Palos Verdes Real Estate Blog

There were 17 homes on the March 30, 2010, Palos Verdes real estate Broker’s Tour.  I think it is a lighter week as we are in the holiday/spring break season. We currently have 207 active single family Palos Verdes homes for sale ranging in price from $720,000 in Rancho Palos Verdes 90275 to $13,775,000 in Palos Verdes Estates 90274 (the low in Eastview is $699,900).  There are 53 townhomes condos for sale priced between $219,000 and $805,000.  My favorites were:

Anna Randall’s (Coldwell Banker-PV/Beach Cities) 4233 Cartesian Circle, Palos Verdes Peninsula 90274 (above left) is a 4 bedroom, 3 bath, 2,508 square foot home for $1,279,000.  This Acadamy Hill home has a gorgeous remodeled kitchen, panoramic city lights view and pool/spa.  Judy Henry’s (Remax Palos Verdes Realty) 4121 Via Solano, Palos Verdes Estates 90274 (above right) is a 3 bedroom, 2 bath, 2,013 square foot home for $999,000.  This well-priced Valmonte home has sparkling city lights views, a garden room and a private master suite.

Joseph Barnett’s (Barnett & Co. Realtors) 768 Via Somonte, Palos Verdes Estates 90274 (above left) is a 5 bedroom, 6 bath, 3,417 square foot home for $3,950,000.  This upper Malaga Covehome has fabulous Queen’s Necklace Views,  is on nearly one acre of land and is awaiting updating.  Lisa Hawk’s (Remax Palos Verdes Realty) 5917 Armaga Spring Road #D, Rancho Palos Verdes 90275 (above right) is a 2 bedroom, 2 bath, 1,590 square foot condominium for $495,000.  This beautifully remodeled Crestcondominium was completely remodeled in 2004 with the finest finishings including slate flooring, granite countertops and travertine tile.

Photos courtesy of MRMLS

What is the outlook for Palos Verdes real estate?  I frequently hear that question and last week, I attended a presentation by Leslie Appleton-Young, Chief Economist for California Association of Realtors.   Here are some highlights:

•   In the Summer of 2007 our area started to decline because buyers could not get jumbo loans.
• Statewide, low end of the market is getting bid up; high end will still get adjustment.
• “Local data is critical”
• Does not see shadow inventory of foreclosures coming.  She sees 2 to 3 years of slow workouts on foreclosures.
• According to the California Association of Realtor survey, over half of the home purchased had multiple offers.
• “Not building enough housing in California…in five years we will have a housing shortage.”
• In January 2010, only 300 new housing permits were taken out in all of Los Angeles County.
• For the most part, “prices have bottomed but depends on price range”.
• Statewide 2010 Forecast is 3.3% increase in median price and 3.5% decrease in the number of homes sold; 30-fixed interest rates forecasted at 5.6% (up from 5.2% in 2009).

Leslies’s data for Palos Verdes was based on 125 sales in 2009 which means it was only for Palos Verdes Estates as we had approximately 456 sales for 4 cities on the Palos Verdes Peninsula.  Her charts show median price for February 2010 at $1,387,500 up 6.7% month to month and down 0.5% year to year.  Sunday’s Los Angeles Times showed a 27.1% increase for February year to year for zip code 90274 (Palos Verdes Estates, Rolling Hills, Rolling Hills Estates and Palos Verdes Peninsula; for Rancho Palos Verdes 90275, it was a 12.1% increase. Please click here or on the statistics tab above to view charts for the entire Palos Verdes Peninsula.

Additional California Association of Realtors charts and information for real estate in Palos Verdes, Los Angeles County and California are available by clicking here.

Chart courtesy of California Association of REALTORS

We have been patiently and excitedly waiting for our new Trader Joe’s in Palos Verdes.  It was to be open in early 2010.  This feels like early 2010.  And yet, when I drive by it doesn’t look ready.  Last month, I called Trader Joe’s headquarters and was told to keep checking their website under “Store Locations”.  It now has the store listed with hours (9 to 9) and a phone number (310-541-1727) so the opening looks closer than last month.

I also checked the Rancho Palos Verdes city website and there was not any new information for the Trader Joe’s opening other than “open in early 2010″.  There was an opportunity to join a “Listserve” to receive new information about Trader Joe’s and, of course, I signed up.

Currently, there is work being done in the parking lot and it looks like finish work on the exterior of the building.  But still my question remains – When will our new Palos Verdes Trader Joe’s be open?  I am ready!

There were 25 homes on the March 16, 2010, Palos Verdes real estate Broker’s Tour. We currently have 200 active single family Palos Verdes homes for sale ranging in price from $745,000 in Rancho Palos Verdes 90275 to $12,800,000 in Rolling hills 90274 (the low in Eastview is $569,950).  There are 50 townhomes/condos for sale priced between $225,000 and $815,000.  My favorites were:

My own listing at 27927 Ridgecove Court North, Rancho Palos Verdes 90275(above left) is a 3 bedroom, 3 bath, 1.574 square foot townhome for $599,000.  This beautiful Ridgegate townhome is a sunny end unit, has a separate den and private patio.  Debbie Allen’s (Remax Palos Verdes Realty) 700 Avenida Mirola, Palos Verdes Estates, 90274 (above right) is a 5 bedroom, 3 bath, 3,190 square foot home for $1,799,000.  This spacious lower Lunada Bay home features cathedral ceilings,  a large outdoor entertaining area with spa and a short walk to the bluffs.

