Palos Verdes Source

Yesterday, there were 26 homes on the Palos Verdes real estate Broker’s Tour. We currently have 306 active single family homes for sale in Palos Verdes ranging in price from $799,950 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the low in Eastview is $529,000). There are 59 townhomes/condos for sale priced between $224,900 and $1,750,000. My favorites were:

Steve Simonettti’s 2205 Paseo Del Mar, Palos Verdes Estates (above left), is a 4 bedroom, 3 bath, 2,536 square foot home for $1,495,000. This original Lower Lunada Bay home is just steps away from the bluff and is original (waiting for TLC). Kitty Edler’s 80 Cresta Verde, Rolling Hills Estates (above right), is a 3 bedroom plus den, 3 bath, 1,684 square foot townhome for $899,000. This Cresta Verde townhome has panoramic ocean views, has been totally upgraded and is one of the best townhomes currently on the market.

Suzanne Dyer’s 27549 Fawnskin Drive, Rancho Palos Verdes (above left), is a 3 bedroom, 2 bath, 1,612 square foot house for $899,000. This Grandview Silver Arrow home has been beautifully remodeled with a fabulous kitchen and master bath and newer hardwood floors. Jan Kelly’s 28081 Ella Road, Rancho Palos Verdes (above right), is a 3 bedroom 2 bath, 1,684 square foot home for $1,039,000. This Los Verdes home offers an outstanding ocean view, a separate office and crown molding throughout.

Photos courtesy of MRMLS

Mortgage rates are down again for the Palos Verdes real estate market. A 30-year fixed conforming loan is 4.625% – That is a record low in Freddie Mac data going back to 1971!

Fixed mortgage rates in the U.S. fell for a second consecutive week as the Federal Reserve plan to buy mortgage-back securities helped drive rates lower. 18 properties on the Palos Verdes Peninsula went into escrow in the last week. I believe Buyers are realizing what a great opportunity this is for them and they are taking advantage of these historically low interest rates.

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

What is the outlook for Palos Verdes real estate? I attended a forecast meeting presented by Robert A. Kleinhenz, Ph.D., Deputy Chief Economist for the California Association of Realtors. There was good news and “other” news.

First the good news. Affordability for California is now at 60%; it was 23% in 2007. Interest rates are at historic lows and probably will remain at these levels through the beginning of next year. CAR’s California Housing Market Summary below indicates a forecast for 2009 of a 25% increase in number of sales and a 28% decrease in the median price.

Kleinhenz reminded us that the median price is directly affected (and skewed) by the number of low-end homes that have sold vs. the midrange and above (see chart below) that are lingering on the market as lenders continue to withhold jumbo loans from the market. The actual decrease in sales price in Palos Verdes is nowhere near the numbers above. Unfortunately, Kleinhenz did not have any numbers specific to the Palos Verdes Peninsula as they only report on cities with 30 or more sales per period. The best statistics for Palos Verdes are coming from TrendGraphics which can be accessed by clicking here or on the “Statistics” tab above.

Kleinhenz finished with the chart at the top indicating Callifornia real estate had a 11.3% annual rate of return when a home is sold after 5 years. “The buy and hold strategy does work in California,” he said. Entire presentation can be accessed by clicking here.

The 43rd Annual Palos Verdes Marathon will be held Saturday, May 2, 2009, at 7:00 a.m. It will begin and end at Point Fermin Park (807 Paseo del Mar, San Pedro). According to the official website, the Palos Verdes Marathon is the second longest continuously running Marathon in the United States, second only to the Boston Marathon. That was news to me; I am impressed.

For residents, it means we probably want to stay clear of Palos Verdes Drive South and Palos Verdes Drive West & Paseo del Mar in Lunada Bay the morning of May 2nd. It looks like a new route this year. Click here to see this year’s route.

There is also a Half Marathon beginning at 7:30 a.m. and a 5-K/Community Fun Walk beginning at 8:00 a.m. This is a beautiful run along our coast with its breathtaking views.

Photo courtesy of the PV Marathon

Yesterday, both the Daily Breeze and Los Angeles Times had housing reports. The Daily Breeze headlined with “County home prices look to be stabilizing.” Los Angeles County home sales made its third consecutive gain while prices remained stable leading some to believe that the market has “finally hit bottom.” The lower end of the market is moving and the upper end is slower. For Palos Verdes real estate, that translates to homes under $1,000,000 being an active market as buyers take this opportunity to buy into the Peninsula with its fabulous schools, weather and beautiful location.

Here are the statistics since the beginning of the year. 74 single family homes in Palos Verdes sold. Almost half of those sales were homes under $1,000,000. Another 28% sold in the $1,000,000 to $1,500,000 range. And 8% sold for over $2,000,000. The higher end should start moving when the banks start lending for jumbo loans again.

