Preliminary sales figures for Palos Verdes real estate for June 2009 show an upswing in single family homes sales compared to both May 2009 and June 2008 which is significant. That is good news for Palos Verdes real estate! June 2009 has 48 closed sales compared to 24 in May - twice as many sales. And June of 2008 had only 38 closed sales compared to 48 this June. It looks like buyers have moved...
Mortgage rates have been see-sawing up and down a bit for the Palos Verdes real estate market. A 30-year fixed conforming loan is 4.875% which is a quarter percent higher than 2 months ago and a quarter percent lower than last week. A 5/1 Year ARM is 3.875% and a 5/1 Interest Only loan is 4%. 30-year Fixed Jumbo rates are 6.125% for borrowers with FICO scores over 740 and 30% down. A jumbo 5/1 Year...
There were 27 homes on the Palos Verdes real estate Broker's Tour. We currently have 294 active single family homes for sale in Palos Verdes ranging in price from $799,000 in Rolling Hills Estates to $18,900,000 in Rolling Hills (the low in Eastview is $585,000). There are 55 townhomes/condos for sale priced between $250,000 and $950,000. My favorites were: Nick Peters' 22 Oceanaire Drive,...
After spending last weekend at the new Terranea Resort, I can say that it is fabulous and I recommend it to all, including Palos Verdes residents. The views are spectacular. We took several walks along the trails at the ocean's edge. We walked down to the beach and sat on the rocks and listened to the surf "chatter" as it rolled back out over the stones. There is even a cave near the jetty. We...
Statistics for single family homes for the month of May for Palos Verdes real estate are now available. May 2009 had 5 less closed sales and 19 less pending sales than April 2009. Inventory of active listings/homes for sale fell to 281 in May. The average price for homes that closed in May fell 5.7% and the average days on market also decreased. For the month of May, there were 24 closed sales...
There were 28 homes on the Palos Verdes real estate Broker's Tour. We currently have 294 active single family homes for sale in Palos Verdes ranging in price from $839,000 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the ow in Eastview is $585,000). There are 55 townhomes/condos for sale priced between $209,500 and $950,000. My favorites were: Cheryl Rau and Robin DeBraal's 1640...
The availability of Jumbo Loans have affected the sale of Palos Verdes real estateover $1,200,000. It is a little tricky because there are jumbo loans available at rates that match May of 2008 - 6.875%. However, the number of buyers who can qualify for those loans has been diminished because these loans must be have full income verification and the borrower must have FICO scores of 700 or...
There were 19 homes on the Palos Verdes real estate Broker's Tour. We currently have 293 active single family homes for sale in Palos Verdes ranging in price from $749,950 in Rancho Palos Verdes to $18,900,000 in Rolling Hills ( the low in Eastview is $529,000). There are 57 townhomes/condos for sale priced between $209,500 and $950,000. My favorites were: Michael and Nadia Foster's 2620 Via...
Palos Verdes Peninsula Unified Schools again ranked in the top 10% of schools statewide based on Academic Performance Index scores. Great schools are one of the reasons that Palos Verdes real estate is so attractive to both buyers and current property owners. "The top score in all of South Bay, 968, went to Cornerstone at Pedregal Elementary in Rancho Palos Verdes " according to the Daily Breeze....
Last week Area Appraisal Management Company spoke at our Palos Verdes real estate office meeting to bring us up to date on the new appraisal rules - HVCC or Home Valuation Code of Conduct that went into affect May 1st. In the Sunday LA Times, Kenneth R. Harney wrote an article on the very same subject. They both gave the same information and it is not necessarily good. Lenders can no longer order...