Palos Verdes Source

February 2010 statistics for Palos Verdes real estate again indicate a very strong month compared to February 2010 with sold/closed escrows almost triple of that in February 2009 (32 homes in Feb 2010 vs 12 homes in Feb 2009).  Pending sales more than doubled (47 homes in Feb 2010 vs 22 homes in Feb 2009).  192 Palos Verdes homes were for sale in February 2010 compared to 311 in February 2009.  With these low inventory numbers we are experiencing, demand is staying up.

The average sales price in February 2010 was $1,368,000 which is higher than February 2009 at $1,110,000 and a bit higher than January 2010 at $1,297,000 but right in line with the average for the past 12 months ($1,323,000).  Months of Inventory (months it would take to sell existing inventory at the current rate of sale for February was 6 months down from 6.7 months in January. Sold to list price in February fell to 93% from a high of 97% in January.  In February, average Days on Market increased to 107 from a low in January of 70 days.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 188 Palos Verdes home for sale.  Additionally 101 homes are in escrow (55 homes have pending sales and 46 homes are accepting backup offers).  One third of homes for sale are in escrow!  And the Spring selling season is still in front of us.  Additionally, 18 homes have sold/closed escrow in the first 10 days of February.

There were 22 homes on the March 2, 2010, Palos Verdes real estate Broker’s Tour.  I really had to hustle to see 9 homes in the allotted 2 hour period.  We currently have 189 active single family Palos Verdes homes for sales ranging in price from $745,000 in Rancho Palos Verdes 90275 to $12,800,000 in Rolling Hills 90274 (the low in Eastview is $499,000).  There are 44 townhomes/condos for sale priced between $230,000 and $815,000.  My favorites were:

Wayne and Heather Chamberlain’s (Remax Palos Verdes Realty) 1553 Via Leon, Palos Verdes Estates 90274 (above left) is a 6 bedroom, 7 bath, 7,992 square foot home for $3,350,000.  This upper Lunada Bay estate has ocean/coastline views,  a media room, paddle tennis court and pool.   Rick and Kitty Edler’s (Peninsula Sotheby’s Int’l Realty) 40 Sea Cove Drive, Rancho Palos Verdes 90275(above right) is  2 bedroom, 3 bath, 2,580 square foot home for $4,299,000.  This ocean bluff  Palos Verdes Drive South home features a pool, sports court, botanical gardens and the most fabulous ocean/cove views.

Dan Mullin’s (Remax Palos Verdes Realty) 6805 Vallon Drive, Rancho Palos Verdes 90275 (above left) is a 4 bedroom, 3 bath, 2,918 square foot home for $1,299,000.  This Country Club home backs to Los Verdes golf course, has a remodeled kitchen and pool/spa.  Pamela Lieb’s (Remax Palos Verdes Realty) 6 Santa Cruz, Rolling Hills Estates 90274 (above right) is a 5 bedroom, 5 bath, 4,511 square foot home for $2,650,000.  This Vantage Pointe estate features ocean/Catalina views and resort-style backyard with waterfall, pool, spa and lots of grass.

Photos courtesy of MRMLS

Owners of Palos Verdes homes will be pleasantly surprised to know that the answer is “Yes” according to Kenneth R. Harney in a recent Los Angeles Times article.  I think this is great news and don’t understand why it was buried on the 12th page of the Business section.

“According to the Fed’s most recent ‘flow of funds’ survey, homeowners’ net equity grew by nearly $1 trillion from the recession’s nadir in the first quarter of 2009 through the third quarter. From June 30 through Sept. 30, equity rose by $418 billion….After three years of unprecedented shrinkage in home equity – and three years of rapid expansion in the number of underwater borrowers with negative equity – there are signs the down cycle may be shifting.”

I believe this is another sign of of our real estate market stabilizing.  For recent statistics on our Palos Verdes real estate market click here or on the “Statistics” tab above.

There were 16 homes on the February 16, 2010, Palos Verdes real estate Broker’s Tour.  How is that for synchronicity – 16 on the 16th!   We currently have 189 active single family Palos Verdes homes for sale ranging in price from $745,000 in Rancho Palos Verdes 90275 to $14,500,000 in Rolling Hills 90274  (the low in Eastview is $674,950).  There are 44 townhomes/condos for sale priced between $230,000 and $815,000.  My favorites were:

Steven Watts’ (Remax Palos Verdes Realty) 1412 Via Arco, Palos Verdes Estates 90274 (above left) is a 3 bedroom 3 bath, 4,090 square foot home for $3,200,000.   This stunning Monte Malaga home features a chef’s dream kitchen, a pool and a separate guest house w/full kitchen.  Stephen Haw’s (Remax Palos Verdes Realty) 6871 Crest Road Rancho Palos Verdes 90275 (above right) is a 6 bedroom 6 bath, 4,347 square foot home for $2,480,000.  This Country Club estate has gorgeous ocean views, gourmet kitchen and huge flat grassy backyard.

