Palos Verdes Real Estate Blog

There were 25 homes on the January 17, 2012 Palos Verdes real estate Broker’s Tour.  I was not able to see all of them; my favorites are below and today there were several homes with interesting features.  We currently have 191 single family Palos Verdes homes for sale ranging in price from $759,000 in Rancho Palos Verdes 90275 to $10,500,000 in Palos Verdes Estates 90274 (the low in Eastview is $539,000).  There are 54 Palos Verdes townhomes for sale priced between $187,500 and $2,595,000.  My favorite Palos Verdes homes today were:

George Fotion’s (Call Realty) 1444 Paseo Del Mar, Palos Verdes Estates 90274 (above left) is a 5 bedroom, 4 bath, 4,652 square foot home for $3,100,000.  This gorgeous remodeled lower Lunada Bay home is just steps from the ocean bluff and features a workout room, a pool and a lighted sports court.  Joanne Stasio’s (Prudential California Realty) 3133 Via La Selva, Palos Verdes Estates 90274 (above right) is a 3 bedroom, 4 bath, 2,884 square foot home for $1,635,000.  This custom-built Spanish-style Valmonte home features a private courtyard entry, a gourmet cook’s kitchen, and a wood trellis covered patio w/built-in BBQ area, fire pit, plus a putting green.

Carol Hobaugh’s (RE/MAX Execs) 6550 Verde Ridge Road, Rancho Palos Verdes 90275 (above left) is a 5 bedroom, 4 bath, 3,255 square foot home for $1,100,000.  This beautifully upgraded Los Verdes home features a remodeled gourmet kitchen, and family room and a bonus room, and gated access to Hesse Park from the backyard.  Richard Vickers’ (Prudential California Realty) 1200 Via Gabriel, Palos Verdes Estates 90274 (above right) is a 4 bedroom, 3 bath, 2,039 square foot home for $1,195,000.  This Monte Malaga home was nearly 100% rebuilt foundation to ceiling in 2007 and features cathedral ceilings, Brazilian cherry wood floors and secondary radiant floor heat in all bathrooms!

Photos courtesy of CRMLS

There were 19 homes on the November 15, 2011, Palos Verdes real estate Broker’s Tour.  We currently have 227 single family Palos Verdes homes for sale ranging in price from $674,900 in Rancho Palos Verdes 90275 to $14,900,000 also in Rancho Palos Verdes 90275 (the low in Eastview is $524,000).  There are 46 Palos Verdes townhomes for sale priced between $190,500 and $2,395,000.  My favorite Palos Verdes houses on tour today all have ocean views:

David Schwartz’s (Keller Williams Palos Verdes) 568 Via Almar, Palos Verdes Estates 90274 (above left) is a 5 bedroom, 5 bath, 3,662 square foot home for $3,230,000.  This newly constructed lower Malaga Cove home features breathtaking ocean/Queen’s necklace coastline views, a chef’s dream kitchen w/four ovens, and a 3 floor elevator.  Vanessa Milovic’s (RE/MAX Palos Verdes Realty) 1712 Via Boronada, Palos Verdes Estates 90274 (above right) is a 4 bedroom, 4 bath, 3,016 square foot home for $1,799,000.  This luxurious Mediterranean style Lunada Bay home features ocean views, a grand master suite, gourmet kitchen and pool/spa.

Steven Watts’ (RE/MAX alos Verdes Realty) 27002 Springcreek Road, Rancho Palos Verdes 90275 (above left) is a 4 bedroom, 2 bath, 1,670 square foot home for $865,000.  This beautifully upgraded Silver Spur home features granite kitchen counters, dual pane windows, plantation shutters and custom Arizona Flagstone and Ledgestone front and back.  Gayle Probst’s (Coldwell Banker P.V./South Bay) 20 Martingale Drive, Rancho Palos Verdes 90275 (above right) is a 6 bedroom, 6 bath, 6,785 square foot home for $2,749,000.  This spectacular Palos Verdes Drive East Tuscan Villa features a gourmet center island kitchen, master bedroom retreat, a gorgeous office/library, elevator and a large wine cellar.

