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.

Palos Verdes homes owners are in for a special treat as the Cherry Blossoms are blooming at the South Coast Botanic Garden.  This is the closest location for us to see the beauty and color of these trees.  This yearly event reminds us that Spring is just around the corner.

The South Coast Botanic Garden is one of Palos Verdes’ best kept secrets.  It is never crowded and one is free to roam for hours through 87 acres of beautiful settings.  There is plenty of parking in their large paved lot.

The Garden is open from 9:00 a.m. to 5:00 p.m.  and is located at 26300 Crenshaw Boulevard, Palos Verdes Peninsula 90274.  The cherry blossoms should continue for a couple of weeks.

                         Whale watching is a welcomed event in Palos Verdes and Saturday, March 6, 2010, is our official “Whale Of A Day” at Point Vicente Interpretive Center, 31501 Palos Verdes Drive West, Rancho Palos Verdes from 10:00 a.m. to 4:00 p.m.  In addition to whale watching from the bluff, there were be games, events and “inflatables”.  Admission to Whale Of A Day is free and parking/shuttle service will be available at the Rancho Palos Verdes City Hall on Hawthorne Blvd.

The Point Vicente Lighthouse will also be open for complimentary tours by the Coast Guard.

As of February 22, 2010, 361 whales have been spotted since the beginning of the whale watching season (December).  292 whales were traveling south and 69 were heading north, according to the Peninsula News.  Whale watching season runs through April.

Photo couresy of Tom Underhill Peninsula News 2008

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

Please join me on Sunday, February 28, 2010, between 2:00 p.m. and 4:00 p.m. at an Open House at 4224 Via Nivel, Palos Verdes Estates 90274.  I will be hosting the open house for the listing agent, Judy Henry (Remax Palos Verdes Realty).  Here is your opportunity to become a Palos Verdes homes owner.

This gracious Cape Cod home is located in the heart of Valmonte and features a beautifully redone kitchen.  It has 4 bedrooms, 4 baths, 2,446 square feet and is listed for $1,410,000.  The formal living room and dining rooms as well as the office/fourth bedroom, enjoy sparkling city views.  The lushly landscaped yard features a waterfall, spa, outdoor fireplace and built-in Vinking barbecue.

Please join me for a tour through this charming Valmonte home.

Photo courtesy of MRMLS

This request comes from the City of Palos Verdes Estates as they try to manage the peacocks in Malaga Cove and the Espinosa Circle area of Lunada Bay.  The City traps (and relocates) peafowl that wander out of those area.  They also do a headcount twice a year and if there are too many (as there are no natural predators), they relocate some of the peacocks out of the area.

The peacocks are beautiful to look at but I  have heard stories of peacocks sitting on cars, screeching at all hours and generally being a nuisance in numbers.  The City of Palos Verdes Estates encourages resident “ to allow the peafowl to to live in their environment with minimal human contact or interference.  Specifically, residents are urged not to feed the peafowl.  They do not require artificial feeding and survive quite well on food found naturally in their environment such as domestics plants, berries, and insects.”  If residents outside the peafowl area feed them, the peacocks will be lured out of their designated areas making it more difficult for the City’s peafowl management program.

There are generally peacocks waiting for relocation in cages just off Palos Verdes Drive West to the right of the Fire Station (if you want to take a peek).  If you have questions regarding the peafowl, you may contact Captain Mark Velez at 310-378-4211.

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.

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.

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