Today, there 21 homes on the Palos Verdes Real Estate Broker's Tour. We currently have 282 active single family homes for sale in Palos Verdes ranging in price from $785,000 in Rancho Palos Verdes ($619,000 in Eastview) to $18,900,000 in Rolling Hills. There are 64 townhomes/condos for sale priced between $270,000 and $2,000,000. My favorites today are: Cora Fischer's 1605 Via Barcelona,...
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...
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...
Interest rates were moving downward today. A 30 year fixed conforming jumbo loan (maximum loan amount of $729,750) was 6.125 percent with ZERO points. A minimum of 10% down payment is required and with a 20% down payment, there is no PMI (private mortgage insurance). Today's rates are down 1/2% from a month ago which increases affordability 5% and should bring more buyers to the market. In the...