"The typical monthly mortgage payment for Southern California buyers last month was $1,193, up from $1,052 in May. Adjusted for inflation, current payments are 46% below typical payments in the spring of 1989, the peak of the prior real estate cycle" states the Los Angeles Times on July 16th. I checked and in 1989, the average interest for a 30-year fixed mortgage was 10.32%. That is twice as much...
I have written several articles in the last couple of weeks about the current status of Palos Verdes real estate. We have had better sales numbers in June compared to May. Now Peter Hong of the Los Angeles Times, who is usually ultra conservative, has written an article entitled, "Southern California median home prices surges in June". Could it be that we are finally turning the corner? Hong...
Statistics for single family homes for the month of June for Palos Verdes real estate are now available and as I indicated in my post earlier this week, "Good News for Palos Verdes Real Estate," the numbers are looking better. June 2009 had nearly twice as many closed sales (47) and one additional pending sale compared to May 2009. Months of inventory (months it would take to sell existing...
Preliminary sales figures for Palos Verdes real estate for June 2009 show an upswing in single family homes sales compared to both May 2009 and June 2008 which is significant. That is good news for Palos Verdes real estate! June 2009 has 48 closed sales compared to 24 in May - twice as many sales. And June of 2008 had only 38 closed sales compared to 48 this June. It looks like buyers have moved...
Mortgage rates have been see-sawing up and down a bit for the Palos Verdes real estate market. A 30-year fixed conforming loan is 4.875% which is a quarter percent higher than 2 months ago and a quarter percent lower than last week. A 5/1 Year ARM is 3.875% and a 5/1 Interest Only loan is 4%. 30-year Fixed Jumbo rates are 6.125% for borrowers with FICO scores over 740 and 30% down. A jumbo 5/1 Year...
There were 27 homes on the Palos Verdes real estate Broker's Tour. We currently have 294 active single family homes for sale in Palos Verdes ranging in price from $799,000 in Rolling Hills Estates to $18,900,000 in Rolling Hills (the low in Eastview is $585,000). There are 55 townhomes/condos for sale priced between $250,000 and $950,000. My favorites were: Nick Peters' 22 Oceanaire Drive,...
After spending last weekend at the new Terranea Resort, I can say that it is fabulous and I recommend it to all, including Palos Verdes residents. The views are spectacular. We took several walks along the trails at the ocean's edge. We walked down to the beach and sat on the rocks and listened to the surf "chatter" as it rolled back out over the stones. There is even a cave near the jetty. We...
Statistics for single family homes for the month of May for Palos Verdes real estate are now available. May 2009 had 5 less closed sales and 19 less pending sales than April 2009. Inventory of active listings/homes for sale fell to 281 in May. The average price for homes that closed in May fell 5.7% and the average days on market also decreased. For the month of May, there were 24 closed sales...
There were 28 homes on the Palos Verdes real estate Broker's Tour. We currently have 294 active single family homes for sale in Palos Verdes ranging in price from $839,000 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the ow in Eastview is $585,000). There are 55 townhomes/condos for sale priced between $209,500 and $950,000. My favorites were: Cheryl Rau and Robin DeBraal's 1640...
The availability of Jumbo Loans have affected the sale of Palos Verdes real estateover $1,200,000. It is a little tricky because there are jumbo loans available at rates that match May of 2008 - 6.875%. However, the number of buyers who can qualify for those loans has been diminished because these loans must be have full income verification and the borrower must have FICO scores of 700 or...