What is happening in the Housing Market?
Recently, an article in Housing Newsletters caught my eye when it was discussing the reasons that housing has room to run. In Palos Verdes and the South Bay, prices seem to be increasing or holding their own when it comes to the market. As seen in my market surveys the market is still moving forward. Here are some of the tips that the article was stating.
Rates seem to be doing more rising than falling recently. In some areas home sales have been leveling off, but that also could be because of time of year. One of the first pieces of evidence was in the form of Friday’s Consumer Price Index CPI. This important inflation report has had a big impact on interest rates in 2017. If this data suggests that the Fed needs to hike rates faster or slower, the bond markets will quickly adjust to account for the shift in expectations.
At the end of 2016 the Fed felt that they could continue to hike rates due to the strong labor market and policies associated with the new administration. However, while continuing to hike rates inflation hasn’t risen to the Feds defense. In fact, inflation is trying to hold the line.
The sharp drop to recent lows is why the rates haven’t moved higher as forecaster predicted. Actually analysts expected inflation to begin lifting off from the lows citing the impact from higher fuel prices due to the hurricane season. While they did rise abruptly, other price measurements offset the fuel effect making the reading lower than expected.
The good new about low inflation is that it does help rates. Even the stock market doesn’t mind the news. Mostly they were already drifting higher due to reports earlier in the week. In focusing only on rates, good things area happening with the inflation data helping to reinforce a bigger ceiling around 2.4% in terms of 10 yr Treasury yield which is the most followed benchmark for longer term rates such as mortgages..
Housing magazine this past week discussed mortgage lending guidelines, which could end up being twice as loose as they are now and that could bring us back in like with historical healthy levels.This would help bring more potential buyers into the market from the guideline changes .
Another interesting piece of the report from CoreLogic was the comparison of the current housing boom/bust cycle to past examples. In many areas prices still haven’t crested to pre-crisis levels, which means there is more room to run. This does vary from market to market, but the bottom line is that some of the price appreciation that has been seen in the past 5 years has to do with how hard we fell at the start of the crisis.
Photo courtesy of the MLS.
If you have any questions about the real estate market, or if you are interested in selling or purchasing residential or commercial property please feel free to contact me.
Aboutpv – Halloween Fun in the Area!
Palos Verdes residents know that Halloween is just around the corner, as you drive through our local neighborhoods and see the homes decked out. This fun fall holiday has been a great treat for kids throughout the years, with their school parades and carnivals, to the local pumpkin patches and fairs.
This year the Peninsula Center be having a Fall Carnival and Halloween Spooktacular Fair starting on Friday night, October 27, thru Sunday, October 29, 2017. Friday night is a “Teen Night” from 5:00 to 10:00 p.m., with a portion of pre-sale tickets going to our local schools. Teen Night will be featuring unlimited ride wristbands for local and high school students along with performances from youth bands and are purchased through the schools or www.palosverdeschamber.com. On Saturday, the center will be offering trick or treating from 11:30 – 2:00 p.m, while the carnival going on. The carnival hours on Saturday, October 28, are 11:00 a.m. to 10:00 p.m. and on Sunday, October 29, 2017, from 11:00 a.m. to 9:00 p.m. The Palos Verdes Fall Carnival and Halloween Spooktacular is located on Crossfield Road between Silver Spur Road and Indian Peak Road in Rolling Hills Estates.
The South Coast Botanic Garden will be celebrating their Great Pumpkin Hunt from October 1 through November 30, 2017 at the garden. Participants will be searching for the missing pumpkin patch (as last years prized pumpkin was eaten by a sneaky squirrel and a ravenous rabbit). The birds of the garden (ravens, owls, hummingbirds and hawks) have teamed up to save this year’s patch. This is all included with the daily admission charges. The South Coast Botanic Garden is located at 26400 Crenshaw Blvd., Palos Verdes Peninsula.
Lunada Bay’s Homeowners Association will be celebrating their Harvest Festival on Sunday, October 22, 2017, from 2:00 – 6:00 p.m. At the festival families can enjoy pumpkin & face painting, bungee jumping, arts and crafts, kiddie carnival, balloon crafting, rock climbing wall and more. The Harvest Festival is located on the corner of Yarmouth & Via Anacapa.
