Palos Verdes Source

Here is a reprint of an article that appeared this week in The Peninsula News:

Elaine Murphy Carlson, Agent of the Week, Palos Verdes

There were 23 homes on the May 25, 2010, Palos Verdes real estate Broker’s Tour.  We currently have 243 active single family Palos Verdes homes for ranging in price from $659,000 in Rancho PalosVerdes 90275 to $14,500,000 in Rolling Hills 90274 (the low in Eastview is $548,000).  There are 57 townhomes for sale priced between $205,900 and $1,050,000.  My favorites were:

Chirs Adlam’s (Peninsula Sotheby’s International Realty) 3282 Via Campesina, Rancho Palos Verdes 90275 (above left) is a 5 bedroom, 6 bath, 4,500 square foot home for $2,799,000.  This Malaga Cove Cliff May inspired home features huge rooms with soaring ceilings & walls of glass and panoramic ocean/coastline views.   Eva Lawrence’s (Re/Max Execs Redondo) 102 Spindrift Drive, Rancho Palos Verdes 90275 (above right) is a 3 bedroom 2 bath 1,855 square foot home for $1,795,000.  This Portuguese Bend Beach Club home is steps away from a private beach and features sunny rooms with 8 skylights and a separate family room.

Tuba Ghannadi’s (Remax Palos Verdes Realty) 29716 Whitley Collins Drive, Rancho Palos Verdes 90275 (above left) is a 4 bedroom, 2 bath,2,044 square foot home for $998,800.  This Mesa Palos Verdes home has a remodeled kitchen, large family room, pool and spa.  Robert Walters’ (Leland Properties) 1617 Via Lazo, Palos Verdes Estates 90274(above right) isa 4 bedroom, 2 bath, 2,006 square foot home for $1,099,900.  This well-priced Malaga Cove starter home has panoramic ocean and Queen’s Necklace views from nearly every room and will sell quickly.

Photos courtesy of MRMLS

Palos Verdes real estate includes not only Palos Verdes homes for sale but also Palos Verdes homes for lease.  Currently we have 51 single family homes for lease between $2,750/mo. for a 3 bedroom, 2 bath 1,782 square foot home in the Eastview section of Rancho Palos Verdes 90275 to $30,000/mo. for a 7 bedroom, 11 bath, 6,900 square foot house in the Montemalaga section of Palos Verdes Estates 90274 (which includes a tennis court, swimming pool and two bowling lanes).

Palos Verdes leases also include 26 townhomes/condos  priced between $1,200 for a studio with bath, 431 square feet in the Country Club area of Rancho Palos Verdes 90275 and $3,300 for a 3 bedroom, 3 bath, 2,184 square foot townhome in the Crest area of Rolling Hills Estates 90274.

Palos Verdes leased properties have been a very active category.  117 single family Palos Verdes homes have leased since the first of the year and 63 townhomes/condos have leased since January 1, 2010.

Photo above is George Fotion’s (Call Realty) 24 Nuvola Court, Rancho Palos Verdes 90275 which is a 5 bedroom, 5 bath, 4,244 square foot home for $6,800/mo.

Photo courtesy of MRMLS

Last week, the Palos Verdes Peninsula Unified School District posted their proposed school calendar for 2010-2011 (click here to view).  It’s about time!  As a parent, it is difficult to plan vacations, appointments, etc. without knowing when our children will be in or out of school.  On this proposed schedule, school will start Tuesday, August 31, 2010 (the week before Labor Day) and the school year will be shortened by 4 or 5 days due to a budget shortfall.  New to the school calendar is a week’s vacation beginning February 21st.

Palos Verdes homes owners will be pleased to know that Palos Verdes schools have received a grant for Language Instruction, according to a recent PVPUSD publication.   The school district will receive $300,000 a year for the next five years “to promote the instruction of Mandarin Chinese.”  Currently all students at Lunada Bay and Point Vicente Elementary Schools have Chinese language instruction that starts at Kindergarten and Monte Malaga and Cornerstone Elementary Schools will be added in the future.  Currently our two high schools and Palos Verdes Intermediate offer Chinese language instruction as an elective and those courses will be expanded to include the other two intermediate schools.  Our great schools contribute to our children’s development and to our strong Palos Verdes home values!

April 2010 statistics for Palos Verdes real estate indicate stability in our market.  47 homes sold/closed escrow in April compared to 49 in March and 34 in April last year.  60 Palos Verdes homes had pending sales for April which just about duplicates March numbers.  Months of Inventory (months it would take to sell existing inventory at the current rate of sale) for April was 4.8 months.  6 months is considered a “normal” market and we have been experiencing 4.2 months to 6 months (with 6.7 months in January 2010) for almost a year.  Another good sign!

The average sales price in April 2010 was $1,311,000 up from $1,228,000 in March.  226 Palos Verdes homes were for sale in April 2010 which is up from 208 homes in March and down from 303 homes in April of 2009.  Our inventory has slowly been rising since the first of the year which is giving buyers more selection and has been absorbed by the market (4.8 months of inventory).  Average price per square foot for Palos Verdes homes in April rose to $490 from $479 in March.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 297 Palos Verdes homes for sale.  Additionally, 135 homes are in escrow (64 homes have pending sales and 71 homes are accepting backup offers).  For the last 3 months, nearly one third of homes for sale in Palos Verdes are in escrow! Additionally, 43 homes have sold/closed escrow in the first 15 days of May which indicates that sales for May will be much stronger than April.

