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...
Today, there were 15 homes on the Palos Verdes Real Estate Broker's Tour including several interesting and unusual properties. We currently have 261 active single family homes for sale in Palos Verdes ranging in price from $875,000 in Rancho Palos Verdes ($579,000 in Eastview) to $23,000,000 in Rolling Hills. There are 48 townhomes for sale priced between $372,000 and $2,000,000. My favorites today...
The Lunada Bay neighborhood is located in Palos Verdes Estates. My favorite things about this neighborhood are the ocean views and the coastline bluff trails for walking. My son would say it was when the last Pirates of the Caribbean movie was being filmed (photo above) two summers ago and the cliffs were lined with people (including us) with binoculars watching. The Lunada Bay area is .7 square...
Yesterday, there were 25 homes on the Palos Verdes Real Estate Broker's Tour. I have selected both high and low priced homes. We currently have 281 active single family homes for sale in Palos Verdes ranging in price from $849,000 in Rancho Palos Verdes ($579,000 in Eastview) to $23,000,000 in Rolling Hills. There are 50 townhomes for sale priced between $305,000 and $2,288,000. Cheryle...
Chris Ayres loves his house. In his refreshing and thoughtful opinion piece in the LA Times, he challenges us to remember why we should love ours too. He actually purchased his home one year ago and instead of bemoaning the fact that his home may be worth less today, he tells us why he is lucky. First, the price - Ayres concludes a $1,200,000 purchase price, a loan of $1,000,000 at a fixed rate of...
Statistics for the month of July for Palos Verdes Real Estate are available and the results were mixed again for July - more closed escrows and less pending sales. There were 38 closed escrows and 45 pending sales in June vs. 48 closed escrows and 21 pending sales in July. The days on market for sold properties in July was only 52 days compared to 67 days in June. Average price for homes that closed...
Walker Williams, Superintendent of Palos Verdes Unified School District, spoke this morning at our Remax meeting. Our schools are one of the reasons that Palos Verdes real estate is so desirable. Here are some interesting facts from his presentation: There are approximately 12,000 students in our district (30 less than last year) 80% of our funding comes from the State which is why the State...
Mortgage rates have changed again this week. The market seems to swing according to the media focus. With the start of the Olympics, we may be in for a bit of a reprieve. However, according to a CNN article by Les Christie, borrowers may benefit by locking in their interest rate (pre closing). Several experts cited in the article expect interest rates to go up in the next six weeks and forecast...
Yesterday, there were 30 homes on the Palos Verdes Real Estate Broker's Tour. Below is a sampling which includes 3 single family homes (one available for lease/option) and 1 townhome. We currently have 285 active single family homes for sale in Palos Verdes ranging in price from $849,000 in Rancho Palos Verdes ($539,000 in Eastview) to $23,000,000 in Rolling Hills. There are 50 townhomes for sale priced...
That is the question of the hour from buyers of Palos Verdes real estate (and probably nationwide). Should buyers believe the doomsayers or the optimists? Today the LA Times has a very balanced answer to their question. Reasons not to buy are mostly from economic forecasts, statistics and ratios. Reasons to buy look at the benefits of home ownership (you can't be evicted, you can control the...