Palos Verdes Source

This year there are on-line coupons available for 56 businesses and restaurants in Rolling Hills and Rancho Palos Verdes (click here for the link) as part of the Peninsula Privileges program.  These are available to all not just owners of Palos Verdes real estate.

Participating merchants range from Terrenea Resort to Ice Chalet, Restoration Hardware, Equinox Fitness, Norris Center for the Performing Arts, Chicken Dijon, Mayer’s Bakery, Marmalade Cafe and many more.  This is a great opportunity to support our locale businesses and save money too!

There were 9 homes on the November 24, 2009, Palos Verdes real estate Broker’s Tour.  We currently have 215 active single family homes for sale in Palos Verdes ranging in price from $800,000 in Rancho Palos Verdes to $14,900,000 in Rolling Hills (the low in Eastview is $699,900).  There are 47 townhomes/condos for sale priced between $230,000 and $1,500,000. My favorites were:

Gary Myer’s, (Remax Palos Verdes Realty) 23 Hillcrest Manor, Rolling Hills Estates 90274 (above left), is a 4 bedroom, 5 bath, 4,124 square foot home for $2,295,000.  This Hillcrest Manor home has a resort-like backyard with pool/spa, gourmet kitchen and separate office.  Mary Thomas’s (Remax Palos Verdes Realty) 900 Via Nogales, Palos Verdes Estates 90274 (above right), is a 4 bedroom, 3 bath, 2,205 square foot home for $1,599,000.  This remodeled Monte Malaga home has ocean/coastline/city views, separate den and pool/spa.

Jerry Tainer’s (Northwest Realty) 208 Via Pacheco, Palos Verdes Estates 90274 (above) is a 4 bedroom, 3 bath, 1,901 square foot home for $1,395,000.  This remodeled Lower Lunada Bay home features a gorgeous new kitchen and outdoor entertaining area and is just a short walk to the bluffs.

Photos courtesy of MRMLS

Palos Verdes Estates does not have residential street lights.  Tennis courts and pool areas are also restricted.  According to Sue Van Every, Palos Verdes Estates Homeowners Association Manager, in a recent article in the Peninsula News “there is a city ordinance, as well as the Art Jury (which) has not allowed any (lights))…because of the surrounding neighbors…”  Of course, that means no night games at Palos Verdes High School.

The same is true for Peninsula High School which is in Rolling Hills Estates.  However, there have been a few exceptions over the years.  According to Doug Prichard, City Manager of Rolling Hills Estates, in a recent Peninsula News article, “The standing policy of the school has been that they do not want to disrupt the neighborhoods in the quiet evenings with night games, they’ve never had lights go up there.  Every few years, we’ll get the booster club interested in having a night game or two during the season – particularly homecoming games – and they’ve done that in the past with temporary lights on sort of a one-off basis.”

There are street lights in Rolling Hills Estates and Rancho Palos Verdes which makes navigating unfamiliar areas at night easier.  As a resident of Palos Verdes Estates, I do enjoy not having streetlights.  You can really see the stars at night!

The upcoming holiday season will offer several events to be enjoyed by owners of Palos Verdes real estate. This year there are 4 beautifully decorated homes featured in the 53rd Yule Parlor Parade sponsored by The Neighborhood Church (benefiting South Bay charities) to be held on December 4th and 5th from 11:00 a.m. to 4:00 p.m. with a Christmas Tea served at the Neighborhood Church from noon 4:00 p.m.  Call 310-378-9353 for more information.  The Neighborhood Church Christmas Pageant will be held on Sunday, December 13 at 5:30 and 7:30.

The 2009 Holiday Festival presented by Las Amigas at Torrance Memorial Medical Center ( south parking lot) features beautifully decorated holiday trees.  The schedule is Dec.2 from 5 pm to 9 pm, Dec. 3 from 4 pm to 9 pm, Dec. 5 from 10 am to 9 pm and Dec 6 from 10 am to 4 pm.

The 2009 Rolling Hills Holiday Parade of Lights which is sponsored by the City of Rolling Hills Estates, will be held Saturday, December 5, 2009 at 6:00 p.m.  There will be marching bands, drill teams, equestrian entries, floats, etc.  The parade will take place on Silver Spur Drive.

The Promenade on the Peninsula will have several  2009 holiday events beginning with the Annual Tree Lighting Event on November 21, 2009 at 6:00 pm.  Pictures With Santa will be held November 28 and December 19 from 1 to 4 pm.  Breakfast With Santa will be held December 12 from 8:30 to 10 am (tickets available at Ruby’s Diner).

Photo courtesy of Promenade on the Peninsula

Remax Palos Verdes/Execs has formed a new alliance with Bank of America which will benefit our clients in several ways.  We now have access to the largest lender in the jumbo market.  Bank of America will loan 80% up to a $2,000,000 loan to qualifying borrowers.  This will help buyers (and therefore sellers) of Palos Verdes real estate.   Remax Palos Verdes/Execs clients will be given priority and our agents will be given a source code so that we can track the loan through all stages.

We have a local Legacy Bank of America office which has their own loan processing center and underwriting department.  This is very beneficial as a local person is making a decision about a local property which means the file won’t be “rubber stamped” but given personal attention based on our local market.  No more dealing with a loan center half way across the country.  And our clients are promised a better loan rate!

The current rate for a 30-year fixed conforming loan (up to $417,000) is 4.625%;  a jumbo conforming loan ($417,000 to $729,750) is 4.75%; and for a jumbo loan to $1,500,000 the rate is 5.5%.

