Palos Verdes Source

There were 22 homes on the August 24, 2010, Palos Verdes real estate Broker’s Tour.  We currently have 275 active single family Palos Verdes homes for sale ranging in price from $719,000 in Rancho Palos Verdes 90275 to $12,800,000 in Rolling Hills 90274 (the low in Eastview is $579,000).  There are 54 townhomes for sale priced between $200,000 and
$949,000.  My favorites were:

Megan Neel’s (Coldwell Banker P.V./South Bay) 4121 Via Largavista, Palos Verdes Estates 90274 (above left) is a 4 bedroom, 5 bath, 3,750 square foot home for $2,295,000.  This brand new Spanish-style custom built Valmonte home has a chef’s dream kitchen, separate office and a finished basement.  Michael and Nadia Foster’s (Remax Palos Verdes Realty) 28203 Ella Road, Rancho Palos Verdes 90275 (above right) is a 3 bedroom, 2 bath, 1,780 square foot home for $969,000.  This Los Verdes home has sweeping Catalina to Malibu Ocean views, gourmet kitchen and sun room.

Daniel Smith’s (Coldwell Banker P.V/South Bay) 32072 Pacifica Drive, Rancho Palos Verdes 90275 (above left) is a 4 bedroom, 5 bath, 4,049 square foot home for $2,499,000.  This stunning contemporary La Cresta home has expansive ocean & Catalina views, lap pool and over-sized master suite.  Linda Cavette’s (Coldwell Banker P.V./South Bay) 30379 Camino Porvenir, Rancho Palos Verdes 90275 (above right) is a 5 bedroom, 3 bath, 4,153 square foot home for $2,225,000.  This Country Club home was redesigned by architect, Gerry Compton, in 2008 and features incredible panoramic ocean/Catalina views, a gorgeous kitchen with whimsical curving ceiling and infinity salt-water pool/spa.

Photos courtesy of MRMLS

July 2010 statistics for Palos Verdes real estate indicate stability when compared to June of 2010 and July of  last year.  54 single family homes sold/closed escrow in July 2010 compared to 51 last month.  48 Palos Verdes homes had pending sales in July 2010 compared to 60 last month (we will keep an eye on this).  Active homes for sale have been rising steadily during the Spring/Summer selling season; in July 2010 we had 282 active homes for sale compared to 260 in June.

The average price per square foot for July 2010 was $497, up slightly from $489 in June.  Average Days on Market in July 2010 was only 55 days down significantly from 75 days in June.  In July, sales price to original list price was strong at 94%.  The Average Sales Price in July 2010 was $1,332,000 which was up from $1,316,000 in July 2009.  Months of inventory (months it would take to sell existing inventory at the current rate of sale) for July was 5.2 (it was 5.1 in June) which is below 6 months which is considered a “normal” market.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently there are 281 Palos Verdes homes for sale.  94 homes are in escrow (53 homes have pending sales and 41 homes are accepting backup offers).  Additionally, 15 homes have sold/closed escrow in the first 13 days of August.

There were 25 homes on the August 10, 2010, Palos Verdes real estate Broker’s Tour.  We currently have 280 active single family Palos Verdes homes for sale ranging in price from $719,000 in Rancho Palos Verdes 90275 to $12,800,000 in Rolling Hills 90274 (the low in Eastview is $579,000).  There are 58 townhomes for sale priced between $200,000 and
$949,000.  My favorites were:

Olivia Danihel’s (Re/Max Execs Redondo Beach) 1557 Via Leon, Palos Verdes Estates 90274 (above left) is a 4 bedroom, 5 bath, 4,560 square foot home for $2,385,000.   This fabulous Monte Malaga home features sweeping ocean views, vaulted ceilings and pool/spa.  Ornella Green and Nilou Moalej’s (Coldwell Banker-PV/Beach Cities) 30149 Via Rivera, Rancho Palos Verdes 90275 (above right) is a 4 bedroom, 3 bath, 1,974 square foot home for $1,379,000.  This West Palos Verdes home been remodeled with a dream kitchen, crown molding and has beautiful ocean/Catalina views.

Barbara Rosenberg’s (Coldwell Banker-PV/Beach Cities) 86 Sea Breeze Avenue, Rancho Palos Verdes 90275 (above left) is a 5 bedroom, 5 bath, 3,834 square foot home for $2,300,000.  This gorgeous La Cresta home features a gourmet kitchen, expansive ocean/Catalina views and a sports court.   Pearl Kaperl’s (Remax Palos Verdes Realty) 5003 Golden Arrow Drive, Rancho Palos Verdes 90275 (above right) is a 3 bedroom, 2 bath, 1,800 Square foot home for $890,000.  This beautiful Peninsula Center home is an artist’s delight with hand-painted custom tile work and an upgraded kitchen.

