Yesterday, the Fed lowered interest rates one-half a percent. The Fed Fund Rate now stands at 1.5% and the Discount Rate is 1.75%. What do you think happened with home mortgage rates? No, they did not go down but went up instead one-half a percent. A 30-year fixed loan at zero points for Palos Verdes real estate (and elsewhere) is 6 .375% conforming, 6.5% jumbo conforming and 7.5% for jumbo...
I have had several clients ask questions regarding foreclosure properties. There have not been too many on the Palos Verdes Peninsula. Foreclosures are not your normal purchase and a buyer is usually on his own (unless he hires a Realtor to act as his Buyer's Agent to help him navigate through the process). Here is the time-line for the process. A NOD property is one that has a Notice of Default...
What are the names of the Bays and Coves in Palos Verdes? That questions was asked of me a couple of weeks ago. And as a 30 plus year resident, I could not name them all. How lucky are we here on the Palos Verdes Peninsula that we have so many that we can't count or name them all! Our coastline is truly magnificent! Matt Waters at Rancho Palos Verdes Parks and Recreation Department did some...
Today, there were 26 homes on the Palos Verdes Real Estate Broker's Tour. We currently have 275 active single family homes fo sale in Palos Verdes ranging in price from $799,000 in Rancho Palos Verdes ($619,000 in Eastview) to $18,900,000 in Rolling Hills. There are 55 townhomes for sale priced between $279,900 and $2,000,000. My favorites today are: Kitty and Rick Edler's 209 Rocky Point...
30-year fixed interest rates are down today compared to the beginning of the month. Jumbo loans actually went down 1/2% today (30-year fixed). The remainder of the loan products quoted above are up one-eighth of a percent since the beginning of the month. There are many changes in the wind for mortgages. The word is that by December jumbo conforming loans will be gone. No income verification...
Lenders have been cautioning us for months to make sure our clients pull out cash from their home-equity line of credit if they are going to use it to purchase a home (without selling their existing home and avoid a bridge loan). Many buyers are also using their home-equity line of credit to purchase second homes or income property. The caution has been to have buyers immediately get that cash and...
Recently, I answered a question on Trulia Voices regarding property taxes for Palos Verdes real estate and thought it was worth a mention here also. When a property is purchased, it is reassessed by the Los Angels County Tax Assessor using the sales price as the base. The new property tax will be 1% of the purchase price plus any local bonds and assessments (usually averages another .0025 of the...
Today, there were 19 homes on the Palos Verdes Real Estate Broker's Tour. We currently have 276 active single family homes for sale in Palos Verdes ranging in price from $825,000 in Rancho Palos Verdes ($619,000 in Eastview) to $23,000,000 in Rolling Hills. There are 56 townhome for sale priced between $279,900 and $2,000,000. My favorites today are: Gary Myer's 505 Via Almar, Palos Verdes...
Statistics for the month of August for Palos Verdes Real Estate are now available. There were 29 closed escrows, 26 pending sales in August and 51 closed escrows and 26 pending sales in July. The number of closed escrows are down compared to the last 5 months. Average price for homes that closed escrow in August was nearly the same at $1,480,000 compared to July at $1,496,000. Average days on...
Palos Verdes Peninsula School District students had an average API (Academic Performance Index) score of 904 which is 5 points higher than last year. Scores range from 200 to 1000. Cornerstone Elementary School scored 977 which was the highest mark of any school in Los Angeles County (and 12 points higher than last year). Peninsula High School scored an 879 (8 points higher than last year)....