Palos Verdes Source

                            Palos Verdes homes owners welcome the re-opening of Malaga Cove School which will house the Palos Verdes Peninsula Unified School District offices.  The school was built in 1926 and was the Peninsula’s first permanent school and is one of the city’s historical buildings.   It was closed in 1991 due to declining enrollment.

“The restoration kept period details and added elevators and other features to comply with federal disability law” according to the Daily Breeze.  Yet, it was also built to current state standards for schools should the building need to be used in the future as a school.

Currently, all district departments have moved to Malaga Cove School with the exception of ESL (English as Second Language) Testing and Pupil Services which will move over shortly from Valmonte School.  The Costume Closet and Peninsula Education Foundation will also be located at the newly reopened Malaga Cove School.  Malaga Cove School is located at 375 Via Almar, Palos Verdes Estates.

There were 18 homes on the January 26, 2010, Palos Verdes real estate Broker’s Tour.  Even with the threat of rain, 18 homeowners correctly gambled that the storm would hold.  It actually started raining 10 minutes before the tour ended.  It was perfect.  We currently have 198 active single family Palos Verdes homes for sale ranging in price from $745,000 in Rancho Palos Verdes to $14,900,000 in Rolling Hills (the low in Eastview is $549,000).  There are 43 townhomes/condos for sale priced between $230,000 and $899,000.  My favorites were:

Young Gill’s (Remax Palos Verdes Realty) 30691 Calle De Suenos, Rancho Palos Verdes 90275 (above left) is a 5 bedroom, 7 bath, 6,500 square foot home for $3,299,000.  This Country Club home located in the private Panorama Estates section has panoramic ocean/Catalina views from all major rooms, and a park-like back yard (lot is 32,670 sq ft).   Gayle Probst’s (Coldwell Banker P.V./South Bay) 3017 W. Palos Verdes Drive, Palos Verdes Estates 90274 (above right), is a 4 bedroom, 3 bath, 1,983 square foot home for $1,225,000.  This Lunda Bay home has an upgraded kitchen, bathrooms, windows, etc. and is within walking distance to schools and the bluffs.

Cindy Chew’s (Coldweel Banker P.V./Beach Cities) 8 Sunnyfield Drive, Rolling Hills Estates 90274 (above left), is a 3 bedroom, 3 bath, 2,057 square foot home for $1,250,000.  This Palos Verdes Drive North home is located on 1/2 acre flat lot, can accommodate horses, and has an updated kitchen.  Chuck Chambers’ (P.V. Realty) 28048 Santona Drive, Rancho Palos Verdes 90275 (above right), is a 3 bedroom, 2 bath, 1,600 square foot home for $849,000.  This Los Verdes homes has been remodeled including bathrooms, has a family kitchen and a nice rear yard with brick patio.

Photos courtesy of MRMLS

It is that time of year again for 2010 Kindergarten Registration for owners of Palos Verdes homes(and/or tenants) who have children entering Kindergarten in the Fall.  This year Kindergarten Orientation will be held on Monday, February 1, 1010, at Vista Grande Elementary School and Tuesday, February 2, 2010, at Dapplegray Elementary School.  Both meetings will begin at 7:00 p.m.

This is an important event if you have Kindgergarten age children because some Palos Verdes elementary schools are impacted. If you want to be assured that your child will go to their neighborhood school, then Kindergarten is the best time to do so. If you move into Palos Verdes after this point, the Palos Verdes Unified Schoold District officials try to place your child in their neighborhood elementary school but as some schools are impacted, new students are redirected to elementary schools where there is room for additional students.

New Kindergarten students for the 2010/2011 school year must be 5 years of age on or before December 2, 2010. Proof of residency is also required. Registration packets will be available at each elementary school on February 17th and should be returned to that school by March 5th. Each of the ten elementary schools will also be holding individual parent meetings and the schedule can be accessed by clicking here.

Photo courtesy of PVUSD

There were only 4 homes on the January 19, 2010, Palos Verdes real estate Broker’s Tour either because of the 3-day weekend or the torrential rains we experienced.  There was also a tornado watch just south of us in Long Beach.  We currently have 198 active single family Palos Verdes homes for sale ranging in price from $729,900 in Rancho Palos Verdes to $14,900,000 in Rolling Hills (the low in Eastview is $549,000).

Next week, we will probably have a very large number of Palos Verdes homes on tour so please check back then.

December 2009 statistics for Palos Verdes real estate indicate a very strong month for single family residences compared to December 2008 with both sales and pendings doubled.  45 Palos Verdes homes sold/closed escrow in December 2009 compared to 25 in December 2008.  38 Palos Verdes homes had pending sales in December 2009 compared to 16 in December 2008.  Additionally, in December 2009 there were 190 Palos Verdes homes for sale compared to 275 in December 2008 .  This is good as a decrease in supply coupled with a consistent demand keeps prices stable.

The average price for single family Palos Verdes homes that sold in December was $1,555,000 which is up from November at $1,122,000.  (7 homes sold over $2,000,000 – including one at $6,400,000 and one at $5,920,000).  Average price per square foot for Palos Verdes homes was also up in December 2009 at $517.  Average Days on Market in December increased to 84 days from 76 days in November.  Months of Inventory (months it would take to sell existing inventory at the current rate of sale for December was 4.2 which was a month decline from November.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 190 Palos Verdes homes for sale.  Additionally 40 homes have pending sales, 39 homes are in escrow accepting backup offers and 13 homes have sold/closed escrow in the first 15 days of January.

In 2009, Palos Verdes homes sales increased 19% with 462 single family home sales compared to 388 in 2008.  Palos Verdes homes experienced a 16% decline in 2009 average sales prices compared to 2008.  It did not feel like double digits so I researched further. 