This Homebuyer TaxCredit of $6,500 (married couple) is available as of November 6, 2009 for couples with combined adjusted gross incomes that do not exceed $225,000 (for singles a $3,250 credit and adjusted gross income not exceeding $125,000).  You must be in contract on a new home by April 30, 2010, and must close escrow by June 30, 2010. 

The homeowner must have owned the prior residence for a consecutive 5 out of the last 8 years.  The new house cannot cost more than $800,000 and must become your main residence as of the date of close of escrow.  You do not have to sell your current home (you may rent it out).

As noted in my November 6th article, “…credit will help sellers of Palos Verdes real estate as they increase the pool of buyers for their properties with “trickle up” activity for Palos Verdes buyers who have sold their homes” to buyers taking advantage of this credit.  To date in 2009, Palos Verdes Peninsula has had 44 single family homes and 112 townhomes/condos sell for $800,000 or less.  That is 11% for single family residences and 96.5% of the total townhome/condo market.

This is a great time to buy – Interest rates are at historic lows and until April 30th you can get a tax credit.  Kenneth R. Harney in a Los Angeles Times articles writes, “do not assume that Congress will provide another extension.  All the political and budgetary signs point the other way, and some of the primary authors of the credit insist that this is it – no more extensions next year.  Take them at their word.”

Statistics for the month of October 2009 for Palos Verdes real estate are now available and they again indicate stability in our market.  The Active number of homes for sale in Palos Verdes have continued to decrease to an all time low (in the last 15 months) of 292 homes currently available for sale.   66 homes Sold/closed escrow in October and 76 homes have Pending Sales which is twice as many as October 2008 yet consistent with the prior five months of 2009.  Our sales have been holding. 

The average price for all homes (including townhomes/condos) that sold in October was $1,140,000 and average price per square foot was $471 which is about average for the prior 6 months.  Average Days on Market in October spiked to 110 days from 73 in September.  Months of Inventory (months it would take to sell existing inventory at the current rate of sale) for October was 4.4 months down from 14 months for October 2008 and consistent with the prior three months.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 273 homes for sale on the Palos Verdes Peninsula.  Additionally 64 homes have pending sales, 59 homes are in escrow accepting backup offers and 23 homes have sold/closed escrow in the first 13 days of November.

There were 18 homes on the November 10, 2009, Palos Verdes real estate Broker’s Tour.  We currently have 230 active single family homes for sale in Palos  ranging in price from $750,000 in Rancho Palos Verdes to $14,900,000 in Rolling Hills (the low in Eastview is $625,000). There are 51 townhomes/condos for sale priced between $250,000 and $1,500,000.  My favorites were:

Laurie Hurley’s 7400 Alida Place, Rancho Palos Verdes, (above left) is a 4 bedroom, 4 bath, 3,851 square foot home for $1,998,500.  This West PalosVerdes home features a state of the art kitchen, large master suite and ocean views.  Les Fishman’s 2637 Via Valdez, Palos Verdes Estates, (above right) is a 5 bedroom, 4 bath, 2,781 square foot home for $1,299,000.  This Margate home has ocean views, a pool and a huge bonus room.

Gabrielle Herendeen’s 26864 Eastvale Road, Palos Verdes Peninsula, (above left) is a 4 bedroom, 3 bath, 2,037 square foot home for $999,000.   This Westfield home has vaulted ceilings, a master suite w/fireplace, and is on a 23,920 square foot equestrian lot.  Jessica Kim’s 27926 Ridgecove Court, Rancho Palos Verdes, (above right) is a 2 bedroom, 2 bath, 1,159 square foot townhouse for $511,000.  This bright and airy Ridgegate  townhome has a private patio leading to a detached two car garage.

Photos courtesy of MRMLS

Both the House and Senate have passed the new extended/expanded Homebuyer Tax Credit and it is now awaiting the President’s signature.  Previously, the first time buyer credit of $8,000 was to expire on November 30, 2009, but it will now be extended to April 30, 2010. 

The new bill also includes a $6,500 credit to qualified homeowners looking to “move up” by purchasing a replacement home for $800,000 or less.   According to the Los Angeles Times, “…the legislation would raise the qualifying income levels to $125,000 for individual filers and to $225,000 for joint filers.”  Please click here to view a full-page version of the chart above from National Association of Realtors.

Both of these credits will help sellers of  Palos Verdes real estate as they increase the pool of buyers for their properties with  ”trickle up” activity from  Palos Verdes buyers who have sold their homes to to first time buyers.  And to date in 2009 Palos Verdes Peninsula has had 40 single family homes and 108 townhomes/condos sell for $800,000 or less.

Owners of Palos Verdes real estate have several options to dispose of their household hazardous waste.  There is the permanent collection center in San Pedro – S.A.F.E.  Collection Center, 1400 N. Gaffey Street which is only open Friday, Saturday and Sunday from 9:00 a.m. to 3:00 p.m. but does not accept electronic waste. 

Electronic waste (televisions, computers, etc) can be dropped off by Palos Verdes Estates residents at City Hall Monday through Friday from 8:00 a.m. to 12 noon.  You can park on PV Dr West near the “electronic waste” sign and ask for assistance from someone at the Streets and Parks Department.

On November 14, 2009, there is a one-day collection event at the Raytheon Company in El Segundo on Howard Hughes Way in Parking Lot G.   Please click here for more information and a schedule of other hazardous waste events or call 1-800-98-TOXIC.

Photo courtesy of City of PVE Newsletter