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...
It's finally happened! The news media is discussing the turn in the real estate market. Although they do not specifically mention Palos Verdes Real Estate, statistics are given for the Los Angeles area. Recently, Barron's Jonathan R. Laing had a lengthly and well- documented article which is worth the read (click here for link to article). National statistics in the April S&P Case-Shiller...
Today's Tour Tip for Palos Verdes Real Estate Broker's Tour is my own listing at 838 Rivera Place, Palos Verdes Estates, which has spectacular panoramic ocean and Catalina views - and is a 4 bedroom, 3 bath, 3,025 square foot home on a 14,600 square foot lot for $2,499,000. This is a lavishly remodeled home with a private courtyard entry and ocean views from nearly every room. This exquisite home...
Friday's mortgage rates are up between 1/4 percent (jumbo 5/1 Year ARM) and 3/4 percent (jumbo 30 year fixed) compared to my last Mortgage Update on June 8, 2008. As you can see from the chart above, today's borrower of a 30 year fixed loan will pay 6.5% conforming and 7.75% jumbo. Attention buyers: The time is right to get off the fence and purchase your new home now. Rates are not forcasted to...
Yesterday, there were 32 homes on the Palos Verdes Real Estate Broker's Tour. Several were well priced and are expected to sell quickly. We currently have 269 active single family homes for sale in Palos Verdes ranging in price from $799,000 in Rancho Palos Verdes ($599,000 in Eastview) to $23,000,000 in Rolling Hills. My favorites today are: Susie Engstrom's 35 Empty Saddle Lane, Rolling...