Palos Verdes Source

Academy Hill neighborhood  is located near the intersection of Palos Verdes Drive North and Crenshaw.  184 homes on a 58 acre tract are located in Academy Hill which has an Home Owners Association with voluntary $50/year dues that help pay for a yearly neighborhood party and other events. It has been described as a “tight knit” and “friendly” neighborhood where neighbors work together.

Academy Hill is located an the unincorporated area of Palos Verdes Peninsula 90274 and is actually part of unincorporated Los Angeles County.  This area is home to the prestigious  Chadwick School which is a private school established in 1938 with Kindergarten through 12th Grade classes.  Chadwick actually owned the area that is now home to the Academy Hill neighborhood and sold off the land in the late 1960s.  The homes were built by Presley Homes in the early 1970s.

There are currently two active homes for sale in Academy Hill - A 5 bedroom, 3 bath, 3,104 square foot home for $1,325,000 and a 4 bedroom, 3 bath, 2,542 square foot home for $1,357,000.  There is another home in escrow that was listed for $1,029,000. 5 homes have sold in Academy Hill since the first of the year between $945,000 for 3 bedroom, 2 bath, 2,063 square foot home and $1,415,000 for a 5 bedroom, 4 bath, 3,384 square foot home.

This is an understatement for the real estate market and Palos Verdes real estate specifically.  2008 was not too bad for Palos Verdes homes with the average price for single family residences of $1,624,913 (which was a 7% decline from 2007).  Number of Palos Verdes homes that sold in 2008 was 380 (versus 563 sales in 2007).

Preliminary sales numbers for 2009 indicate 422 single family homes sales in Palos Verdes to date for 2009 which is higher than last year; the average sales price to date is $1,281,868 which is reflective of the increased number of sales in the lower end of the Palos Verdes real estate market that sold (165 sales were under $1,000,000).  Sales of Palos Verdes homes over $2,000,000 decreased to 10% of sales at 42 sales.  Typically, in Palos Verdes the upper range sales are 20% of our market.

In 2009 to date, the highest priced Palos Verdes homes sold for $6,400,000 (in Monte Malaga) and the lowest priced Palos Verdes homes sold for $500,000 (in Eastview).

The Valmonte neighborhood is in Palos Verdes Estates and is located at the northwest corner of the Palos Verdes Peninsula and borders the Hollywood Riviera section of Torrance.  Valmonte is approximately 1/2 mile.  This neighbhorhood is known for its eucalyptus groves and its “family neighborhood” feel.   The topography is relatively flat which is greatfor walking, riding bikes, playing ball, etc.  It is a very friendly area with lots of people taking walks and stopping to chat.

The Palos Verdes Estates “gatehouse” or tower is located in this area as well as the Palos Verdes Estates Stables.  The first house was built in Valmonte over 70 years ago.  Houses were custom built in many different styles such as Ranch, Spanish, Contemporary, Tuscan, Craftsman, etc.  Today the area is a blend of older homes and larger newer homes that have replaced some of the older ones.

Currently, there are 14 homes for sale in the Valmonte area of Palos Verdes Estates ranging in price from $840,000 (3 br, 2 ba, 1553 sq ft) to $2,075,000 (4 br, 4 ba, 3750 sq ft).  There are 4 homes in escrow.  23 homes have sold in Valmonte since the first of the year ranging in price from $820,000 (2 br, 1 ba, 1008 sq ft) to $2,100,000 (4 br, 3 ba, 3671 sq ft).

This is a very popular area as the weather is temperate; its been described as a “banana belt” with not too much fog, wind or heat.  Valmonte is on the north side of the Palos Verdes Peninsula and is closer to beaches, freeways and shopping.  As with all neighborhoods in Palos Verdes Estates, Valmonte does not have any sidewalks, street lights or traffic signals.