Photos courtesy of MRMLS

Owner and buyers of Palos Verdes real estate have been treated to a year of low mortgages – a wish come true.  According to a recent Los Angeles Times article, “interest rates are the lowest since Freddie Mac, a government-sponsored corporation that purchases home loans from lenders, began tracking the 30-year loan in 1971″  Click here to view the entire article with rate information.

What an incredible opportunity this has been to both refinance and to purchase a new home.  This year, it seems that many Buyers have decided to stop waiting and buy their new home.  Here on the Palos Verdes Peninsula, we have been blessed with a “softer landing” from the financial crisis than many other areas; our market has been pretty stable this year.  We have great schools, great weather, convenient location to downtown LA, the Los Angeles airport and the Westside.  Buyers have taken notice.

The eternal question is ‘How long will these low interest rates last?”

There were 26 homes on the July 27, 2010, Palos Verdes real estate Broker’s Tour.  We currently have 284 active single family Palos Verdes homesfor sale ranging in price from $725,000 in Rancho Palos Verdes 90275 to $12,800,000 in Rolling Hills 90274 (the low in Eastview is $579,000).  There are 56 townhomes/condos for sale priced between $200,000 and $1,060,00.  My favorites were:

Sue Goodale’s (Coldwell Banker PV/Beach Cities) 1349 Via Coronel, Palos Verdes Estates 90274 (above left) is a 6 bedroom, 4 bath, 3,600 square foot home for $2,580,000.   This private Upper Lunada Bay estate features panoramic ocean/coastline views, a new gourmet kitchen, pool and tennis court.  Rick and Kitty Edler’s (Peninsula Sotheby’s Int’l Realty) 612 Via Del Monte, Palos Verdes Estates 90274 (above right) is a 4 bedroom, 2 bath, 2,534 square foot home for $1,399,900).  This Malaga Covehome Queen’s necklace, coastline, whitewater views and a newly updated kitchen.

Wei-Shi Lee’s (Prudential California Realty) 28208 Semount Drive, Rancho Palos Verdes 90275 (above left) is a 4 bedroom, 3 bath, 2,185 square foot home for $1,120,000.  This Cresthome has upgraded remodeled bathrooms and kitchen, family room and master bedroom suite with Catalina view.   Cindy Chew’s (Coldwell Banker PV/Beach Cities) 6 Silver Spring Drive, Rolling Hills Estates 90274 (above right) is a 4 bedroom, 4 bath 2,919 square foot home for $1,099,000.  This Rollingwood/Silver Spur home has a large separate second floor master suite, separate office/home gym off garage and a large 14,320 square foot lot.

Photos courtesy of MRMLS

Academy Hill neighborhood  is located near the intersection of Palos Verdes Drive North and Crenshaw.  184 homes on a 58 acre tract are located in Academy Hill which has an Home Owners Association with voluntary $50/year dues that help pay for a yearly neighborhood party and other events. It has been described as a “tight knit” and “friendly” neighborhood where neighbors work together.

Academy Hill is located an the unincorporated area of Palos Verdes Peninsula 90274 and is actually part of unincorporated Los Angeles County.  This area is home to the prestigious  Chadwick School which is a private school established in 1938 with Kindergarten through 12th Grade classes.  Chadwick actually owned the area that is now home to the Academy Hill neighborhood and sold off the land in the late 1960s.  The homes were built by Presley Homes in the early 1970s.

There are currently two active homes for sale in Academy Hill - A 5 bedroom, 3 bath, 3,104 square foot home for $1,325,000 and a 4 bedroom, 3 bath, 2,542 square foot home for $1,357,000.  There is another home in escrow that was listed for $1,029,000. 5 homes have sold in Academy Hill since the first of the year between $945,000 for 3 bedroom, 2 bath, 2,063 square foot home and $1,415,000 for a 5 bedroom, 4 bath, 3,384 square foot home.

We spoke (complained), and were heard.  Fannie Mae told lenders on June 30, 2010,  that they “prohibit lenders from changing appraisals” according to a LA Times article yesterday (click here for full story).  This is good news for owners of Palos Verdes real estate and buyers also. 

