Palos Verdes Real Estate – La Cresta Neighborhood Update

2011 Palos Verdes home sales for the La Cresta neighborhood decreased to 20 single family homes sold compared to 28 sold in 2010 –  a 29% decrease. Price per square foot for La Cresta houses that sold in 2011 was $447 compared to $489 in 2010.  However, average sales price for the La Cresta homes sold in 2011 was $1,737,289 compared to $1,796,714 – a slight decrease.

Currently, there are 9 single family homes for sale.  There is one Palos Verdes townhouse for sale – a 3 bedroom, 3 bath, 2,172 square foot unit for $679,900.  There are 8 Palos Verdes homes for sale ranging from $1,310,000 for a 4 bedroom/5 bath, 4,578 square foot single family residence to $2,799,000 for a 5 bedroom/7 bath, 4,260 square foot single family residence.

For background and history on La Cresta Multiple Listing Area #172, please click here to read my prior article on this neighborhood.

To view current Palos Verdes real estate statistics for the entire Peninsula, please click here or on the “Statistics” tab above.

Del Cerro Park (photo above) is located in the La Cresta neighborhood

Palos Verdes Real Estate Area MLS #172

Palos Verdes real estate area 172 is known as La Cresta, and is located in the city of Rancho Palos Verdes.  Multiple listing Service Area 172 is bordered by the City of Rolling Hills to the east, Palos Verdes Land Conservancy acreage to the south, Hawthorne Boulevard and Indian Valley to the west and a very jagged border to the north which includes Wallace Ranch and Crestridge.

The La Cresta area includes the developments of Cresta Verde, Pepper Tree, The Ranch, Rolling Hills Country Estates, Wallace Ranch, Vantage Point, Hillcrest Manor and Rolling Hills Park.  Some of the newer developments in this area are Island View, Ocean Terrace and Sea Breeze.  These newer homes are built on larger sites some about a 1/2 acre.  The Vantage Point development was built on the former site of the Northrop Research Center.

This area is home to two parks – Highridge Park & Del Cerro Park.  Highridge Park is ten and a half acres, and has two regulation size soccer fields, a youth softball/baseball field, large playground area and running tracks with Par Course stations. Del Cerro Park is known for its hiking; it is the trail head to four trails (two to four miles long) which are part of the Canyons Ecological Reserve.  These hikes are great for both beginners and the more experienced hiker.  You’ll also really enjoy the views of the oceanfront and Catalina.

St. John Fisher’s private elementary school and Church are also located in this area. In 1947 Palos Verdes College opened on 55 acres along Crest Road and operated there with portable buildings until 1954.  The project was never completed due to financial difficulties.

Currently there are 3 condo/town homes in this area.  They range from $539,000 for a 2 bedroom/3 bath, 1,572 square foot unit to $719,000 for a 3 bedroom/3 bath, 2,148 square foot condo.  There are 13 single family Palos Verdes homes in this area for sale.  They range from $1,370,000 for a 4 bedroom/3 bath, 2,613 square foot single family residence to $3,899,900 for a 5 bedroom/6 bath, 5,810 square foot single family residence.

2010 Home Sales by Neighborhood

Palos Verdes 2010 Real Estate Sales by Neighborhood for 90274 and 903275

Sales by neighborhood for Palos Verdes real estate detail an average price range of over $1,000,000 for 13 out of 17 areas; only 4 areas were below $1,000,000.  Single family Palos Verdes homes showed an increase in average sales price in 9 areas ranging from .8% in Lunada Bay to 46.4% in West Palos Verdes.  Rolling Hills posted the largest decrease in average sales price of 21.6%.

Lunada Bay had the largest number of Palos Verdes homes sold (61) and West Palos Verdes had the smallest number of homes sold (12).  West Palos Verdes also had the highest average sales price at $2,436,667 for Palos Verdes homes sold.   The higest average square foot price for Palos Verdes homes sold was in Los Verdes at $685 per square foot and the lowest was in Eastview RPV at $392 per square foot.

The average price for single family Palos Verdes homes sold in 2010 was $1,441,118 which was 3.6% higher than 2009.  The average price per square foot for Palos Verdes homes sold was $496 per square foot which was 2% lower than 2009.  A better view of the above chart can be seen by clicking here or on the “Statistics ” tab above.