Palos Verdes Home Sales Peninsula Center Neighborhood 1st Half 2018

Palos Verdes Home Sales Peninsula Center Neighborhood 1st Half 2018

The Promenade at the Peninsula shopping center, Rolling Hills Estates, CA 90274

Palos Verdes homes sales in the Peninsula Center neighborhood for the first half of 2018 increased to 14 single family homes sold in 2018 compared to 10 sold in 2017.  Price per square foot for Peninsula Center homes that sold in the first half of 2018 increased to $618 compared to $612 in 2017 a 1.0% increase.  Average sales price for Peninsula Center homes sold in the first half of 2018 increased to $1,354,500 in 2018 compared to $1,252,035 in 2017.  The most expensive Palos Verdes home sale in the Peninsula Center neighborhood was $1,650,000 and the lowest priced Palos Verdes home sale in the Peninsula Center neighborhood was $1,000,000.

Currently, the Peninsula Center neighborhood has 4 Palos Verdes homes for sale.  There are 3 single family homes for sale ranging in price from $1,299,000 for a 3 bedroom/3 bath, 1,896 square foot home, to $1,399,800 for a 4 bedroom/2 bath, 1,670 square foot home.  There is 1 condo/townhome for sale for $699,500 for a 2 bedroom/2 bath, 1,240 square foot condo/townhome.

For background and history on the Peninsula Center Neighborhood Multiple Listing Area 175 please click here to read my prior article on this neighborhood.

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

Photo above of the Promenade on the Peninsula.

Palos Verdes Home Sales Crest Neighborhood 1st Half 2018

Palos Verdes Home Sales Crest Neighborhood 1st Half 2018

Palos Verdes homes sales in the Crest neighborhood for the first half of 2018 decreased to 16 single family homes sold in 2018 compared to 17 sold in 2017.  Price per square foot for Crest homes that sold in the first half of 2018 increased to $536 compared to $531 in 2017 a .9% increase.  Average sales price for Crest homes sold in the first half of 2018 decreased to $1,285,688 in 2017 compared to $1,34o,353 in 2017.  The most expensive Palos Verdes home sale in the Crest neighborhood was $1,632,000 and the lowest priced Palos Verdes home sale in the Crest neighborhood was $965,000.

Currently, the Crest neighborhood has 19 Palos Verdes homes for sale.  There are 2 single family homes for sale ranging in price from $498,000 for a 2 bedroom/2 bath, 1,155 square foot home, to $1,478,800 for a 4 bedroom/3 bath, 2,052 square foot home.  There are 17 condo/townhomes for sale ranging in price from $799,000 for a 2 bedroom/2 bath, 1,590 square foot townhome, to $1,299,888 for a 2 bedroom/3 bath, 2,332 square foot townhome.

For background and history on the Crest Neighborhood Multiple Listing Area 174 please click here to read my prior article on this neighborhood.

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

Photo of Palos Verdes Performing Arts (formerly Norris Theatre) courtesy of PVPA

How To Price Your Palos Verdes Home For Sale

Palos Verdes homes sellers often ask how to choose the correct list price for their home.  Below is an excellent article which answers this question:

How to Use Comparable Sales to Price Your Home

By: Carl Vogel  Published: August 5, 2010

Before you put your home up for sale, understand how the right comparable sales help you and your agent find the perfect price.

How much can you sell your home for? Probably about as much as the neighbors got, as long as the neighbors sold their house in recent memory and their home was just like your home.

Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.

What makes a good comparable sale?

Your best comparable sale is the same model as your house in the same subdivision—and it closed escrow last week. If you can’t find that, here are other factors that count:

Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.

Home type: Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.

Amenities and upgrades: Is the kitchen new? Does the comparable sale house have full A/C? Is there crown molding, a deck, or a pool? Does your community have the same amenities (pool, workout room, walking trails, etc.) and homeowners association fees?

Date of sale: You may want to use a comparable sale from two years ago when the market was high, but that won’t fly. Most buyers use government-guaranteed mortgages, and those lending programs say comparable sales can be no older than 90 days.

Sales sweeteners: Did the comparable-sale sellers give the buyers downpayment assistance, closing costs, or a free television? You have to reduce the value of any comparable sale to account for any deal sweeteners.

Agents can help adjust price based on insider insights

Even if you live in a subdivision, your home will always be different from your neighbors’. Evaluating those differences—like the fact that your home has one more bedroom than the comparables or a basement office—is one of the ways real estate agents add value.

An active agent has been inside a lot of homes in your neighborhood and knows all sorts of details about comparable sales. She has read the comments the selling agent put into the MLS, seen the ugly wallpaper, and heard what other REALTORS®, lenders, closing agents, and appraisers said about the comparable sale.

More ways to pick a home listing price

If you’re still having trouble picking out a listing price for your home, look at the current competition. Ask your real estate agent to be honest about your home and the other homes on the market (and then listen to her without taking the criticism personally).

Next, put your comparable sales into two piles: more expensive and less expensive. What makes your home more valuable than the cheaper comparable sales and less valuable than the pricier comparable sales?

Are foreclosures and short sales comparables?

If one or more of your comparable sales was a foreclosed home or a short sale (a home that sold for less money than the owners owed on the mortgage), ask your real estate agent how to treat those comps.

A foreclosed home is usually in poor condition because owners who can’t pay their mortgage can’t afford to pay for upkeep. Your home is in great shape, so the foreclosure should be priced lower than your home.

Short sales are typically in good condition, although they are still distressed sales. The owners usually have to sell because they’re divorcing, or their employer is moving them to Kansas.

How much short sales are discounted from their market value varies among local markets. The average short-sale home in Omaha in recent years was discounted by 8.5%, according to a University of Nebraska at Omaha study. In suburban Washington, D.C., sellers typically discount short-sale homes by 3% to 5% to get them quickly sold, real estate agents report. In other markets, sellers price short sales the same as other homes in the neighborhood.

So you have to rely on your real estate agent’s knowledge of the local market to use a short sale as a comparable sale.

Carl Vogel, a freelance writer and former editor of The Neighborhood Works magazine, lives in a home in Chicago that is not typical of those nearby, so he appreciates a savvy comp.

“Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.”