Susan Creed’s (Shorewood Realtors) 61 Rollingwood Drive, Rolling Hills Estates 90274 (above left) is a 5 bedroom, 4 bath, 3,013 square foot home for $1,345,000.  This Silver Spur home has updated kitchen and baths and incredible city lights/ocean/coastline views.  Steven Watts’ (Remax Palos Verdes Realty) 28424 Meadowmist Drive, Rancho Palos Verdes 90275 (above right) is a 4 bedroom, 3 bath, 2,534 square foot home for $1,295,000.  This Crest home has been extensively remodeled, has a separate bonus room and expansive rear lawn.

Photos courtesy of MRMLS

January 2010 statistics for Palos Verdes real estate again indicate a very strong month compared to January 2009 with sold/closed escrows up 66% (30 homes versus 18 in Jan 09) and pending sales more than doubled (52 homes versus 18 in Jan 09).  200 Palos Verdes homes were for sale in January 2010 compared to 293 homes in January 2009.   Buyers seem to be back in the market with most of the agents I speak to commenting on how the market has picked up and they are busier than they have been for the last two years.

Sold to List Price was 97% in January which is another indication of a stable market (along with the lower than average inventory).  January 2010 shows  the average Days on Market fell to 70 days from 84 in December 2009.  The average sales price in January 2010 was $1,297,000 which is higher than January 2009 at $1,135,000.(December 2009 was $1,555,000 which included several high end sales).  Months of Inventory (months it would take to sell existing inventory at the current rate of sale for January was 6.7 up from the low of 4.2 months in December. Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 183 Palos Verdes homes for sale.  Additionally 47 homes have pending sales, 48 homes are in escrow accepting backup offers and 11 homes have sold/closed escrow in the first 11 days of February.

The sun was shining and there were 21 homes on the February 2, 2010, Palos Verdes real estate Broker’s Tour.  We currently have 192 active single family Palos Verdes homes for sale ranging in price from $745,000 in Rancho Palos Verdes 90275 to $14,500,000 in Rolling Hills 90274  (the low in Eastview is $739,000).  There are 44 townhomes/condos for sale priced between $230,000 and $899,000.  May favorites were:

Joellen Alflen (Keller Williams P.V. Realty) and Raju Chhabria’s (Shorewood Realtors) 53 Margerite Drive, Rancho Palos Verdes 90275 (above left) is a 7 bedroom, 9 bath, 8,055 square foot home for $11,900,000.  This Mediterranean Ocean Bluff Estate in Lunada Pointe has the above left view from the spectacular gated villa and also has a guest house.  Young Gill’s (Remax Palos Verdes Realty) 24 Santa Cruz, Rolling Hills Estates 90274 (above right) is a 5 bedroom, 5 bath, 4,511 square foot home for $2,699,000.  This beautiful Vantage Point home has a gourmet kitchen and ocean views in a  24-hour guard gated community.

Chris Adlam’s (Peninsula Sotheby’s Int’l Realty) 4540 Marloma, Rolling Hills Estates 90274 (above left) is a 4 bedroom, 3 bath, 2,800 square foot home for $1,795,000.  This wonderful Palos Verdes Drive North home was significantly remodeled including tremendous kitchen above left, and has a huge flat grassy backyard area with pool.   George Fotion’s (Call Realty) 6032 Groveoak Place, Rancho Palos Verdes 90275 (above right) is a 4 bedroom, 2 bath, 1,670 square foot home for $889,000.  This well-priced Silver Spur home has an equisitely remodeled kitchen and bathroom and many other upgrades.

Photos courtesy of MRMLS

There were 18 homes on the January 26, 2010, Palos Verdes real estate Broker’s Tour.  Even with the threat of rain, 18 homeowners correctly gambled that the storm would hold.  It actually started raining 10 minutes before the tour ended.  It was perfect.  We currently have 198 active single family Palos Verdes homes for sale ranging in price from $745,000 in Rancho Palos Verdes to $14,900,000 in Rolling Hills (the low in Eastview is $549,000).  There are 43 townhomes/condos for sale priced between $230,000 and $899,000.  My favorites were:

Young Gill’s (Remax Palos Verdes Realty) 30691 Calle De Suenos, Rancho Palos Verdes 90275 (above left) is a 5 bedroom, 7 bath, 6,500 square foot home for $3,299,000.  This Country Club home located in the private Panorama Estates section has panoramic ocean/Catalina views from all major rooms, and a park-like back yard (lot is 32,670 sq ft).   Gayle Probst’s (Coldwell Banker P.V./South Bay) 3017 W. Palos Verdes Drive, Palos Verdes Estates 90274 (above right), is a 4 bedroom, 3 bath, 1,983 square foot home for $1,225,000.  This Lunda Bay home has an upgraded kitchen, bathrooms, windows, etc. and is within walking distance to schools and the bluffs.

