South Bay Market Data Report 1st Quarter 2018

South Bay Market Data Report 1st Quarter 2018

Tuba - Torrance market data 1st qtr

The Torrance Market Data Report for the 1st quarter of 2018 shows a total of 55 homes closed escrow, compared to 55 homes that sold in the first three months of 2017. The average price for Torrance homes sold in these three months was $984,362 compared to $899,360 in 2017, which is an increase of 9.5%. The average price per square foot during these three months was $583 compared to $575 in 2017, which is a 1.3% increase. The area that sold the most homes during this time was Hollywood Riviera with a total number of 12. Coming in second was West Torrance with 7 closed sales, and North Torrance East had 6 sales.

Currently, Torrance has 110 homes for sale. There are 82 single family homes for sale starting at $425,000 for a 1 bedroom/1 bath, 630 square foot home, to $2,698,000 for a 5 bedroom/ 5 bath, 4,502 square foot home. There are 28 condo/townhomes for sale starting at $250,000 for a 1 bedroom/1 bath, 639 square foot condo, to $895,000 for a 3 bedroom/4 bath, 2,446 square foot condo/townhome.

Click on the above report to enlarge data.

If you have any questions about the South Bay real estate market, or if you are interested in selling or purchasing residential or commercial property please feel free to contact me.

Palos Verdes Market Data Report 1st Quarter 2018

Palos Verdes Market Data Report 1st Quarter 2018

Tuba - Market Report lst qts 2018

The Palos Verdes Market Data Report for the 1st quarter of 2018 shows a total of 140 homes closed escrow, compared to 133 homes that sold in the first three months of 2017. The average price for Palos Verdes homes sold in these three months was $1,755,771 compared to $1,797,913 in 2017, which is a -2.3% decrease. The average price per square foot during these three months was $653 compared to $633 in 2017, which is a 3.2% increase.
The area that sold the most homes during this time was Palos Verdes Drive North with a total of 17. Coming in second was the Lunada Bay/Margate area with 16 closed sales, and Valmonte & Palos Verdes Drive East both had 13 sales.

Currently, the Palos Verdes has 188 homes for sale. There are 159 single family homes for sale starting at $839,000 for a 2 bedroom/2 bath, 1,080 square foot home, to $40,000,000 for a 9 bedroom/26 bath, 51,000 square foot home. There are 29 condo/townhomes for sale starting at $424,868 for a 1 bedroom/2 bath, 864 square foot unit, to $1,995,000 for a 2 bedroom/3 bath, 1,940 square foot condo/townhome.

Click on the above report to enlarge data.

If you have any questions about the Palos Verdes real estate market, or if you are interested in selling or purchasing residential or commercial property please feel free to contact me.

How Do Appreciation Rates Reflect On Home Mortgages?

How Do Appreciation Rates Reflect On Home Mortgages?

Property Appreciation Rates 4-_004

Recently, Victor Samaan of Bank of America sent over this appreciation map to show how the rates vary throughout the states. It was amazing to see the overall rates of the state of California, and how it relates to the rest of the country. Here is how it was presented.

The map illustrates the top states for property appreciation rates year over year. Property appreciation is calculated based on repeat sales of the same properties, which can avoid the problem of trying to account for price differences in homes with varying characteristics. Increasing home prices usually indicate rising demand, while decreasing prices reflect falling demand.

All states saw property appreciation versus one year ago, with Washington, Nevada, Utah, Idaho and South Dakota leading as the top five. Washington’s property appreciation rate was the highest at 12.1% in January 2018. The data suggests that home values are growing really fast across the country.

Overall, property appreciation rates were higher in the western half of the United States. The national average property appreciation rate was 5.46%, with 23 states falling below the average.

Click on the graph to enlarge. Photo courtesy of the Bank of America.

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.

Seven Questions To Ask Your Real Estate Agent Before Buying

Seven Questions To Ask Your Real Estate Agent Before Buying

Picture of home
Recently Loan America sent out an article which I think all real estate agents need to disclose when representing a client.

What are the property taxes? Know how much can you expect to pay every year, and find out if you’ll be eligible for any exemptions.

Is there a homeowners association
? Make sure you’re aware of any HOA dues and rules, and decide if they it with your lifestyle.

How’s the neighborhood? Thanks to the internet, it’s easier than ever to research the crime rate for your prospective neighborhood. Also you can look at nearby amenities such as grocery stores, restaurants and parks.

What’s coming down the pipeline? Up and coming areas can be a great place to buy, as home values are likely to rise. You’ll also get a culture influx.

What are the utilities like? Ask about the average cost of water, gas and trash bills.Also look into the options you have for cable, internet and other wanted services.

How long has the house been on the market? If it was listed a while ago, why has it been on the market so long. There could be an issue that is being overlooked.

How soon are the owners looking to sell? If the owners are in a hurry, they’re probably more willing to negotiate on price.

When you and your agent ask the right questions it will make the best decision for your household an budget. Be thorough in the hunt for your new home, and talk through any and all concerns with your agent.

I always follow these 7 steps because I want my clients to know that I am making sure that every detail in their sales transaction is followed. I want to make sure that my clients always know that I have their best interests. 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.

Palos Verdes Peninsula Unified School District

Palos Verdes Peninsula Unified School District
Schools

Palos Verdes has one of the best public school districts in the states, proven by the fantastic statistics that come out every year. Recently, they were voted 6th Best School District in California by NICHE. While some states have different grade levels that achieve these statistics, others don’t seem to have the consistency from TK through High School.

Palos Verdes is also home to some wonderful private schools. Students from surrounding areas come to the peninsula just for enrollment in these private schools. Here are just a few of the private schools located in the area: Rolling Hills Prep, Chadwick, Peninsula Heritage and Country Day.