Photos courtesy of CRMLS

Statistics for the month of August for Palos Verdes real estate are now available an for the third month in a row, the numbers are looking better. As you will note from the graph above, the number of active residential properties for sale in Palos Verdes have fallen from 434 August 2008 to 325 in August 2009. Additionally, for August 2009 both pending sales and sold/closed escrows have almost doubled (88 Pending and 75 Sold) from August 2008 (49 Pending and 38 Sold).

Average price per square foot for the last 11 months has been holding pretty steady with small ups and downs averaging $467 (August 2009 was $473). Average Days on Market in August was 78 days compared to 82 days in August 2008. Months of inventory (months it would take to sell existing inventory at the current rate of sale) for August 2009 was 4.3, the lowest it has been in two years! Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 303 single family homes for sale on the Palos Verdes Peninsula. Additionally, 73 homes have pending sales, 58 homes are in escrow acccepting backup offers and 27 homes have sold/closed escrow in the first 11 days of September.

Statistics for single family homes for the month of July for Palos Verdes real estate are now available and for the second month in a row, the numbers are looking better. As you will note from the graph above, the number of active single family homes for sale in Palos Verdes have fallen from 437 July 2008 to 331 for July 2009. Pending sales climbed to 84 for July 2009 from 69 in June 2009 and way up from July2008 which had 33 pending sales.

Average price per square foot for the last 10 months has been holding pretty steady with small ups and downs and averaging $467 (July 2009 was $462). Average Days on Market in July fell to 69 from a high of 117 days in April. The average price has remained constant the last 3 months – It was $1,133,000 in July 2009. Months of inventory (months it would take to sell existing inventory at the current rate of sale) for July 2009 was 5.7 which was exactly the same at June 2009. Entire charts can be accessed by clicking here or on the “Statistic” tab above.

Currently, there are 280 single family homes for sale on the Palos Verdes Peninsula. Additionally, 56 homes have pending sales, 42 homes are in escrow accepting backup offers and 15 homes have sold/closed escrow in the first 11 of August.

Statistics for single family homes for the month of June for Palos Verdes real estate are now available and as I indicated in my post earlier this week, “Good News for Palos Verdes Real Estate,” the numbers are looking better. June 2009 had nearly twice as many closed sales (47) and one additional pending sale compared to May 2009. Months of inventory (months it would take to sell existing inventory at the current rate of sale) decreased to 6 months for June 2009 compared to almost 12 months in May 2009.

It is also interesting to note that in June of last year there were 38 closed sales; this June, the closed sales were 23% higher! Active single family homes for sale in Palos Verdes in June 2009 was exactly the same as May at 281. Average days on market in June 2009 decreased to 69 compared to 86 days on market in May. Average price per square foot for homes that closed escrow in June 2009 was $489 ($488 in May). The average price for homes that closed escrow in June 2009 was $1,316,000 compared to $1,356,000 in May. The average price for homes that closed escrow in the last 6 months is $1,273,333. Entire charts can be accesses by clicking here or on the “Statistics” tab above.

Currently, there are 291 single family homes for sale on the Palos Verdes Peninsula. Additionally, 45 homes have pending sales, 43 homes are in escrow accepting backup offers and 20homes have sold/closed escrow in the first 10 days of July. If we continue at the current rate of closed escrows, it would give July 2009 the highest numbers for the last 2 years!

I thought it would be fun to go through 2008′s Top Tuesday Tour Tips for Palos Verdes real estate and pick my favorites, tell you why and give you an update on those properties.

My favorite listing is my own listing at 838 Rivera Place, Palos Verdes Estates; it is a 4 bedroom, 3 bath, 3,025 square foot home for $2,449,000 (original price was $2,499,000. This Lunada Bay home is lavishly remodeled with a private courtyard entry and panoramic ocean/Catalina views from nearly every room. It is a great alternative to a Terranea casita (and less expensive) and you can use it 365 days a year! (view more photos by clicking on the link above) This home is currently on Hold for the holidays.

