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...
This is a buyer's market, right? What happens when a buyer has read and listened to all the media reports about how the buyer is king now? The buyer may feel empowered to offer considerably less than the asking price and considerably less than all recent sold comps. Some sellers are so insulted that they won't even counter the offer. Here is an idea for those considering Palos Verdes real...
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...
The self-fulfilling prophecies are right again according to the LA Times article "At the luxury end, home prices are falling." The upper end of the market is feeling some pain. It appears misery loves company. Statistics are in for the month April and indicate some exclusive neighborhoods show decreased sales prices compared to April 2007. Palos Verdes real estate had mixed reviews. Palos...
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...
I believe home buyers of Palos Verdes real estate are finally waking up. Blanche Evans in Realty Times has written that consumers have "been getting bad information" and goes on to explain that Robert Shiller (founder of the Case-Shiller Index) might just have an ulterior motive when he says that housing prices may drop further than 30% (as experienced in the Great Depression). Shiller "makes money...
I have been part of a lively conversation lately regarding the practice of "double ending" transactions -- representing both the buyer and seller in the same real estate transaction. This is an acceptable practice in California and the Palos Verdes/South Bay area. How does this serve the buyer and seller? My personal feeling is that I cannot fairly represent both the buyer and seller. The buyer...
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...
This is an open letter to Buyers. If you are looking for foreclosures or REOs (bank owned real estate) in Palos Verdes or the South Bay, here are some ideas to help you... One for the Money -You must have your finances ready. The Bank-Seller has already experienced shaky finances from the prior owner. Get pre-approved from your lender and have them pull your current FICO scores. You will also...