There were 34 homes on the May 11, 2010, Palos Verdes real estate Broker’s Tour.  I was only able to view 12 homes in the allotted 2 hours.  We currently have 243 active single family Palos Verdes homes for sale ranging in price from $680,000 in Rancho Palos Verdes 90275 to $13,775,000 in Palos Verdes Estates 90274 (the low in Eastview is $548,000).  There are 56 townhomes for sale priced between $205,900 and $1,050,000.  My favorites were:

Nathaniel Cole’s (Coldwell Banker Coast Alliance) 2 Seahurst Road, Rolling Hills Estates 90274 (above left) is a 3 bedroom, 2 bath, 1.630 square foot house for $998,000.  This unique Palos Verdes Drive North home reminds me of the Eichler homes in Palo Alto and is situated on more than an acre of land with panoramic city view.  Carol Adams and Steven Watts’ (Remax Palos Verdes Realty) 1676 Rico Place, Palos Verdes Estates 90274 (above right) is a 5 bedroom, 7 bath, 6,639 square foot home for $5,195,000.  This Margate estate has sweeping Queen’s Necklace ocean/coastline and city views, a sports court and pool on an acre lot.

Violette Beshay’s (Remax Palos Verdes Realty) 30215 Via Victoria, Rancho Palos Verdes 90275 (above left) is a 4 bedroom, 4 bath, 3,628 square foot home for $1,975,000.  This elegant West Palos Verdes home has high ceilings, 7 skylights and panoramic ocean views.  Gayle Probst’s (Coldwell Banker P.V./South Bay) 20 Nuvola Court, Rancho Palos Verdes 90275 (above right) is a 4 bedroom, 5 bath, 3,956 square foot home for $2,298,000.  This luxurious Palos Verdes Drive South home is perfect for indoor/outdoor entertaining with ocean views, fountain, spa, patios, decks & courtyard and has a separate casitas.

Photos courtesy of MRMLS

The 44th Annual Palos Verdes Marathonwill be held Saturday, May 14, 2010, 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.  Palos Verdes Marathon is actually a qualify marathon for the Boston Marathon.  Pretty cool, don’t you think?

Parking and free shuttle buses will be running from Cabrillo Marina (224 Whalers Walk, San Pedro) from 6:00 a.m. until 2:00 p.m.

For residents, it means we probably want to stay clear of Palos VerdesDrive South and Palos Verdes Drive West and Paseo del Mar in Lunada Bay the morning of May 15th.  Click here to see this year’s route.

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

Photo courtesy of the PV Marathon

Last week, I attended a meeting with the City Managers from all 4 cities on the Peninsula – Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills and Rolling Hills Estates.  Here is summary of their updates:

Joseph Hoefgen from Palos Verdes Estates reported that the Palos Verdes Drive West road stabilization was completed on time and under budget.  The Fire Parcel Tax averages $675 per parcel and the city has about 5200 parcels.  Yellow Vase Restuarant is coming to Malage Cove.  The Police Department is getting a new digital radio system.  The city is also getting a new web page.  2 underground sewage pump stations will be replaced in Lunada Bay.

Carolyn Lehr from Rancho Palos Verdes reported that Trader Joe’s is open and it is estimated to bring in $45,000 in sales tax per year.  Terrenea is doing well and is expected to generate $2,000,000 in revenue this year.  Hawthorne and Palos Verdes Drive West were repaved with Federal Stimulus money.  Beginning July 1st, new trash removal company, EDCO, will pick up once a week (not twice as currently being done) reducing fees by $10/month per household.   34-unit affordable housing (62 and older) on Crestridge and Crenshaw is scheduled for completion February 1022.  Proposed Annenberg Project at Point Vicente is in EIR process.  The Tarapaca/San Ramon landslide which threatens the switchbacks on Palos Verdes Drive East is in engineering study.

Anton Dahlerbruch from Rolling Hills reported that they are working on a sewer system on Johns Canyon potentially up to Crest Road.  The city is working on broadening the definition of stables (dedicated 1,000 square feet) so can be used for other uses like storage but not guest houses.  As a result of the fire last August, the city has been divided into 24 zones with block captains to assist with any future disasters.  The city is educating residents on canyon clearance and proper plantings to reduce fire danger.  Sprint and Verizon are looking to add cell towers.

Douglas Prichard of Rolling Hills Estates reported that Palos Verdes Drive North, Crenshaw and Rolling Hills Road will be resurfaced in August with Federal Stimulus money. The County has been hired to trap problem coyotes.  A 12-home subdivision at Palos Verdes Drive East and Palos Verdes Drive North is in EIR.  Chandler Ranch (114 homes and remodification of Rolling Hills Golf Course) is in Environmental Review and is being redrafted.  There will be a public hearing on May 11th for proposed view restoration ordinance.  There are 3 Peninsula Center projects that are approved but not going forward at this time – Edler at Beachgate & Silver Spur, 45 unit condo at old Deep Valley Car Wash site, and 16 unit Knickerbocker project.  Under discussion at the Promenade is 30-40 unit condos at Crossfield parking lot near Marmalade.