Lisa Hawk’s 43 Misty Acres, Rolling Hills Estates, (above left) is a 4 bedroom, 4 bath, 2,881 square foot home for $1,719,000. This single level home located in The Ranch (gated community) is one of my favorites as it has a great backyard – very large with pool, barbecue area, gazebo, private driveway and 3-car garage. This home has a bright open floor plan and is currently Active (for sale). Kitty and Rick Edler’s 209 Rocky Point Road, Palos Verdes Estates, (above right) is a 3 bedroom, 2 1/2 bath, 2,720 square foot home for $3,399,000 (original price $3,750,000). This Lunada Bay home sits at the ocean’s edge overlooking the bay, has a pool and is needs to be updated – but look at that view and bluff property too! This home is currently in escrow and they are taking Backup offers.

James Sanders’ 3900 Via Nivel, Palos Verdes Estates, (above left) is a 4 bedroom, 2 bath, 2100 square foot home that was originally listed for $1,249,000 and sold in October for $$1,005,000. I thought this was a very good price for a Valmonte home of this size with a pool – only negative was that it was on the corner of Palos Verdes Drive North. Gary Myer’s 32759 Seagate Drive, Penthouse G, Rancho Palos Verdes, (above right) is a 2 bedroom, 1.75 bath, 1,506 square foot condominium that was originally listed for $1,395,000 and sold last week for $1,100,000. This Bay Club penthouse was an ocean front unit with a 180 degree view, was completely remodeled and would be perfect for either weekend getaways or full time living.

Some photos courtesy of MRMLS

Statistics for the month of June for Palos Verdes real estate are available and the results are mixed – holding as far as price is concerned and down for number of transactions. The average price for single family homes sold in the month of June was $1,786,000 up from $1,677,000 in May ($1,699,000 average for the last 12 months).

The statistics are different for number of pending and sold transactions which are both down. June ’08 had 35 pending and 37 sold compared to May with 41 pending and 43 sold. Inventory of homes for sale is up – 270 in June vs. 258 in May. Months of Inventory (how many months it would take to sell existing inventory at the current rate of sale) was also up to 7.3 months in June vs. 6 months in May. Average Days on Market for properties that closed escrow in June was 69. There are 5 graphs available by clicking here or on the “Statistics” tab at the top of the page.

Currently, there are 265 single family homes for sale on the Palos Verdes Peninsula. Additionally, 51 homes have pending sales; 21 homes are in escrow accepting backup offers; and 17 homes have sold/closed escrow since July 1st. Overall, 21% of single family homes for sale are in escrow!

Statistics for the month of May for Palos Verdes real estate are available and indicate our market is holding. Average price for single family homes sold in the month of May was $1,677,000 vs $1,667,000 in April. Number of homes reported sold (closed escrow) for the month of May was 43 which was the same for April. Number of homes pending for the month of May was 39 vs 40 in April. Inventory of homes for sale was nearly the same – 258 in May and 254 in April. Months of Inventory (how many months it would take to sell existing inventory at the current rate of sale) was virtually the same; 6 months for May vs 5.9 months for April. There are 5 graphs available by clicking here or on the “Statistics” tab at the top of the page.

Currently, there are 244 single family homes for sale on the Palos Verdes Peninsula. 53 homes have pending sales; 21 homes are in escrow accepting backup offers; and 14 homes have sold/closed escrow since June 1st. This is still a buyer’s market. Well-priced homes are selling quickly. Interest rates (30-year fixed) are higher this week — 6.375% conforming and 7.5% jumbo. Overall, 23% of single family homes for sale are in escrow!

Many Multiple Listing Services allow the agent to cancel/withdraw a listing and then relist it (even moments later) to make it appear as a new listing. I think this is a great marketing ploy but wrong. It then gives a skewed look at buyers’ reaction to that particular property. Kelly and Laura of Remax Palos Verdes call this “Churning and Burning”.

If a property sits on the market for over 30 days, it is overpriced for market conditions. The agent would better serve the Seller if they reduced the price of the property to reflect market conditions or withdraw it from the market. That may sound harsh but the purpose of listing a property is to sell it.

As an agent, we look at sales statistics, current inventory, conditions of home, etc. and give the Seller our estimated sales price. This is not an exact science as it cannot take into consideration a buyer’s emotional connnection to a particular piece of property which can favorably change the outcome of a sales price.

This ploy to relist a property as a new listing only “fools” the public. Most agents will search the History on a property that their client is interested in and will see it as a relist/reduction of an old listing.