Palos Verdes Source

There were 18 homes on the September 29, 2009, Palos Verdes real estate Broker’s Tour. We currently have 248 active single family homes for sale in Palos Verdes ranging in price from $750,000 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the low in Eastview is $565,000). There are 60 townhome for sale price between $218,000 and $1,500,000. My favorites were:

Steven Watts’ 3820 Via Palomino, Palos Verdes Estates, (above left) is a 4 bedroom 4 bath, 3,750 square foot home for $2,395,000. This Cape Cod style Valmonte home was completely remodeled in 2000 and features a private office and separate family room. Robin Debraal’s 1904 Via Estudillo, Palos Verdes Estates, (above right) is a 5 bedroom, 3 bath, 3,062 square foot home for $1,625,000. This Lunuda Bay home is within walking distance to all 3 schools and features a remodeled kitchen.

Luis Kim’s 30471 Camino Porvenir, Rancho Palos Verdes, (above left) is a 4 bedroom, 3 bath, 3,323 square foot home for $1,950,000. This remodeled Country Club home has spectacular 180 degree ocean views, gourmet kitchen and pool. Jodi Ann Keel’s 2641 Via Pacheco, Palos Verdes Estates (above right) is a 3 bedroom, 2 bath, 1,503 square foot home for $1,275,000. This lower Lunada Bay home was completely remodeled; house was taken down to the studs.

Photos courtesy of MRMLS

In Washington and beyond, the discussion is stirring as to whether to extend the First Time Home Buyer Tax Credit of $8,000 which is set to end November 30, 2009. I believe extending this credit will benefit homeowners across the board including owners of Palos Verdes Real Estate.

At first glance, it may not look beneficial to owners of Palos Verdes real estate because the applicant’s income cannot exceed $75,000 (or $150,000 for married couples) and property values here begin in the $700,000s. However, there is the trickle up theory. A Palos Verdes home may be sold to a family (Family A) moving from another community with lower prices. And in order for Family A to purchase in Palos Verdes, they must first sell their home. Family B that is buying the Family A home may be a first time buyer who will be assisted with that purchase ultimately benefiting a seller of Palos Verdes real estate.

“Through July, the tax credit spurred about 175,000 home sales according to an analysis by Mark Zandi, chief economist at Moody’s Economy.com. That trend would lead to nearly 375,000 such sales through Nov. 30, he said.” according to a September 25, 2009, Los Angeles Times article.

In the last six weeks interest rates for Palos Verdes real estate have remained fairly steady. The interest rate for a 30-year fixed mortgage going down 1/4 point to 4.75% for a conforming loan and remaining at 5.785% for a jumbo loan. A 5/1 Year ARM is 3.75% for a conforming loan and 5.125% for jumbo loans. A 5/1 Interest Only conforming loan has a 3.75% interest rate and a jumbo loan has a 5.25% interest rate.

Demand is up for U.S. Treasury Bonds. Yesterday there was 3 times as much demand compared to supply for sales of 2-year Treasury notes (investors bidding at 1.035%) . Interest rates for home mortgages have remained low. Conventional wisdom says that when bond rates go up, interest rates usually go down but at this time both are fairly low which is a mixed signal. These are interesting times.

Red pylons have adorned the Bluff Cove area of Palos Verdes Drive West for so long that I actually don’t see them anymore. The repairs to the road above Bluff Cove are scheduled to finally begin October 26 and the City of Palos Verdes Estates hopes to have it completed by Christmas 2009. I say finally because the land has been moving since the 1980s and the road’s striping was moved further east (against the hillside) in the early 1990s.

According to the Peninsula News, “The stabilization of PV Drive West will entail the construction of either a soldier pile (steel beam) retaining wall with seismic design, or a soldier pile wall with tiebacks (anchors) and seismic design…” They will attempt the repairs without closing the road but may possibly go to one lane between 9:00 a.m. and 3:00 p.m. This will impact traffic flow so best to plan ahead and perhaps use an alternate route. An amazing 17,000 cars a day pass this Bluff Cove area on Palos Verdes Drive West.

For more background on the history of the landslide and repairs, please see my prior article on June 16, 2008 by clicking here.

More good news for Palos Verdes real estate! Southern California median home prices rose again for the fourth straight month as reported in the Los Angeles Times this week. “And although home values are still dropping in many neighborhoods, rising home sales and median prices are “all symptomatic of a bottoming out” and the worst days of the housing market are probably over, Leamer said.” (UCLA economist Edward Leamer)

For the Palos Verdes housing market, the month of August (as reported in my September 11 article) showed solid gains. For the second month in a row, the numbers shifted in the sales mix. Sales in our mid-range for single family homes in Palos Verdes ($1,000,000 to $2,000,000) increased to 62% while sales under $1,000,000 dropped to 29%. During the first six months of this year, the reverse was true. It is a good sign that sales in our mid range are returning to normal. To view statistics for Palos Verdes for the past 15 months, click here or on the “Statistics” tab above.

There were 23 homes on the September 15, 2009, Palos Verdes real estate Broker’s Tour. We currently have 259 active single family homes for sale in Palos Verdes ranging in price from $750,000 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the low in Eastview is $599,000). There are 49 townhomes/condos for sale priced between $218,000 and $1,500,000. My favorites were:

Kirby Larson’s 2828 Via Neve, Palos Verdes Estates, (above left) is a 4 bedroom, 4 bath, 2,868 square foot home for $2,350,000. This Lower Lunada Bay home is located in the Resort Point area and just one house away from the bluffs. Megan Neel’s 2413 Via Carrillo, Palos Verdes Estates, (above right) is a 4 bedroom, 4 bath, 2,325 square foot home for $1,399,000. This remodeled Lunada Bay home has a gourmet kitchen, luxurious bathrooms and is also for lease at $4800/month.