The sales mix changed significantly which is reflected in the lower average sales price.  In 2009, 38% of Palos Verdes homes sold were under $1,000,000 compared to only 28% in 2008.  In addition, in 2009 the high end, over $2,000,000, fell to 10% from 16% in 2008.  The very high end, over $5,000,000, was only 1% of Palos Verdes home sales compared to 2.5% in 2008.  In other words, we had more low end homes sell in 2009 and less high end sales which contributed to the overall decline in average sales price.

Did the entire Palos Verdes Peninsula which is comprised of 4 different cities (Palos Verdes Estates 90274, Rancho Palos Verdes 90275, Rolling Hills and Rolling Hills Estates) experience a 16% decline in price?  Absolutely not.  As a matter of fact, 2 neighborhoods actually showed an increase in average sales price – Monte Malaga in Palos Verdes Estates with an average sales price of $2,247,246 ($2,067,647 in 2008) and the city of Rolling Hills with an average sales price of $2,600,412 ($2,515,752 in 2008).  Pricing is really determined by the neighborhood, location and condition of the home.

My next article will be on the sales statistics for the month of December 2009.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Owners of Palos Verdes real estate who  purchased a home after July 1, 2003, may have seen a decline in value in which case they may apply to the Los Angeles County Tax Assessor for a reduction in property taxes. Below is a new posting from the Assessor’s website:

“Effective January 1, 2010 there are two significant changes in the filing process for decline-in-value reviews.

1. The new filing period will be from June 1 through November 30, 2010.
2. The property owner or authorized agent will be able to submit a request for a decline-in-value review online.”

Property owners may check the LA Tax Assessor’s website after March 1, 2010 to see if their home was one of the hundreds of thousands of homes included in the proactive  review by the Assessor.   The results of that review will be posted by June 30th.  If your home was not listed and you feel you have experienced a decline in value, you may apply after June 1, 2010 (and before November 30).   And applications may be done on-line which will be easier.

Last year, the property owner’s application had to show 3 comparable properties that sold between January 1 and March 30 which was tough for some homeowners as there generally are not as many closed sales in the first quarter  compared to the second or third quarter .   It will be interesting to see if the Assessor has the same requirements for 2010.  Click here to read entire article from Los Angeles County Tax Assessor’s website.

There were 15 homes on the January 5, 2010, Palos Verdes real estate Broker’s Tour which is our first for 2010 .  We currently have 181 active single family Palos Verdes homesfor sale ranging in price from $775,000 in Rancho Palos Verdes to $14,900,000 in Rolling Hills (the low in Eastview is $499,000).  There are 44 townhomes/condos for sale priced between $230,000 and $899,000.  May favorites were:

Mardi Tobias and Steven Watts (Remax Palos Verdes Realty) 2104 Via Acalones, Palos Verdes Estates 90274 (above left), is a 5 bedroom, 5 bath, 5,002 square foot home for $3,250,000.  This spectacular Monte Malaga Mid-Century Modern estate features dramatic glass walls, slate floors, breathtaking entertaining areas on 3/4 of an acre.  Les Fishman’s (Coldwell Banker) 4409 Lucera Circle, Palos Verdes Estates 90274 (above right), is a 3 bedroom, 2 bath, 1,903 square foot home for $985,000.  This well-priced Valmonte home is ready personalization, has city and mountain views and a park-like backyard.

Pearl Kaperl’s (Remax Palos Verdes Realty) 4150 Roessler Court, Palos Verdes Peninsula 90274 (above left) is a 3 bedroom, 2 bath, 2,063 square foot home for $1,049,000.  This Academy Hillhome on a cul-de-sac has a separate family room and a pool.  Steven Watts’ (Remax Palos Verdes Realty) 3704 Via Palomino, Palos Verdes Estates 90274 (above right), is a 4 bedroom 3 bath,2,576 square foot home for $1,795,000.  This charming Valmonte cottage features an open floor plan, an upgraded kitchen and a lush English garden

Photos courtesy of MRMLS

What home improvements and remodeling projects give the greatest return on their investment?  For owners of Palos Verdes homes (and the rest of  Los Angeles County who choose upscale remodeling), the answer for 2009-2010 is siding replacement, window replacement and a grand entrance according to an article in the latest National Association of Realtor’s magazine which came from a survey by Remodeling magazine.

“The majority of the 10 remodeling projects with the best return on investment nationally are a testament to pragmatism.  Six of the 10 projects – siding and window replacement using a variety of materials – involve home maintenance that costs less than $14,000…Additional data prove the value of restraint.  Upgrading kitchens and baths is still a smart bet.  However, home owners will recoup the greatest share of their costs by foregoing super-deluxe projects in favor of mid-range kitchen and bath remodels.  A mid-range kitchen remodel brings an average 72.1 percent return on investment (93.7 in L.A. County), while an upscale kitchen re-do returns only an average of 63.2 percent of the money invested” (78.7 in L.A. County).  That’s a 15 point spread.

Owners of Palos Verdes homes remodel for different reasons, like the need for more space, to improve the functionality of specif rroms and to update them.  Kitchen and bathrooms are usually the most expensive remodel as plumbing and/or appiances need replacing.  There is no specific report for Palos Verdes real estate but there is a Cost vs Value Report for Los Angeles Countywhich is broken down into Midrange priced projects and Upscale priced projects (Reports can be accessed by clicking here on the link above).  When you click on the porject name (i.e. Major Kitchen Remodel) you can then read the features of that price range to compare to your own.

Remodeling just for resale rarely nets you a dollar for dollar return.  Most remodels are done for the enjoyment of the homeowner (who still wants to maximize their return when they do sell).  My experience is that most buyers are looking for newer kitchens, bathrooms, master suites and nice yards.  Curb appeal is important because it is the buyer’s first impression of the home.