Photo courtesy of the Lunada Bay Homeowners Association.
Always remember if you have any questions regarding real estate please feel free to contact me.
Palos Verdes 2017 Market Data Report 3rd Quarter YTD
Currently, Mira Catalina has posted the largest gain in average sales price for Palos Verdes homes at 64%, followed by Monte Malaga at 37.5% and Lunada Bay at 15%. Lunada Bay posted the largest number of Palos Verdes homes sold to date in 2017 at 80, compared to 57 homes in 2016.
For more information on the Palos Verdes & Harbor Market Intelligence Report click here.
Palos Verdes Residents Celebrate Energy Awareness Month
Palos Verdes homes owners are aware that October is Energy Awareness Month. Since the fall season is approaching and instead of using portable fans for cooling, we will be using moveable heating units to keep warm. Remember if everyone uses simple changes, you can also save significant amounts of money and also reduce your carbon footprint.
Here are a few hints of how to save energy througout the year: unplug electronics, gaming consoles and chargers, Insulate your water heater, replace bulbs with LED or CFL bulbs and turnoff power when you leave a room, schedule an energy audit and replace your thermostat with programmable unit.
To prepare your home for these winter months ahead use these tips: use insulating drapes to diffuse winter chill, find and seal air leaks around windows, doors and pipes and close fireplace dampers when not in use.
By doing these small changes you can reduce your energy consumption and save money.
Click here to read more about Energy Awareness Month.
White Point Preserve & Education Center
Palos Verdes residents are lucky to have the White Point Nature Preserve sharing the Peninsula with them. The preserve features 102 acres of restored coastal sage scrub habitat, hiking and accessible trails overlooking the ocean and Catalina Island. It also has become the home of the Nature Education Center which opened in 2010, and acts as a resource for students, families and different community groups from all over Los Angeles.
Located in San Pedro, it is owned by the City of Los Angeles Department of Recreation and Parks. This helps to maintain the property which sat empty behind fences for almost 20 years. A management agreement was signed over to the Palos Verdes Peninsula Land Conservancy in 2001, which allowed it to restore the site with the help of numerous volunteers and hours of planting native scrub and grasses, all while installing public trails.
The Nature Education Center is housed in a repurposed historic Cold War assembly building. The Center was made possible with the support of the California Department of Parks and Recreation, the California Coastal Conservancy, and the Ibrahim El-Hefni Technical Training Foundation. A generous grant from Alcoa Foundation funded the creation of the interpretative exhibits and support from Major Family Foundation enabled the creation of four adjacent native plant demonstration gardens.
The White Point Landslide which occured on November 2011, moved about 420 feet of earth and roadway of Paseo del Mar, causing a portion of the White Point Nature Preserve to actually be moved about 53 feet toward the ocean. The Conservancy is dedicated to safeguarding the Preserve from a road traversing through the natural lands. To learn more about the Preserve go to: http://pvplc.org.
White Point Nature Preserve is located at 1600 W. Paseo del Mar, San Pedro, CA 90731, and is open daily from dawn to dusk along with the parking area. The Education Center is open from 10:00 a.m. to 4:00 p.m.on Wednesday, Saturday & Sunday.
The parking area is open daily from dawn until dusk. Parking is available in the lot accessed from the west end Paseo del Mar from sun up to sun down during Preserve hours. Please note that due to the landslide, access to White Point Nature Preserve is via Western Avenue.
Photo courtesy of the White Point Nature Preserve & Education Center.
AboutSouthBay.com – Townhome for Lease in Torrance
This is a great opportunity to lease this remodeled townhome in Downtown Torrance located at 1752 Arlington Avenue, Torrance. This 4 bedroom, 4 bath, 2,560 square foot unit has an open floor plan, ceramic tile and laminate flooring throughout.. Each bedroom has it’s own bath, with each bathroom upgraded with newer vanities and fixtures. This large home is great for extended families, with one of the bedrooms and one bath located on the lower floor, while the other three bedrooms are located upstairs. (One bedroom does have carpeting).This unit has lots of natural light. The kitchen has granite counters, dishwaster, stove and refrigerator. There is a balcony to relax and enjoy after a long day.