This year there are on-line coupons available for 56 businesses and restaurants in Rolling Hills and Rancho Palos Verdes (click here for the link) as part of the Peninsula Privileges program.  These are available to all not just owners of Palos Verdes real estate.

Participating merchants range from Terrenea Resort to Ice Chalet, Restoration Hardware, Equinox Fitness, Norris Center for the Performing Arts, Chicken Dijon, Mayer’s Bakery, Marmalade Cafe and many more.  This is a great opportunity to support our locale businesses and save money too!

Palos Verdes Estates does not have residential street lights.  Tennis courts and pool areas are also restricted.  According to Sue Van Every, Palos Verdes Estates Homeowners Association Manager, in a recent article in the Peninsula News “there is a city ordinance, as well as the Art Jury (which) has not allowed any (lights))…because of the surrounding neighbors…”  Of course, that means no night games at Palos Verdes High School.

The same is true for Peninsula High School which is in Rolling Hills Estates.  However, there have been a few exceptions over the years.  According to Doug Prichard, City Manager of Rolling Hills Estates, in a recent Peninsula News article, “The standing policy of the school has been that they do not want to disrupt the neighborhoods in the quiet evenings with night games, they’ve never had lights go up there.  Every few years, we’ll get the booster club interested in having a night game or two during the season – particularly homecoming games – and they’ve done that in the past with temporary lights on sort of a one-off basis.”

There are street lights in Rolling Hills Estates and Rancho Palos Verdes which makes navigating unfamiliar areas at night easier.  As a resident of Palos Verdes Estates, I do enjoy not having streetlights.  You can really see the stars at night!

The upcoming holiday season will offer several events to be enjoyed by owners of Palos Verdes real estate. This year there are 4 beautifully decorated homes featured in the 53rd Yule Parlor Parade sponsored by The Neighborhood Church (benefiting South Bay charities) to be held on December 4th and 5th from 11:00 a.m. to 4:00 p.m. with a Christmas Tea served at the Neighborhood Church from noon 4:00 p.m.  Call 310-378-9353 for more information.  The Neighborhood Church Christmas Pageant will be held on Sunday, December 13 at 5:30 and 7:30.

The 2009 Holiday Festival presented by Las Amigas at Torrance Memorial Medical Center ( south parking lot) features beautifully decorated holiday trees.  The schedule is Dec.2 from 5 pm to 9 pm, Dec. 3 from 4 pm to 9 pm, Dec. 5 from 10 am to 9 pm and Dec 6 from 10 am to 4 pm.

The 2009 Rolling Hills Holiday Parade of Lights which is sponsored by the City of Rolling Hills Estates, will be held Saturday, December 5, 2009 at 6:00 p.m.  There will be marching bands, drill teams, equestrian entries, floats, etc.  The parade will take place on Silver Spur Drive.

The Promenade on the Peninsula will have several  2009 holiday events beginning with the Annual Tree Lighting Event on November 21, 2009 at 6:00 pm.  Pictures With Santa will be held November 28 and December 19 from 1 to 4 pm.  Breakfast With Santa will be held December 12 from 8:30 to 10 am (tickets available at Ruby’s Diner).

Photo courtesy of Promenade on the Peninsula

This Homebuyer TaxCredit of $6,500 (married couple) is available as of November 6, 2009 for couples with combined adjusted gross incomes that do not exceed $225,000 (for singles a $3,250 credit and adjusted gross income not exceeding $125,000).  You must be in contract on a new home by April 30, 2010, and must close escrow by June 30, 2010. 

The homeowner must have owned the prior residence for a consecutive 5 out of the last 8 years.  The new house cannot cost more than $800,000 and must become your main residence as of the date of close of escrow.  You do not have to sell your current home (you may rent it out).

As noted in my November 6th article, “…credit will help sellers of Palos Verdes real estate as they increase the pool of buyers for their properties with “trickle up” activity for Palos Verdes buyers who have sold their homes” to buyers taking advantage of this credit.  To date in 2009, Palos Verdes Peninsula has had 44 single family homes and 112 townhomes/condos sell for $800,000 or less.  That is 11% for single family residences and 96.5% of the total townhome/condo market.

