Palos Verdes Real Estate November Sales

Palos Verdes Real Estate November Sales

Re-max december chart

Palos Verdes Peninsula real estate sales for November showed a bit of slowing from the month before, but they have proven that the market is still showing a continuing high demand for Palos Verdes homes. During the month of November there were 39 closed transactions. The sold home prices for the month were from $980,000 for a 3 bedroom, 2 bath, 1,643 square foot home, to a 7 bedroom, 8 bath, 5,300 square foot single family home for $4,950,000. The average price of homes sold in November was $1,794,513.

Currently, there are 146 single family homes for sale in the 160-177 MLS areas, and 21 condo/townhomes for sale.

For more information on the Palos Verdes & Harbor Market Intelligence Report click here.

Palos Verdes Residents Ask Where Do Our Property Tax Dollars Go?

house-for-sale2Palos Verdes Residents Ask Where Do Our Property Tax Dollars Go?

Palos Verdes residents are once again getting ready to pay their property taxes by December 10. Many buyers especially new property owners, are perplexed as to why property taxes are so high. Depending on the area where you reside, the tax usage is pretty much the same. Cities, counties and school districts rely on your property taxes to raise money for their budgets. The local government then uses the money collected to provide many public and local public services.

The local school district accounts for a significant percentage of the money from local property taxes. Although some of the monies do come from federal and state government, school districts rely heavily on the property taxes for support. Each school district varies on the local tax base.

Peninsula property owners realize that a good amount of the tax dollars goes to supporting the salaries and benefits of public safety officers. Added to that cost is the maintaining of fire stations and keeping police and fire vehicles on the road, obviously needed to keep our residents safe.

Maintaining public streets and roadways is also one of the main uses of these dollars. This maintenance helps to ensure public safety in our areas. Also included is the upkeep of street lights and traffic lights within the city limits, patching potholes and at times road maintenance to make improvement. Occasionally the dollars are used to fund improvements to water and sewer lines, storm drains and other improvements.

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 – What Makes Palos Verdes Residents Love Their Neighborhoods?

Aboutpv – What Makes Palos Verdes Residents Love Their Neighborhoods?

house for sale

Palos Verdes residents all live in one of 17 different Multiple Listing Service real estate areas. After reading an article published by Trulia called “What will make you fall even deeper in love with your neighborhood”, I realized that all of these different areas have something unique or special about them that made them your choice. The article brought up the fact that when purchasing or leasing a new home, you have to remember that you are becoming part of that neighborhood, and although they are not always equal, you have to find the aspects of a prospective neighborhood that closely matches your daily needs.
Below is the list of common components that were mentioned:
1. Lifestyle match
2. Pride in ownership
3. Low Crime Rate
4. Great Schools
5. Outdoor activities abound
6. Stepping back in time.
7. Family friendly
8. Close to public transportation
9. Nearby shopping & restaurants
10. Nightlife and entertainment
11. Walking ability
As you can see from the above list, there are unique components listed that in your desired neighborhood. Whether it be the school system, horse property, hiking areas or just wanting to be in a safe neighborhood, I feel you can find it 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.

What is happening in the Housing Market?

What is happening in the Housing Market?

Marshallfield - front

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.

 

 

Palos Verdes 2017 Market Data Report 3rd Quarter YTD

Palos Verdes 2017 Market Data Report 3rd Quarter YTD

Marketing 3rd QtrPalos Verdes 2017 Market Data Report shows an increase in sales in all neighborhoods from 2016.

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.

Making a Home Equity Line of Credit Work for You

Making a Home Equity Line of Credit Work for You

craftsman style

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 Introduces AboutSouthBay.com

Gazebo at Roessler Point, Palos Verdes Estates, CA 90274

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 Homeowners Ask “What is an Uninsured Deed”?

Palos Verdes Homeowners Ask “What is an Uninsured Deed”?

Peninsula 2

Palos Verdes homeowners need to be aware of the risk of an uninsured deed. Recently Ticor Title sent out a reminder to real estate agents regarding why this could be of concern. The most common problem of an Uninsured Deed comes in the form of a Quictclaim deed between family members. When a person gets added to title, this is a window of opportunity for those against him/her to attach to the property.

When you are selling your property, it is always best to use a realtor.  They will use a title company to make sure that a recorded Uninsured Deed will be shown on the Preliminary Title Report, which is for the protection of the homeowner to make sure the deed was not signed fraudulently or under duress which was the intention of the grantor to transfer title.

A realtor would know how to spot this kind of activity on a property profile. If they find that there is no title order number, escrow number, or even an accomodation stamp they will immediately notify the client. Without having this set of extra eyes, a homeowner may find themselves in need of an attorney to help settle their property issues.

 

 

 

Palos Verdes Quarterly Sales Report April – June 2017

Palos Verdes Quarterly Sales Report April – June 2017

Enrose - front

Palos Verdes real estate market has increased in the first six months of the year, with sales price and average square foot prices increasing.The overall area markets seem to be feeling the same movement with interest rates still low, and first time buyers getting the sticker price shock.

RE/MAX Estate Properties has put out an actual closed sales price report for Westside sales, South Bay sales, Palos Verdes and Harbor areas sales. To read more on each of these area statistics click here.

Above is my listing at 28623 N. Enrose Ave, Rancho Palos Verdes. This gorgeous home is in move in condition with 3 bedrooms/2 baths and 1,856 square feet. it has been remodeled with an open concept floor plan and new wood flooring throughout. It features a gorgeous kitchen with granite counter tops, stainless steel appliances and a large center island. With two fireplaces, and a large formal dining room this is a perfect home for entertaining. Come by my Open House this weekend on Saturday or Sunday from 1 – 4 p.m.

 

 

Charming Rancho Palos Verdes Home Open Saturday 1:00 – 5:00 p.m.

Charming Rancho Palos Verdes Home Open Saturday 1:00 – 5:00 p.m.

Enrose - front

This charming 3 bedroom, 2 bath, 1,856 square foot home, is located at 28623 N. Enrose Avenue in Rancho Palos Verdes. It is now on the market for only $948,800,   and I’m sure will not be on the market long. This home features an open concept, a remodeled kitchen with granite counters and large center island. The house has fireplaces located in both the living room, and the family room. There is also an additional room that can be used as an office or formal dining room.

This home is close to shopping, restaurants and the freeway. It is also within the Palos Verdes award winning school system.

This beautiful home will be held open this Saturday from 1:00 – 5:00 p.m.

To see the Virtual Tour of the property click here.

For more information on this property contact Tuba Ghannadi at (310) 686-4688.