"Home prices staying afloat at the beach" is today's headline in theLos Angeles Times Business Section. They researched 18 zip codes "excluding such spend-happy areas as Malibu, Palos Verdes and Newport Beach" inferring that real estate in those 3 cities are doing even better. Kudos to the LA Times for writing a balanced article with information that is specific to our South Bay area. We are...
Rancho Palos Verdes was the last city on the Peninsula to incorporate in 1973. The city has 7.5 miles of coastline and 12.3 square miles of land. Rancho Palos Verdes is the largest city on the Peninsula. According to the U.S. Census Bureau, the estimated population in the year 2003 was 42,265. Current real estate prices for single family residences are between $619,000 (for a 2 bedroom, 1 bath,...
Palos Verdes Estates was the first city on the Peninsula to incorporate in 1939. The city has 4.5 miles of coastline. Twenty-eight percent of city land is permanently deeded as parkland and maintained as dedicated open space. According to Palos Verdes Estates Resident Handbook, the population in the year 2000 was approximately 13,572. Most homes are custom built and one can only find multiple...
Real Estate is like baking cookies because: 1. Research is key. 2. You must gather all information (ingredients) before you begin. 3. Care (measuring) must be taken during all steps. 4. You must be patient and attentive during the escrow (baking) process. 5. You get to enjoy the fruits of your labor for many years (days). photo courtesy of John...
The answer seems to change daily. I checked with a lender today and a 30-year fixed conforming loan (now $729,750 for Palos Verdes Peninsula/South Bay real estate) is 5 3/8% with one loan point while a jumbo loan is 6 1/2% with one loan point. On a jumbo loan, lenders are requiring a minimum of 25% down payment (this is new). A HUGE caveat on the conforming loans is that if the loan exceeds the...
There is serious discussion between Congressional leaders and the White House about increasing the loan limits from $417,000 to $625,000 (perhaps as high as $725,000 in high-cost areas) for guaranteed/insured Fannie Mae and Freddie Mac loans. From LATimes.com - "And in a provision crucial to high-housing-cost states such as California, there would be a significant one-year increase in the size of...
The Valmonte neighborhood is located in Palos Verdes Estates. The best thing about this neighborhood is that it is a family neighborhood. There are usually groups of children playing outdoors on any given day. The topography is relatively flat which is great for walking, riding bikes, playing ball, etc. It is a very friendly area with lots of people taking walks and stopping to chat. Houses...
In Palos Verdes Estates, we are blessed with the "Art Jury" (Homeowner's Association) which is to approve any exterior changes to your home. This is everything from the color of your home to shutters, doors, driveways, rain gutters, fencing -- you get the picture. The good news is that it keeps the neighborhood looking nice and not "too far out". The challenge can be when you sell your home. A...