This is a great time to buy – Interest rates are at historic lows and until April 30th you can get a tax credit.  Kenneth R. Harney in a Los Angeles Times articles writes, “do not assume that Congress will provide another extension.  All the political and budgetary signs point the other way, and some of the primary authors of the credit insist that this is it – no more extensions next year.  Take them at their word.”

Statistics for the month of October 2009 for Palos Verdes real estate are now available and they again indicate stability in our market.  The Active number of homes for sale in Palos Verdes have continued to decrease to an all time low (in the last 15 months) of 292 homes currently available for sale.   66 homes Sold/closed escrow in October and 76 homes have Pending Sales which is twice as many as October 2008 yet consistent with the prior five months of 2009.  Our sales have been holding. 

The average price for all homes (including townhomes/condos) that sold in October was $1,140,000 and average price per square foot was $471 which is about average for the prior 6 months.  Average Days on Market in October spiked to 110 days from 73 in September.  Months of Inventory (months it would take to sell existing inventory at the current rate of sale) for October was 4.4 months down from 14 months for October 2008 and consistent with the prior three months.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 273 homes for sale on the Palos Verdes Peninsula.  Additionally 64 homes have pending sales, 59 homes are in escrow accepting backup offers and 23 homes have sold/closed escrow in the first 13 days of November.

There were 18 homes on the November 10, 2009, Palos Verdes real estate Broker’s Tour.  We currently have 230 active single family homes for sale in Palos  ranging in price from $750,000 in Rancho Palos Verdes to $14,900,000 in Rolling Hills (the low in Eastview is $625,000). There are 51 townhomes/condos for sale priced between $250,000 and $1,500,000.  My favorites were:

Laurie Hurley’s 7400 Alida Place, Rancho Palos Verdes, (above left) is a 4 bedroom, 4 bath, 3,851 square foot home for $1,998,500.  This West PalosVerdes home features a state of the art kitchen, large master suite and ocean views.  Les Fishman’s 2637 Via Valdez, Palos Verdes Estates, (above right) is a 5 bedroom, 4 bath, 2,781 square foot home for $1,299,000.  This Margate home has ocean views, a pool and a huge bonus room.

Gabrielle Herendeen’s 26864 Eastvale Road, Palos Verdes Peninsula, (above left) is a 4 bedroom, 3 bath, 2,037 square foot home for $999,000.   This Westfield home has vaulted ceilings, a master suite w/fireplace, and is on a 23,920 square foot equestrian lot.  Jessica Kim’s 27926 Ridgecove Court, Rancho Palos Verdes, (above right) is a 2 bedroom, 2 bath, 1,159 square foot townhouse for $511,000.  This bright and airy Ridgegate  townhome has a private patio leading to a detached two car garage.

Photos courtesy of MRMLS

Both the House and Senate have passed the new extended/expanded Homebuyer Tax Credit and it is now awaiting the President’s signature.  Previously, the first time buyer credit of $8,000 was to expire on November 30, 2009, but it will now be extended to April 30, 2010. 

The new bill also includes a $6,500 credit to qualified homeowners looking to “move up” by purchasing a replacement home for $800,000 or less.   According to the Los Angeles Times, “…the legislation would raise the qualifying income levels to $125,000 for individual filers and to $225,000 for joint filers.”  Please click here to view a full-page version of the chart above from National Association of Realtors.

Both of these credits will help sellers of  Palos Verdes real estate as they increase the pool of buyers for their properties with  ”trickle up” activity from  Palos Verdes buyers who have sold their homes to to first time buyers.  And to date in 2009 Palos Verdes Peninsula has had 40 single family homes and 108 townhomes/condos sell for $800,000 or less.