This is a question that I am asked often. The answer is “Just fine, thank you” for several reasons.
First, if you look at recent statistics such as “California Association of Realtors – LA County Economic Profile January 2008” the median price year to year November 2006 to November 2007 for Palos Verdes Peninsula shows an increase of 20.4%. Los Angeles Times in Southland Home Prices dated 1/20/08 shows -2.4% for 2007. Daily Breeze 1/14/08 shows an overall increase of 14.3% for the South Bay. Even if you average all three different statistics, we are still showing appreciation.Second, this is a fabulous place to live with beautiful scenery, great schools, temperate weather, low crime, nearby beaches and close proximity to Los Angeles.Third, historically when there is a decline, prices generally return in a five to seven year period. And what a wonderful location to spend those years.
