Did you know that in 1913, the entire Palos Verdes Peninsula was purchased for development for $1,500,000 by a group headed by Frank Vanderlip, Sr.?  That is probably the median price for one our Palos Verdes houses today!  After the stock market crash in 1929, portions of the original purchase were sold off.  Today, the Palos Verdes Peninsula is actually composed of 4 different cities – Palos Verdes Estates, Rancho Palos Verdes Estates, Rolling Hills, and Rolling Hills Estates (and 2 Los Angeles County areas known as Westfield and Academy Hills). All Palos Verdes homes in these four cities and 2 areas are part of the Palos Verdes Peninsula Unified School District.

Palos Verdes Estates was the first city on the Palos Verdes Peninsula to incorporate in 1939. The city has 4.5 miles of coastline. Twenty-eight per cent of the city land is permanently deeded as parkland and maintained as dedicated open space. In 2009 the US Census count was 13,546 residents for this area.  The unique Mediterranean flair of Monte Malaga and Malaga Cove, and charm of Valmonte and Lunada Bay bring their own history to this area.

Rancho Palos Verdes was the last city on the Palos Verdes Peninsula to incorporate in 1973. It has 7.5 miles of coastline and 12.3 square miles of land.  It is the largest city on the Peninsula.  The US Census count was 40,964 in 2009.

Rolling Hills Estates was incorporated in 1957 and is the third largest city on the Palos Verdes Peninsula both in size (4.18) mi and population – 7,834 according to the 2009 census.  It has a rural atmosphere and some lots are 1/2 acre (or more) and some areas are zoned equestrian. The city has six parks, 25 miles of scenic trails and 36 acres of open space. It is often called the Heart of the Peninsula because of its large shopping and entertainment areas.

Rolling Hills is a privately gated equestrian community located atop the scenic hills of the Palos Verdes Peninsula. It was in incorporated in 1957.  It is the smallest city on the Peninsula and the most private; most lots are over one acre.  The city has 26 miles of private roads and 23 miles of equestrian trails. It’s 2009 U.S. Census count was 1,972.

In the next few weeks I will be going over the seventeen different Multiple Listing Service areas for Palos Verdes real estate and concentrating on their locations and what makes each of them so special. You will be able to access information on current listings in these areas and the different price points.

Deane Dana Friendship Community Regional Park is a 123 acre park located on the Palos Verdes Peninsula and is one of the parks enjoyed by owners of Palos Verdes homes.  The park over looks San Pedro and has panoramic view of Catalina Island, the harbors of Long Beach and Los Angeles, and also the San Bernardino Mountain ranges.  This park has many amenities such as a natural history museum, gift shop,  indoor and outdoor classrooms and even live animal displays to educate and entertain in the 4000 square foot Nature Center.  The park is ADA accessible and there are many school field trips here.   Many hiking trails run throughout the park, some with ADA accesibility, taking you through the restored Coastal sage scrub habitat along the hillsides.  There is a sheltered picnic area with barbecues and a playground where you can stop for lunch or hold a special event. 

The Friendship Park also offers special fee programs such as a Field Trip in Nature where an animal presentation is given along with a bus ride and a hike, or Birthday N Nature  party which includes an animal presentation, a birthday message, projects,a bus ride and a hike.  For more information on these activities, fees and reservations please contact (310) 519-6048. 

The park is located at Western Avenue and West 9th Street in San Pedro (1850 West 9th St.). It is open daily from 7:00 a.m. to sunset.  The Nature Center is open from 9:00 a.m. to 5:00 p.m. Tuesday through Sunday. The Nature Center is closed on Mondays.  There is no admission charge and parking is also free.  For more information contact (310) 519-6115.

Photo courtesy of Los Angeles County Park and Recreation

The Labyrinth at Neighborhood Church, in Palos Verdes Estates is a very special place to visit. There is a memorial plaque which reads, “For the Journey of Life to Help You find Your Way.” It is “Dedicated to the Memory of Miriam Levonian”. As you walk the path to the center (which is marked as a shell), you are to ponder your life. I am usually struck with thoughts of all that I have to be grateful for.

And look at that view! You can see all around the coastline from Redondo Beach to Malibu. Observing beauty puts me in a very grateful place.

The Neighborhood Church is located on Paseo Del Mar in the Malaga Cove area of Palos Verdes Estates. This beautiful church was originally built in 1927 as the Haggarty mansion. The Neighborhood Church is affiliated with United Church of Christ.

Photo courtesy of Arvin Carlson

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.”