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.

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.

Pamela Lieb’s (Remax Palos Verdes Realty) 30904 Marne Drive, Rancho Palos Verdes 90275 (above left) is a 4 bedroom, 4 bath, 2,859 square foot home for $1,550,000.  This remodeled Country Club home features panoramic white water/Catalina Island views, a dream kitchen and a pool/spa.  Jacqueline Johnson’s (Prudential California Realty) 30110 Avenida Esplendida, Rancho Palos Verdes 90275 (above right) is a 4 bedroom, 4 bath, 3,324 square foot home for $1,489,000.  This Country Club home has separate guest suite/office, central air and a secluded patio and garden with sunken Jacuzzi.

Rick Edler and Michele Chodos’ (Peninsula Southeby’s Int’l Realty) 85 Yacht Harbor Drive, Rancho Palos Verdes 90275 (above left) is a 3 bedroom, 2 bath, 1,253 square foot home for $2,299,000.  This Portuguese Bend Beach Clubhome just steps away from a private beach and with unobstructed ocean/white water views comes fully furnished, even a grand MIDI piano!  Gayle Probst’s (Coldwell Banker P.V./South Bay) 6860 Eddinghill, Rancho Palos Verdes 90275 (above right) is a 5 bedroom, 3 bath, 2,330 square foot home for $980,000. This well-priced Los Verdes home features an updated kitchen with granite counters, a family room off the kitchen and a large grassy backyard. 

Photos courtesy of MRMLS

May 2010 statistics for Palos Verdes real estate again indicate stability in our market.  57 single family homes sold/closed escrow in May compared to 47 in April and 25 in May of last year.  63 Palos Verdes homes had pending sales for May which is 10 more than April and almost twice as many as May of last year.  Active homes for sale for in May is up slightly to 238 (226 in April). 

All the statistics moved positively in May.  The average sales price in May 2010 was $1,422,000 up from $1,311,000 in April.  Average days on market in May fell to 80 days from 92 days in April.  Average price per square foot rose to $500 in May from $490 in April.  And a very important indicator – Months of Inventory (months it would take to sell existing inventory at the current rate of sale) for May was 4.2 months which was down slightly from April’s number of 4.8.   6 months inventory  is the benchmark for a “normal” market and our numbers have been lower for the past year.  Entire charts can e accessed by clicking here or on the “Statistics” tab above.

Currently, there are 250 Palos Verdes homes for sale.  118 homes are in escrow (63 homes have pending sales and 55 homes are accepting backup offers).  For the last 4 months, nearly one third of homes for sale in Palos Verdes are in escrow! Additionally, 12 homes have sold/closed escrow in the first 12 days of June.

Pearl Kaperl’s (Remax Palos Verdes Realty) 4103 Roessler Court, Palos Verdes Peninsula 90274 (above left) is a 4 bedroom, 3 bath, 2,542 square foot home for $1,365,000.  This gorgeous Academy Hill home has city/mountain views, a new master bathroom and huge pool & lush gardens. George Wong’s (Keller Williams P.V. Realty) 1609 Via Margarita, Palos Verdes Estates 90274 (above right) is a 4 bedroom, 3 bath, 2,310 square foot home for $1,325,000.  This wonderful Monte Malaga home has a remodeled kitchen, master bath & powder room, newer wood floors and a separate family room.

Yvonne Feng’s (Remax Palos Verdes Realty) 7050 Via Del Mar, Rancho Palos Verdes 90275 (above left) is a 4 bedroom, 4 bath, 2,906  square foot home for $1,348,000.  This West Palos Verdes home has a fabulous gourmet kitchen, two master suites and panoramic ocean views.  Catarina and Y. Anthony Iwata’s (Rockyfield) 28122 Golden Meadow Drive, Rancho Palos Verdes 90275 (above right) is a 3 bedroom, 2 bath, 1,573 square foot home for $929,000.  This Los Verdes home has beautiful gardens, family room and an outdoor spa.

Photos courtesy of MRMLS

I am excited to share my new lease listing with you – Palos Verdes real esatate at it’s finest. This is an amazing opportunity to live in a Cape Cod home that has been completely renovated and all new retaining its original charm. It is located in the highly desired Valmonte area of Palos Verdes Estates. This home just underwent additions and extensive remodel.  The beautiful Kitchen has large island, quartz counters, stainless steel appliances and skylight.  The Kitchen opens to a Great Room which opens to large brick patio and fruit orchard (lemons, oranges, tangerines, key lime, pineapple guava and apple) in the backyard. 

The Living Room with fireplace also opens to Great Room.  This home also has a Formal Dining Room and separate laundry room with stacking washer/dryer. The gorgeous Master Bedroom has soaring ceilings, a huge walk-in closet with skylight, and balcony overlooking the backyard.  The Master bath also has a skylight. The two-car tandem garage has a finished interior. You can walk down the street to Valmonte School and the Little League Field.  The lease price is $4,000 per month.