2011 Palos Verdes homes sales for the Palos Verdes Drive East neighborhood increased to 58 homes sold compared to 36 in 2010 – a 61% increase. Price per square foot for Palos Verdes Drive East houses that sold in 2011 was $385 compared to $394 in 2010. However, average sales price for Palos Verdes Drive East homes sold in 2011 was $1,082,247 compared to $1,056,658 – a slight increase.
Currently, Palos Verdes Drive East has 19 active Palos Verdes homes for sale. They range from $280,000 for a 0 bedroom, 1 bath, 663 square foot building on a 1,312 square foot lot (originally built as a commercial office which now is on a residential zoned lot) to $4,295,000 for a 6 bedroom, 9 bath, 10,000 square foot home on a 43,902 square foot lot.
For background and history on Palos Verdes Drive East Multiple Listing Area 167, please click here to read my prior article on this neighborhood.
To view current Palos Verdes real estate statistics for the entire Peninsula, click here or on the Statistics tab above.
Photo above is night view of Harbor which can be seen from many properties in this neighborhood
Palos Verdes real estate area 167 is Palos Verdes Drive East, which is located in the city of Rancho Palos Verdes. Area 167 extends along Palos Verdes Drive East from Conestoga Drive to just north of Marymount College. This area borders the city of Rolling Hills on the west and San Pedro/Eastview on the east. This area consists of a mixture of horse properties and developed subdivisions. The Miraleste area is also located in the Palos Verdes Drive East area and has nearly 350 homes; Miraleste architecture is under the control of the Palos Verdes Homes Associaton and Art Jury.
There are many private roads in this area, and the back gated entrance into Rolling Hills is located off Palos Verdes Drive East. You can find communities such as Crestmount, Rockinghorse and Sunny Ridge located in Area #167. Miraleste Plaza, a small commercial area, is also off Palos Verdes Drive East. Miraleste Intermediate School with its 33 acre campus is located in this area; and many local teams enjoy its large outside fields for different sports activities. Miraleste Elementary School and Miraleste Library are also located in this area. This east side of the Peninsula is considered the warmer side of Palos Verdes.
Currently there are 34 homes for sale in this area. They range from $789,500 for a 3 bedroom/2 bath, 1,339 square foot home, to $6,995,000 for a 5 bedroom/7bath, 7,500 square foot home. Many of the homes have harbor views and/or views of the Vincent Thomas Bridge and sparkling night time city lights views (photo above).
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.