The school system is one of the main reasons why buyers are searching for homes in the area at this time. Knowing that school enrollment is currently being taken for the fall semester, parents know that timing is important to find a home in order to register their children for school.

If you are looking for a place to call your own, where you have outstanding schools, great community activities and events that offer a real sense of community, this is the place. Whether your looking for ocean view properties, horse property or golf club views, there is something here for everyone. Just let me help you find it.

If you have any questions about the Palos Verdes real estate market, or if you are interested in selling or purchasing residential or commercial property please feel free to contact me.

Palos Verdes January 2018 Neighborhood Closed Sales

Palos Verdes January Neighborhood Closed Sales

remax january

Palos Verdes closed sales for the month of January were 41 a 5.1% change from 2017. This number represents all 17 neighborhoods on the peninsula. Lunada Bay/Margate & Palos Verdes Drive East both showed the highest number of closed sales for the month (5). Last years January sales 2017, showed 6 for Lunada Bay and 3 for Palos Verdes Drive East.

The average sale price for January sales was $1,734,679 which was down from 2017 by -4.5%. The average square foot home was 2,733. The highest priced home that sold in January was $5,000,000 and the lowest home price sold was $700,000. The average square foot price for January sales was $509 compared to $493 in 2017. The medium sales price for January 2018 was $1,450,000, and $1,531,000 for Jauary 2017.

Currently, there are 144 homes for sale here on the Peninsula. They are priced from $849,000 for a 2 bedroom/2 bath, 1,543 square foot home in Eastview/RPV, to $40,000,000 for a 9 bedrooms/25 bath, 51,000 square foot home in Rolling Hills. There are 19 condo/townhomes for sale from $369,900 for a 1 bedroom/1 bath, 659 square foot condo in Rancho Palos Verdes, to $1,995,000 for a 2 bedroom/3 bath, 1,940 square foot condo in Rancho Palos Verdes.

Click on photo to enlarge.

If you have any questions about the Palos Verdes real estate market, or if you are interested in selling or purchasing residential or commercial property please feel free to contact me.

Palos Verdes Neighborhoods Sales 2017

Palos Verdes Neighborhoods Sales 2017

Wolf connect year end 2017

Palos Verdes home sales for the year 2017 were 684, a slight decrease from the 692 homes that sold in 2016. The Lunada Bay/Margate area posted the highest number of homes sold in 2017. They had 71 sales, down from the 73 that were sold in 2016. The area of Monte Malaga had the highest gain in their home sales with 42 in 2017 and only 27 in 2016. Valmonte showed greater home sales with 52 sold in 2017, up from the 39 homes that sold in 2016, and Palos Verde Drive East showed 63 homes sold in 2017 and only 54 in 2016. The areas of Mira Catalina, Country Club, Peninsula Center and Silver Spur showed some gains in the number of homes sales, while Los Verdes showed the same 52 for both years. All of the other neighborhoods had a decrease in their sale numbers from the year 2016.

The chart above is courtesy of RE/MAX Estate Properties. For a larger view just click on it.


If you have any questions about the Palos Verdes real estate market, or if you are interested in selling or purchasing residential or commercial property please feel free to contact me.

South Bay Fourth Quarter Sales Summary

South Bay Fourth Quarter Sales Summary

2017 4th qtr summary - remax_002

South Bay real estate sales for the fourth quarter showed great closing numbers for the many cities. El Segundo showed 38 closed sales, Gardena showed 122, Hawthorne showed 101, Hermosa Beach showed 51, Lawndale showed 42, Lomita showed 34, Manhattan Beach showed 89, Redondo Beach showed 188 and Torrance showed 259 closed sales.

To read more about the comparisons between October 2016 to December 2017, or for the average price per foot, number of homes for sale in this quarter, pending sales or days on market, go to the RE/MAX Market Intelligence Report listed below.

For more information on the RE/MAX South Bay Market Intelligence Report click here.

If you have any questions about the real estate market in this area, or if you are interested in selling or purchasing residential or commercial property please feel free to contact me.

Palos Verdes Market Data Fourth Quarter Report

Palos Verdes Market Data Fourth Quarter Report
2017 4th qtr summary - remax

RE/MAX Estate Properties Palos Verdes Market Report is out for the last quarter of the 2017 year. I will be discussing the results of the report within the next few days. The Market Data Report shows the number of single family residents properties that have sold and what the average price ranges are. Some of the information that we will be covering are the number of units sold, average square foot range, price range, average price comparisons (2016-2017) and average price per square foot.

During the last quarter of 2017 Palos Verdes had 183 closed transactions, San Pedro had 154 and Harbor City had 52.

Currently, there are 111 single family homes for sale on the Palos Verdes Peninsula, priced from $855,000 to $40,000,000. There are also 19 condo/townhomes for sale priced from $395,000 to $1,825,000.

The RE/MAX Palos Verdes & Harbor Area Summary 2017 can be accessed by clicking here.

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.

New Multi-Unit Listing In Harbor City Only $998,800!

    New Multi-Unit Listing In Harbor City Only $998,800!
    257th Street

    I have a new listing at 1517 257th Street, Harbor City, that would be a great investment for multi unit owners. The property consists of four units with a front house and 3 units in back. It is well maintained with a newer roof, windows and flooring. Rents are currently under market. This would be an easy building to manage with a front house and 3 units in the back. There is a three car garage and there are 4 more parking spaces in the back.

    One of the two bedroom units is extra large and can be easily converted to a 3 bedroom unit.

    This is a great multi unit building, and will go fast. If you are interested in this great investment opportunity please give me a call at (310) 686-4688.

    Photo courtesy of the CRMLS.