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...
Statistics for the month of June for Palos Verdes real estate are available and the results are mixed - holding as far as price is concerned and down for number of transactions. The average price for single family homes sold in the month of June was $1,786,000 up from $1,677,000 in May ($1,699,000 average for the last 12 months). The statistics are different for number of pending and sold...
"How is my credit score determined?" ask buyers of Palos Verdes real estate. The chart above details the scoring system used by Fair Isaac, the creator of the FICO score, one of the most widey used credit scoring methods employed by most banks and lenders in the United States. What surprised me is that Payment History (35%) is twice as important as Length of Credit History (15%) . Making even a...
Yesterday, there were 28 homes on the Palos Verdes Real EstateBroker's Tour which is surprising for a holiday week (usually there are less). And nearly half of the homes were new listings. Today, there are 267 active single family homes for sale on the Palos Verdes Peninsula compared to 210 active listings this time last year. Interest rates for a 30-year fixed rate mortgage are 6.375% conforming and...
Where exactly is the real estate market going? Owners of Palos Verdes real estate as well homeowners across the country would love to know the answer. In addition to the "in your face" reporting about real estate (which can be pro or con depending on the reporter and which forecast he is looking at) there are other subtle indicators. Recently Newsweek had an article buried on page 61 entitled...
There were 22 homes on Broker's Tour yesterday. We currently have 256 active single family homes for sale in Palos Verdes ranging in price from $849,000 in Rancho Palos Verdes ($589,000 in Eastview) to $23,000,000 in Rolling Hills. My favorites today were all in Palos Verdes Estates: Bobbie Owen's 2 El Portal, Palos Verdes Estates, (above left) is a 6 bedroom, 4.5 bath, 4391 square foot home for...
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...