looking up!

Today, there were 19 homes on the Palos Verdes real estate Broker’s Tour. We currently have 288 active single family homes for sale in Palos Verdes ranging in price from $800,000 in Rolling Hills Estates to $18,900,000 in Rollings Hills (the low in Eastview is $585,000). There are 47 townhomes/condos for sale priced between $229,500 and $829,000. My favorites were:

Sean and Jon Rodriguez’s 10 Crestwind Drive, Rancho Palos Verdes (above left), is a 4 bedroom 4 bath, 3,513 square foot home for $1,580,000. This secluded Del Cerro home has a spacious master suite, park-like yard and sparkling pool on a nearly half acre lot. Jan Driscoll’s 2644 Via Carrillo, Palos Verdes Estates (above right), is a 4 bedroom 3 bath 2,760 square foot home for $1,700,000. This Lunada Bayhome built by renowned architect Bob Halderman, features panoramic ocean views, vaulted ceilings and a remodeled kitchen.

Rebecca Salzetti’s 10 Lariat Lane, Rolling Hills Estates (above left), is a 5 bedroom, 4 bath, 3,403 square foot home for $2,050,000. This equestrian estate near the Empty Saddle Club has 4 stalls, is adjacent to riding trails and has a swimming pool. Sue Murphy and Marie Hoffman’s 30581 Rue Langlois, Rancho Palos Verdes (above right), is a 4 bedroom 2 bath, 1,670 square foot home for $1,050,000. This comfortable West Palos Verdes home has fabulous ocean views, remodeled bathrooms and was freshly painted inside and out.

Photos courtesy of MRMLS

March 14, 2009

We have had good news this week with the stock market up. Mortgage interest rates for the Palos Verdes real estate market are up slightly for a jumbo 30-year fixed loan at 6.5% versus 6.25% one month ago. As a comparison, last July the 30-year fixed jumbo was 7.75%. 6.5% is a great rate when one looks at the historical data.

Conforming loans (up to $417,000) are currently at 5.125% for a 30-year fixed loan compared to 4.75% one month ago. Last July, conforming loans were 6.5% for a 30-year fixed loan.

Above mortgage rates for Palos Verdes homes are provided by Jim Kurata, Peninsula Mortgage/Chase (310-994-2769).

Statistics for single family homes for the month of February for Palos Verdes Real Estate are now available. February 2009 had less sold/closed escrows and less pending sales than January 2009 and had increased inventory of active listings/homes for sale. Additionally, February 2009 had half the number of sold/closed escrows and 70% less pending sales when compared to February 2008.

For the month of February, there were 12 closed escrows (16 in January) and 14 pending sales (19 in January). Active single family homes for sale have risen to 263 (from 247 in January). Average price for homes that closed in February decreased to $1,110,000 from $1,169,000 in January. You can see from the “Average Price” chart, available by clicking on the “Statistics” tab above, that the lower end of our market has been selling for the past several months. There is quite a disparity between the average sold price of $1,110,000 and the average list price of $2,365,000. Average days on market in February increased to 99 (from 74 in January). Months of inventory (how many months it would take to sell existing inventory at the current rate of sale) increased to 21.9 months (from 15.4 in January). Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 284 single family homes for sale on the Palos Verdes Peninsula. Additionally, 29 homes have pending sales, 25 homes are in escrow accepting backup offers and 7 homes have sold/closed escrow in the first 10 days of March.

“Work on the Trader Joe’s store at the Golden Cove Center, approved by the Planning Commission in December 2008, is moving forward.” according to an article in the Peninsula News. This is great news for owners of Palos Verdes real estate. After a couple of false starts, Palos Verdes is finally getting their own Trader Joe’s.

Demolition of the old Golden Lotus Restuarant is to start the beginning of May and construction is scheduled to begin in June. The new Trader Joe’s will be an 11,000 square foot building with 1200 square feet of mezzanine storage. Construction plans have been submitted to the city. It won’t be long now!

Yesterday, there were 32 homes on the Palos Verdes real estate Broker’s Tour. I was able to see ten of the homes in the allotted 2 hour time period. We currently have 287 active single family homes for sale in Palos Verdes ranging in price from $827,900 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the low in Eastview is $585,000). There are 45 townhomes/condos for sale priced between $229,500 and $829,000. My favorites were:

Raju Chhabria’s 1633 Via Arriba, Palos Verdes Estates (above left), is a 4 bedroom, 5 bath, 4,600 square foot home for $3,995,000. This fabulous custom-built single-level Malaga Cove home has panoramic ocean and queen’s necklace views, wine cellar, 4 car garage and a double lot (20,717 sq ft). Chris Adlam’s 2561 Via Sanchez, Palos Verdes Estates(above right), is a 5 bedroom, 4 bath, 3,384 square foot home for $1,650,000. This beautifully remodeled Lunada Bay home has ocean views, updated kitchen/bath and 4 large bedrooms in addition to the spacious master suite.

Les Fishman’s 445 Palos Verdes Drive, Palos Verdes Estates (above left), is a 4 bedroom, 3 bath, 3,240 square foot home for $2,250,000. This stunning contemporary Malaga Cove home with 180-degree coastline view, has a separate office and is on a street to street lot. Susan Weller and Jackie Johnson’s 26504 Rockhurst Lane, Rancho Palos Verdes (above right), is a 4 bedroom, 3 bath, 2,490 square foot home for $1,239,000. This charming Blackhorse home located in the heart of Peninsula Center has a retreat-like backyard with pool, spa, deck, firepit and lush landscaping.

Photos courtesy of MRMLS

I had another tour of Terranea Resort and it is really taking shape. Palos Verdes Peninsula’s first hotel/resort (and Los Angeles County’s only resort on the water) is scheduled to open June 1, 2009. Terranea is already booking events and taking hotel reservations at $400 to $5500 per night. $5,500 is for the Presidential Suite with its fabulous ocean views and 1,800 square feet of luxury accommodations.

There are currently 32 casitas and villas for sale (50 have already sold) between $2,225,000 and $4,500,000. Owners, of course, have access to all the amenities of Terranea including resort facilities, housekeeping, etc. You can stay in your unit 60 days (casitas) or 90 days (villas) per calendar year and rent them out the rest of the year. View below is from a casitas balcony.

Terranea is receiving over 150 inquiries a month for weddings alone. There are over 1,000 people working 6 days a week to make sure the resort is finished by June. The pools are in but not yet filled. The waterslide is in. The lobby entry is now paved. When you drive down Palos Verdes Drive South past Terranea, you will see green as the golf course is being planted. It is so exciting to see the progress!