On the Palos Verdes Peninsula, there are two choices for Fourth of July celebrations during the day. There are also two choices nearby for local fireworks in the evening. Palos Verdes Estates will be hosting their 47th Old Fashioned Independence Day Celebration at Malaga Cove School beginning at 9:45 a.m. with entries into the Apple Pie Contest followed by the Children's Bike Parade at 10:00 a.m....
Where exactly is the real estate market going? Owners of Palos Verdes real estate as well homeowners across the country would love to know the answer. In addition to the "in your face" reporting about real estate (which can be pro or con depending on the reporter and which forecast he is looking at) there are other subtle indicators. Recently Newsweek had an article buried on page 61 entitled...
"Palos Verdes Estates City Council recently reviewed completed reports on the slow, yet consistent, land movement at the north end of Bluff Cove, located at Palos Verdes Drive West near Via Montemar" reported the June 12th Peninsula News. I have noticed the red pylons decorating the road for months. During his presentation at an April Board of Realtors Meeting, Joe Hoefgen, City Manager for Palos...
Statistics for the month of May for Palos Verdes real estate are available and indicate our market is holding. Average price for single family homes sold in the month of May was $1,677,000 vs $1,667,000 in April. Number of homes reported sold (closed escrow) for the month of May was 43 which was the same for April. Number of homes pending for the month of May was 39 vs 40 in April. Inventory of...
Friday's mortgage rates are up slightly compared to our last Morgage Update two weeks ago. At that time a 30 year fixed rate mortgage was 5.75% conforming and 6.75% jumbo. As you can see from the chart above, today a borrower will pay 6.125% conforming and 6.875% jumbo. Friday's mortgage rates for Palos Verdes homes are provided by Jim Kurata, Peninsula Mortgage/Chase...
Today there were 26 homes on Broker's Tour. We currently have 253 active single family homes for sale in Palos Verdes ranging in price from $599,000 (in Eastview) to $23,000,000. My favorites today were: Joan Zirkel's 6739 Vallon Drive, Rancho Palos Verdes (above left), is a 5 bedroom, 3 bath, 3177 square foot home for $1,650,000. This remodeled home has an ocean view, 3 car garage and backs to...
Today there were 22 homes on Broker's Tour. We currently have 258 active single family homes for sale in Palos Verdes. My favorites today were: Al D'Amico's 12 Pony Lane, Rolling Hills Estates (above top), is a 3 bedroom, 2 bath, 2317 square foot home for $1,575,000. This is "A Horse Lover's Dream" on a 20,000 square foot lot with a 2-stall barn and exercise ring adjacent to the...
Interest rates on home loans are down one full percentage point in some categories from April 17, 2008, for example 5.5% for a 30 year fixed loan due in 10 years. Tuesdays, I attend our Office Meeting and then go on to the Palos Verdes Real Estate Broker's Tour. Better loan rates were the pleasant surprise at our Office Meeting. Today's Broker's Tour had 24 properties to view in approximately two...
Buyers may need 5% more down payment to buy homes that are designated to be in a declining market. By the way, the entire state of California (including real estate in Palos Verdes) is considered a "soft market" by Freddie Mac and Fannie Mae. Kenneth R. Harney of the Washington Post wrote an excellent article on April 26, 2008, entitled "Declining Markets and Self-Fulfilling Prophecies(which was...