Dana Graham’s 1533 Addison Road, Palos Verdes Estates, (above left) is a 3 bedroom, 3 bath, 2,265 square foot home for $1,295,000. This Margate home features a remodeled kitchen, a cozy family room and an office loft. Lisa Hawk’s 5805 Finecrest Drive, Rancho Palos Verdes, (above right) is a 4 bedroom, 2 bath, 1,890 square foot home for $999,000. This Silver Spur home has stunning panoramic views, a remodeled kitchen and bamboo flooring.

Photos courtesy of MRMLS

Statistics for the month of August for Palos Verdes real estate are now available an for the third month in a row, the numbers are looking better. As you will note from the graph above, the number of active residential properties for sale in Palos Verdes have fallen from 434 August 2008 to 325 in August 2009. Additionally, for August 2009 both pending sales and sold/closed escrows have almost doubled (88 Pending and 75 Sold) from August 2008 (49 Pending and 38 Sold).

Average price per square foot for the last 11 months has been holding pretty steady with small ups and downs averaging $467 (August 2009 was $473). Average Days on Market in August was 78 days compared to 82 days in August 2008. Months of inventory (months it would take to sell existing inventory at the current rate of sale) for August 2009 was 4.3, the lowest it has been in two years! Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 303 single family homes for sale on the Palos Verdes Peninsula. Additionally, 73 homes have pending sales, 58 homes are in escrow acccepting backup offers and 27 homes have sold/closed escrow in the first 11 days of September.

On Saturday morning, September 12, we will see 100 antique and classic cars driving around the Palos Verdes Peninsula as part of the Palos Verdes Concours Tour d’Epicure Road Rallye. This year’s theme is “A Tale of Two Lights”, a mystery about the Point Vicente and Point Fermin lighthouses.

On Sunday, September 13, the Concours d’Elegance will begin at 10:00 a.m. to 4:00 p.m. at Trump National Golf Club in Rancho Palos Verdes. This year’s car show features an Italian theme with the Maserati as the marque car along with other Italian Classics, Italian Motorcycles and Race Cars. There are 21 different class trophies to be awarded in categories such as Antique, Vintage, American and European Classics and Luxury. Palos Verdes Art Center and Palos Verdes Peninsula Rotary Foundation are bbeneficiaries of the event. Click here for more information on the Councours.

Photo courtesy of Palos Verdes Concours l

Palos Verdes experienced 2 different fires within one week and owners of Palos Verdes real estate were lucky that there was no loss of life or homes. The most recent fire on Thursday (above) was caused by a single car accident on Crenshaw resulting in a fire which quickly spread uphill toward Chadwick School and homes in Academy Hill. There were 2 large scooper planes that filled themselves with ocean water and came back over the fire and dumped their water. They flew overhead on their way back to the ocean and they were so big that the ground vibrated from their passing. Click here for a link to full story in Peninsula News.

The fire last week (above) that begin in the Portuguese Bend area of Rancho Palos Verdes and spread into Rolling Hills was a much bigger fire that burned 230 acres through the night on Thursday, August 27th. Again we were very lucky as there was almost no wind. 4 helicopters and 1 helitanker scooped ocean water to extinguish the fire and 500 area firefighters also helped to extinguish the fire. Two homes on Cinchring and Quail Ridge in Rolling Hills were damaged. The Peninsula News had the full story including the reminder “Where homes were saved, they had (completed) proper (city- and county-mandated) brush clearance and they had fire-resistant vegetation…”

Photos courtesy of Tom Underhill, Peninsula News, and Blake Shoemaker

There were only 15 homes on the September 1, 2009 Palos Verdes real estate Broker’s Tour. I think it was a light tour because it was the first day of school for the Palos Verdes School District. We currently have 267 active single family homes for sale in Palos Verdes ranging in price from $750,000 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the low in Eastview is $615,000). There are 47 townhomes/condos for sale priced between @250,000 and $1,500,000. My favorites were:

Chris Fitzpatrick’s 2412 Via Carrillo, Palos Verdes Estates, (above left) is a 5 bedroom, 3 bath, 2,621 square foot home for $1,595,000. This updated Lunada Bay home has a large modern kitchen, ocean views and a separate hillside viewing deck. Suzanne Dyer’s 15 Wideloop Road, Rolling Hills, (above right) is a 4 bedroom, 2 bath, 2,400 square foot home for $1,810,000. This charming equestrian property features and pristine home, pool, huge lawn areas and a barn.

Gale Lovrich and Joanne Stassio’s 105 Spindrift Drive, Rancho Palos Verdes, (above left) is a 3 bedroom, 2 bath, 1,700 square foot home for $1,699,000. This Portuguese Bend Beach Club home is a unique opportunity to live on one of the few private beaches in Southern California. Steve Smith’s 7035 Hartcrest Drive, Rancho Palos Verdes, (above right) is a 4 bedroom, 3 bath, 2,244 square foot home for $1,125,000. This updated Los Verdes home features 3 completely remodeled bathrooms, an updated kitchen and a huge grassy back garden.

Photos courtesy of MRMLS