To see this beautiful townhome contact Tuba at (310) 686-4688. This home is also listed on the MLS. (PV17224665)
Making a Home Equity Line of Credit Work for You
I recently received a newsletter from Bank of America which spoke about (HELOC) Home Equity Line of Credit and how it can help my clients. I thought I would pass on some of the most interesting points that were made.
A (HELOC) loan can help make renovating a home more affordable for clients who are interested in making upgrades to their property. This type of loan typically has lower interest rates and is often tax deductible. It also mentioned how just choosing one of these three improvement projects below might help to increase the long term value of your home.
1. If you can only afford to remodel one room of your home, the best bet would be the kitchen. Although the cost can vary depending on work, it seemed to have the highest return.
2. Making your home “everyone friendly” is the new universal design that incorporates features to modernize a home and make it more functional for a variety of buyers. For instance a universally designed bathroom might give a 60% return when selling your home.
3. Boosting your curb appeal is a great investment since it makes potential buyers want to come inside. Whether it is just new doors and siding, it can generate a higher return than other improvements that could be done on a homes interior.
To read more about home improvement value go to Remodeling Magazine’s 2017 Cost vs Value Report or click here.
AboutPV Introduces AboutSouthBay.com
AboutPV has expanded and now has added it’s neighbor AboutSouthBay.com to it’s websites. Looking out from Roessler’s Gazebo over the south bay beaches, AboutSouthBay will be introducing to it’s readers not only local real estate news, but also weekly local events that will be taking place around the South Bay area.
Whether you area looking for that special home in the South Bay, a fun community event with the adult in mind, or a family event that you can enjoy with your children, we will give you a selection of places to go and things to visit.
Just give us a couple of weeks to get all local community links added to the site. We want this to become your go to site to keep you involved with upcoming events and community information, plus current real estate information.
Photo of the Roessler Point Gazebo.
Palos Verdes Peninsula’s Point Fermin Lighthouse
Point Fermin Lighthouse was the first navigational light into the San Pedro Bay and was built in 1874. Phineas Banning along with local support had petitioned the Government and the US lighthouse Board to place a lighthouse on the point in 1854, but because of funding and land disputes the construction did not start until 1874.
Paul J. Pelz was a draftsman for the US Lighthouse Board, and he designed the Stick Style Victorian lighthouse which is characterized by its Victorian architectural style with gabled roofs, horizontal siding, decorative cross beams and hand carved porch railings. That same design was used for six other lighthouses between 1873 and 1874.
Lighthouse Keepers were a staff of federal employees whose job was to keep the light lit as a beacon for ships, maintain the lighthouse lens, and the general up-keep of the building. Point Fermin’s first lighthouse keepers were women. Mary and Ella Smith came from a lighthouse family and their brother Victor, a Washington Territory customs officer.
Captain George Shaw took over as the lighthouse keeper position shortly after the Smith sister’s resigned in 1882. Shaw was a retired sea captain but he refused to retire far from his beloved sea and was delighted by the opportunity to serve as the keeper at Point Fermin. He was the first keeper at Point Fermin to wear the US Lighthouse Service uniform, which was required of all employees in 1884.
The last keepers of the Point Fermin Light were the Austin family which moved into the lighthouse in 1917. William Austin had served as keeper at two other California lighthouses, Point Arena and Point Conception, before coming to Point Fermin.This was the first time the lighthouse had children occupying it, and later two of the eight children actually took over after their parents death until 1927, when management of the light was turned over to the City of Los Angeles until 1941.On December 7th, 1941, Pearl Harbor was bombed and the coast was blacked out for fear of being a beacon to enemy ships and planes. Sadly, the light was never to be lit again. I
In 1972, two devoted citizens, Bill Olesen and John Olguin, raised funds and worked diligently to replace the lantern room and the lighthouse to its original glory for her 100th birthday in 1974. Their efforts also placed the lighthouse on the National Register of Historic Places. In 2002, the lighthouse was restored, retrofitted, and rehabilitated for public access with funds from the City of Los Angeles, the Port of Los Angeles, and the State of California. The lighthouse was opened to the public on November 1, 2003 under the management of the Department of Recreation and Parks for the City of Los Angeles. Volunteers from the Point Fermin Lighthouse Society serve as tour guides and help to keep the lighthouse open to the public.
Photo courtesy of the City of Los Angeles.