Jennifer Cody and Josephine Daddario’s (Cody & Co.) 5127 Bluemound Road, Rolling Hills Estates 90274 (above left) is a 4 bedroom, 3 bath, 2,651 square foot home for $1,299,000.  This upgraded Silver Spur home is move in ready and features panoramic ocean/coastline/city views, and a pool and spa.  James Sanders’ (Remax Palos Verdes Realty) 6417 Parklynn Drive, Rancho Palos Verdes 90275 (above right) is a 4 bedroom, 3 bath, 2,634 square foot home for $1,259,000.  This warm and inviting Crest home features Catalina/Ocean views, a remodeled kitchen, and pool and spa.

Photos courtesy of MRMLS

A week ago 80 endangered Palos Verdes blue butterflies were released into the wild near Friendship Park in San Pedro.  The butterflies were bred in captivity as part of an effort to restore them to their natural habitat after narrowly escaping extinction.  There were years of preparation to replant the area with Locoweed and Deerweed so that the butterfly larvae would be able to feast after hatching. 

There are two other areas where the Palos Verdes blue butterfly are being released to restored habitats – Chandler Preserve and a military fuel depot in San Pedro.

According to a recent Los Angeles Times article, “Still, biologists say it will take years to get enough Palos Verdes blues surviving on their own in the wild to have them removed from the federal list of endangered species.”  And I cannot wait to see one in my garden.

Photo courtesy of Gary Friedman, Los Angeles Times

February 2010 statistics for Palos Verdes real estate again indicate a very strong month compared to February 2010 with sold/closed escrows almost triple of that in February 2009 (32 homes in Feb 2010 vs 12 homes in Feb 2009).  Pending sales more than doubled (47 homes in Feb 2010 vs 22 homes in Feb 2009).  192 Palos Verdes homes were for sale in February 2010 compared to 311 in February 2009.  With these low inventory numbers we are experiencing, demand is staying up.

The average sales price in February 2010 was $1,368,000 which is higher than February 2009 at $1,110,000 and a bit higher than January 2010 at $1,297,000 but right in line with the average for the past 12 months ($1,323,000).  Months of Inventory (months it would take to sell existing inventory at the current rate of sale for February was 6 months down from 6.7 months in January. Sold to list price in February fell to 93% from a high of 97% in January.  In February, average Days on Market increased to 107 from a low in January of 70 days.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 188 Palos Verdes home for sale.  Additionally 101 homes are in escrow (55 homes have pending sales and 46 homes are accepting backup offers).  One third of homes for sale are in escrow!  And the Spring selling season is still in front of us.  Additionally, 18 homes have sold/closed escrow in the first 10 days of February.

Palos Verdes homes owners are in for a special treat as the Cherry Blossoms are blooming at the South Coast Botanic Garden.  This is the closest location for us to see the beauty and color of these trees.  This yearly event reminds us that Spring is just around the corner.

The South Coast Botanic Garden is one of Palos Verdes’ best kept secrets.  It is never crowded and one is free to roam for hours through 87 acres of beautiful settings.  There is plenty of parking in their large paved lot.

The Garden is open from 9:00 a.m. to 5:00 p.m.  and is located at 26300 Crenshaw Boulevard, Palos Verdes Peninsula 90274.  The cherry blossoms should continue for a couple of weeks.

                         Whale watching is a welcomed event in Palos Verdes and Saturday, March 6, 2010, is our official “Whale Of A Day” at Point Vicente Interpretive Center, 31501 Palos Verdes Drive West, Rancho Palos Verdes from 10:00 a.m. to 4:00 p.m.  In addition to whale watching from the bluff, there were be games, events and “inflatables”.  Admission to Whale Of A Day is free and parking/shuttle service will be available at the Rancho Palos Verdes City Hall on Hawthorne Blvd.

The Point Vicente Lighthouse will also be open for complimentary tours by the Coast Guard.

As of February 22, 2010, 361 whales have been spotted since the beginning of the whale watching season (December).  292 whales were traveling south and 69 were heading north, according to the Peninsula News.  Whale watching season runs through April.

Photo couresy of Tom Underhill Peninsula News 2008

There were 22 homes on the March 2, 2010, Palos Verdes real estate Broker’s Tour.  I really had to hustle to see 9 homes in the allotted 2 hour period.  We currently have 189 active single family Palos Verdes homes for sales ranging in price from $745,000 in Rancho Palos Verdes 90275 to $12,800,000 in Rolling Hills 90274 (the low in Eastview is $499,000).  There are 44 townhomes/condos for sale priced between $230,000 and $815,000.  My favorites were:

Wayne and Heather Chamberlain’s (Remax Palos Verdes Realty) 1553 Via Leon, Palos Verdes Estates 90274 (above left) is a 6 bedroom, 7 bath, 7,992 square foot home for $3,350,000.  This upper Lunada Bay estate has ocean/coastline views,  a media room, paddle tennis court and pool.   Rick and Kitty Edler’s (Peninsula Sotheby’s Int’l Realty) 40 Sea Cove Drive, Rancho Palos Verdes 90275(above right) is  2 bedroom, 3 bath, 2,580 square foot home for $4,299,000.  This ocean bluff  Palos Verdes Drive South home features a pool, sports court, botanical gardens and the most fabulous ocean/cove views.

Dan Mullin’s (Remax Palos Verdes Realty) 6805 Vallon Drive, Rancho Palos Verdes 90275 (above left) is a 4 bedroom, 3 bath, 2,918 square foot home for $1,299,000.  This Country Club home backs to Los Verdes golf course, has a remodeled kitchen and pool/spa.  Pamela Lieb’s (Remax Palos Verdes Realty) 6 Santa Cruz, Rolling Hills Estates 90274 (above right) is a 5 bedroom, 5 bath, 4,511 square foot home for $2,650,000.  This Vantage Pointe estate features ocean/Catalina views and resort-style backyard with waterfall, pool, spa and lots of grass.

Photos courtesy of MRMLS