The Malaga Cove neighborhood is located in Palos Verdes Estates. The best thing about this neighborhood is the the ocean view and many properties also have the "Queen's Necklace" view which is a view of the coastline from Redondo Beach all the way around the coast to Malibu. It is spectacular and one of my favorite views (above). The Malaga Cove area is .66 square miles and has approximately...
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...
I wish I had a crystal ball to tell sellers of real estate in Palos Verdes what price their home will sell for. There are the obvious variables - location, condition, amenities like views, etc. and the "forgotten" variables like the market perception of the buyers. As we have experienced, the media also plays a large part in the buyer's mood. As more and more buyers begin their home search on...
"Palos Verdes Estates City Council recently reviewed completed reports on the slow, yet consistent, land movement at the north end of Bluff Cove, located at Palos Verdes Drive West near Via Montemar" reported the June 12th Peninsula News. I have noticed the red pylons decorating the road for months. During his presentation at an April Board of Realtors Meeting, Joe Hoefgen, City Manager for Palos...
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...
Are open houses an efficient sales tool for sellers? I am up front with my clients selling Palos Verdes real estate. I tell them that I will hold occasional public open houses for them; statistics show that only 3% of homes are sold to buyers walking into an open house. Plus there is the security issue. I cannot be in every room at every minute and we receive periodic notices from other Realtors...
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...
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...