How many Palos Verdes homes sell for cash without any financing? In 2010, 19.4% of Palos Verdes single family homesales were all cash transactions and in January of this year, 13.5% of single family home sales in Palos Verdes were all cash.
Lauren Beale in a recent Los Angeles Times article, “More home buyers offer cash deals” gave statistics for the all of California and then specific cities. In the past, all cash buyers usually meant foreclosed property buyer but that is not currently true. Two reasons were given – the challenge of getting a jumbo loan (over $729,250) and speculation by wealthy investors (who believe prices are near bottom). In January, 30.9% of all single family and condo sales in California were all cash and in Los Angeles County the number was 24.6%. All cash Palos Verdes condo/single family homessales were only 13.3% for the same period. Cash sales for single family homes/condos in Southern California for 2010 were 27.8% and for Palos Verdes condo/single family homes it was 21%
I find it interesting to compare our statistics for Palos Verdes real estate with the rest of Southern California and the entire State of California. In this case, statistics indicate that we are experiencing less all cash sales compared to the rest of the region for both single family homes and the combined category condo/single family homes.
