After a public vote - winning with 50% of the vote - the new name for The Avenue (of the Peninsula), our shopping center, is Promenade (on the Peninsula). Why was the name changed? At a recent meeting, Elizabeth Griggs, General Manager of Stoltz Management Company, the new owners of the shopping center, explained the prior owner had branded "The Avenues" at all their national locations. Part of the...
I am seeing increased activity in our market on the Palos Verdes Peninsula which follows normal trends for this time of year. Spring is the "season" for real estate. In the last 6 days, 20 new listings came on the market, 12 properties became Contingent, 10 properties went into Pending and 5 properties closed escrow (from sales a month or two ago). Some of the Pending sales actually were properties...
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...
Many Multiple Listing Services allow the agent to cancel/withdraw a listing and then relist it (even moments later) to make it appear as a new listing. I think this is a great marketing ploy but wrong. It then gives a skewed look at buyers' reaction to that particular property. Kelly and Laura of Remax Palos Verdes call this "Churning and Burning". If a property sits on the market for over 30 days,...
There is serious discussion between Congressional leaders and the White House about increasing the loan limits from $417,000 to $625,000 (perhaps as high as $725,000 in high-cost areas) for guaranteed/insured Fannie Mae and Freddie Mac loans. From LATimes.com - "And in a provision crucial to high-housing-cost states such as California, there would be a significant one-year increase in the size of...
The Valmonte neighborhood is located in Palos Verdes Estates. The best thing about this neighborhood is that it is a family neighborhood. There are usually groups of children playing outdoors on any given day. The topography is relatively flat which is great for walking, riding bikes, playing ball, etc. It is a very friendly area with lots of people taking walks and stopping to chat. Houses...
Yesterday, rumors were swirling that Bank of America may be buying the troubled Countrywide. This is good news for the financial markets and ultimately for our local real estate. This piece of news will add some calm to the aura of uncertainty surrounding Countrywide and other lenders who have been impacted by the subprime mess. With the calming of the financial sector and the increased confidence it...
My neighbor passed away in her home just two weeks shy of her 102nd birthday. When I think back on the 33 years we "shared a fence", I cannot remember her ever being stressed about anything. The other neighbors have also commented on this phenomenon. We never saw her angry, upset, tense or worried. She loved everybody. We think this is the secret to her longevity. She was such an...
In Palos Verdes Estates, we are blessed with the "Art Jury" (Homeowner's Association) which is to approve any exterior changes to your home. This is everything from the color of your home to shutters, doors, driveways, rain gutters, fencing -- you get the picture. The good news is that it keeps the neighborhood looking nice and not "too far out". The challenge can be when you sell your home. A...