Here is what has been happening since the new May 2009 Guidelines.  Lenders have been ordering appraisals from Management Companies who sometimes choose an appraiser from out of the area who may have only “minimal access to local realty data” and the appraisal comes in low.  Additionally, “Lenders unilaterally may be lowering the numbers on the appraisals submitted to them to avoid accusations that the loans they sell to giant investors Fannie Mae or Freddie Mac are based on inflated appraisals.  Such value inflations can expose lenders to ‘buyback’ demands, forcing them to repurchase loans at huge costs,” according to Kenneth R. Harney in his LA Times article.

As of September 1, 2010, the LA Times article goes on to say,  “lenders must contact appraisers to resolve any disagreements about the valuation.  If that’s not possible, they should order a second appraisal – not just chop the value supporting the real estate contract.”  Finally, the voice of reason.

Photo courtesy of Arvin Design

My new lease listing at 4112 Palos Verdes Drive South, Rancho Palos Verdes 90275 is a fabulous opportunity to experience resort living at Portuguese Bend Club with access to a private beach.  This 4 bedroom, 2.5 bath, 2,122 square foot home is for lease at $4,200 per month.  Sit inside or outside on your deck and watch the sunset.  Lounge by your own solar heated pool. 

This bright home has abundant skylights.  The open floor plan includes a nearly 20′ x 30′ living room with built-in desk area behind louvered doors.  The living room and family room both have fireplaces.  The kitchen has a glassed-in eating area with wide open 180 degree ocean views.  You can walk to Trump Golf Course, restaurants and trails.  A separate laundry room/bath is conveniently located off pool area.  You and your guests will enjoy views of Catalina, Trump Golf Course and Terrenea Resort.  Tenant may purchase membership to Portuguese Bend Beach Club with its own private beach, barbecue area, etc.

There were 37 homes on the July 13, 2010, Palos Verdes real estate Broker’s Tour – too many to see in the allotted 2 hours but I was able to see 10 homes today.  We currently have 270 active single family Palos Verdes homes for sale ranging in price from $750,000 in Rancho Palos Verdes 90275 to $14,500,000 in Rolling Hills 90274 (the low in Eastview is $579,000).  There are 57 townhomes/condos for sale priced between $200,000 and $1,080,000.  My favorites were:

Jennifer Cody and JoAnne Daddario’s (Cody & Co) 3920 Via Solano, Palos Verdes Estates 90274 (above left) is a 3 bedroom, 3 bath, 2,182 square foot home for $1,365,000.  This remodeled Valmonte home has a gourmet kitchen, vaulted ceilings and city/coastline views.  Pamela Lieb’s (Remax Palos Verdes Realty) 46 Empty Saddle Road, Rolling Hills Estates 90274 (above right) is a 4 bedroom, 5 bath, 3,101 square foot home for $1,795,000.  This Empty Saddle Club equestrian home features a pool and pool house, sports court, and a den/library.

Bill Ruth’s (Keller Williams Palos Verdes) 2916 Paseo Del Mar, Palos Verdes Estates 90274 (above left) is a 5 bedroom, 5 bath, 3,870 square foot home for $3,795,000.  From this Lunada Bay bluff home one can hear the surf crash against the rocks;it also has a pool, spa and sports court.  Terry Kane’s (Remax Palos Verdes Realty) 608 Via Estrada, Palos Verdes Estates 90274 (above right) is a 4 bedroom, 3 bath, 2,153 square foot home for $1,299,000.  This lower Lunada Bay home has an updated kitchen, hardwood floors, crown molding and an outdoor fireplace.

Photos courtesy of MRMLS

June 2010 statistics for Palos Verdes real estate indicate a possible slowing compared to both May 2010 and June of last year.  49 single family homes sold/closed escrow in June 2010 compared to 57 in May and 54 in June 2009.   However, 17 Palos Verdes homes sold/closed escrow since July 1, 2010 which is nearly 2 1/2 times as many as this time last month.  62 homes had pending sales for June, up from 58 pending sales in May.  Active homes for sale in June are again up to 260 (rising for the last 5 months) although down from 301 in June 2009. 

The average Sales Price in June 2010 was $1,378,000 down from $1,422,000 in May, but higher than all but two of the last ten months.  Average Days on Market in June was 78 days (May was 80 days).  In June, sales price/original list price was strong at 95% which is the highest in over a year.  Months of inventory (months it would take to sell existing inventory at the current rate of sale) for June was 5.3 months, up from 4.2 in May but below 6 months which is considered a “normal” market.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently there are 269 Palos Verdes homes for sale.  102 homes are in escrow (50 homes have pending sales and 52 homes are accepting backup offers).   Additionally, 17 homes have sold/closed escrow in the first 10 days of July.