There were 29 homes on the Palos Veres real estate Broker’s Tour. We currently have 328 active single family homes for sale in Palos Verdes ranging in price from $845,000 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the low in Eastview is $529,000). There are 56 townhomes/condos for sale priced between $229,500 and $925,000. My favorites were:

My own listing at 3005 Via Rivera, Palos Verdes Estates (above) is a 4 bedroom, 4 bath, 2,980 square foot home for $1,499,000. This beautiful Lunada Bay traditional home is great for entertaining; the kitchen opens to the family room which opens to a covered brick patio with built in barbecue. All the bedrooms are over-sized and have walk-in closets. It is located on a private cul-de-sac and has a gated driveway leading to a 3-car garage. For more information go to www.3005ViaRivera.com

Charles Raine’s 35 East Crest Road, Rolling Hills (above left), is a 6 bedroom, 8 bath, 5,452 square foot home for $6,900,000. This lovely Rolling Hills home has panoramic ocean views, a state of the art kitchen and a separate 2 bedroom guest house. Martha Matthes’ 27108 Whitestone Road, Rancho Palos Verdes (above right), is a 3 bedroom, 2 bath, 1,914 square foot home for $850,000. This original Silver Spur home has a family room, is near shopping/schools and is a great starter home.

Photos courtesy of MRMLS

Statistics for single family homes for the month of March for Palos Verdes Real Estate are now available. March 2009 had more than twice as many sold/close escrows and slightly more pending sales than February 2009; the sold/pending numbers are down, however, when compared to March 2008. Inventory of active listings/homes for sale rose again for the third consecutive month which is great for buyers.

For the month of March, there were 29 closed escrows (12 in February) and 23 pending sales (21 in February). Active single family homes for sale rose to 284 (from 263 in February). Average price for homes that closed in March increased to $1,259,000 from $1,110,000 in February. Average days on market in March decreased to 68 (from 99 in February). Months of inventory (how many months it would take to sell existing inventory at the current rate of sale) decreased to 9.8 months (from 21.9 in February). Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 325 single family homes for sale on the Palos Verdes Peninsula. Additionally, 30 homes have pending sales, 22 homes are in escrow accepting backup offers and 11 homes have sold/closed escrow in the first 11 days of April.

The Silver Spur area (also known as Grandview) is located in Rancho Palos Verdes. The best thing about this neighborhood is its close proximaty to schools and shopping. It is home to 3 award winning schools — Palos Verdes Peninsula High School, Silver Spur Elementary and Cornerstone Elementary. Peninsula Shopping Center and The Promenade are at it’s southern border.

The Silver Spur neighborhood is about 1 mile by .75 miles. Grandview Park is located here. This area of single family homes built in the 1950s and 60s average in size between 1,300 and 4,900 square feet. There are currently 16 single family homes for sale ranging in price from $845,000 (1,612 square feet) to $1,295,000 (2,700 square feet).

Mortgage rates are down for a 30-year fixed compared to last month for the Palos Verdes real estate market. These rates are as of April 3, 2009.

Also of note, the California Association of Realtors announced “a new program designed to provide peace of mind to first-time buyers who are hesitant to enter he housing market due to concerns about potential job loss, and subsequently being unable to met their monthly mortgage obligations.” This Mortgage Protection Program is free for the first year to eligible applicants who meet the following guidelines:

Click here for more information and for an application. Above mortgage rates for Palos Verdes homes are provided by Jim Kurata, Peninsula Mortgage/Chase (310-994-2769).

Yesterday, there were 25 homes on the Palos Verdes real estate Broker’s Tour. We currently have 302 active single family homes for sale in Palos Verdes ranging in price from $800,000 in Rolling Hills Estates to $18,900,000 in Rolling Hills (the low in Eastview is $529,000). There are 49 townhomes/condos for sale priced between $229,500 and $925,000. My favorites were:

Alexa and Kurt Hoyt’s 36 Empty Saddle Lane, Rolling Hills Estates (above left), is a 4 bedroom, 3 bath, 2,790 square foot home for $1,995,000. This gorgeous Empty Saddle Club home is completely remodeled, is run on solar energy and is on a large equestrian lot that back to the trails. Marian Sullivan’s 2404 Via Rivera, Palos Verdes Estates (above right), is a 4 bedroom, 3 bath, 2,140 square foot home for $1,399,000. This custom Lunada Bay home was rebuilt in 2006 and features an open kitchen/family room and french doors throughout home.

Patricia Arturo’s 5839 Flambeau Road, Rancho Palos Verdes (above left), is a 4 bedroom, 3 bath, 2,192 square foot home for $1,079,000. This beautiful Silver Spurhome has newer wood floors, crown molding and a professionally landscaped yard with fountains, spa and a built-in barbecue. Georgiana Rosenkranz and Barry Host’s 29112 Firthridge Road, Rancho Palos Verdes (above right), is a 4 bedroom, 3 bath, 2,446 square foot home for $1,099,000. This well-priced Crest home features light bright open floor plan, 3-car garage and park-like backyard.

Photos courtesy of MRMLS