Cindy Chew’s (Coldweel Banker P.V./Beach Cities) 8 Sunnyfield Drive, Rolling Hills Estates 90274 (above left), is a 3 bedroom, 3 bath, 2,057 square foot home for $1,250,000.  This Palos Verdes Drive North home is located on 1/2 acre flat lot, can accommodate horses, and has an updated kitchen.  Chuck Chambers’ (P.V. Realty) 28048 Santona Drive, Rancho Palos Verdes 90275 (above right), is a 3 bedroom, 2 bath, 1,600 square foot home for $849,000.  This Los Verdes homes has been remodeled including bathrooms, has a family kitchen and a nice rear yard with brick patio.

Photos courtesy of MRMLS

December 2009 statistics for Palos Verdes real estate indicate a very strong month for single family residences compared to December 2008 with both sales and pendings doubled.  45 Palos Verdes homes sold/closed escrow in December 2009 compared to 25 in December 2008.  38 Palos Verdes homes had pending sales in December 2009 compared to 16 in December 2008.  Additionally, in December 2009 there were 190 Palos Verdes homes for sale compared to 275 in December 2008 .  This is good as a decrease in supply coupled with a consistent demand keeps prices stable.

The average price for single family Palos Verdes homes that sold in December was $1,555,000 which is up from November at $1,122,000.  (7 homes sold over $2,000,000 – including one at $6,400,000 and one at $5,920,000).  Average price per square foot for Palos Verdes homes was also up in December 2009 at $517.  Average Days on Market in December increased to 84 days from 76 days in November.  Months of Inventory (months it would take to sell existing inventory at the current rate of sale for December was 4.2 which was a month decline from November.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 190 Palos Verdes homes for sale.  Additionally 40 homes have pending sales, 39 homes are in escrow accepting backup offers and 13 homes have sold/closed escrow in the first 15 days of January.

In 2009, Palos Verdes homes sales increased 19% with 462 single family home sales compared to 388 in 2008.  Palos Verdes homes experienced a 16% decline in 2009 average sales prices compared to 2008.  It did not feel like double digits so I researched further. 

The sales mix changed significantly which is reflected in the lower average sales price.  In 2009, 38% of Palos Verdes homes sold were under $1,000,000 compared to only 28% in 2008.  In addition, in 2009 the high end, over $2,000,000, fell to 10% from 16% in 2008.  The very high end, over $5,000,000, was only 1% of Palos Verdes home sales compared to 2.5% in 2008.  In other words, we had more low end homes sell in 2009 and less high end sales which contributed to the overall decline in average sales price.

Did the entire Palos Verdes Peninsula which is comprised of 4 different cities (Palos Verdes Estates 90274, Rancho Palos Verdes 90275, Rolling Hills and Rolling Hills Estates) experience a 16% decline in price?  Absolutely not.  As a matter of fact, 2 neighborhoods actually showed an increase in average sales price – Monte Malaga in Palos Verdes Estates with an average sales price of $2,247,246 ($2,067,647 in 2008) and the city of Rolling Hills with an average sales price of $2,600,412 ($2,515,752 in 2008).  Pricing is really determined by the neighborhood, location and condition of the home.

My next article will be on the sales statistics for the month of December 2009.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Owners of Palos Verdes real estate who  purchased a home after July 1, 2003, may have seen a decline in value in which case they may apply to the Los Angeles County Tax Assessor for a reduction in property taxes. Below is a new posting from the Assessor’s website:

“Effective January 1, 2010 there are two significant changes in the filing process for decline-in-value reviews.

1. The new filing period will be from June 1 through November 30, 2010.
2. The property owner or authorized agent will be able to submit a request for a decline-in-value review online.”

Property owners may check the LA Tax Assessor’s website after March 1, 2010 to see if their home was one of the hundreds of thousands of homes included in the proactive  review by the Assessor.   The results of that review will be posted by June 30th.  If your home was not listed and you feel you have experienced a decline in value, you may apply after June 1, 2010 (and before November 30).   And applications may be done on-line which will be easier.

Last year, the property owner’s application had to show 3 comparable properties that sold between January 1 and March 30 which was tough for some homeowners as there generally are not as many closed sales in the first quarter  compared to the second or third quarter .   It will be interesting to see if the Assessor has the same requirements for 2010.  Click here to read entire article from Los Angeles County Tax Assessor’s website.