Palos Verdes Estates – Lunada Bay Plaza

Palos Verdes Estates – Lunada Bay Plaza

Palos Verdes Estates has another beautiful plaza located within it’s boundaries known as Lunada Bay Plaza. The area has it’s own designation by a beautiful fountain called the Snelgrove Memorial Fountain located in the median of Yarmouth and Palos Verdes Drive West. The fountain received a much needed facelift in December of 2008, and now even curious passerbys actually get out to read the plaque which is located at the fountain and reads “Fuente de los Ninos” (fountain of the children). The fountain was dedicated to the memory of G.Brooks Snelgrove on May 22, 1965, and was a gift from about 250 neighborhood children. The childrens names are embedded in the foutain behind the original engineer for the Palos Verdes Project in 1923, and is remembered for his part in the Malaga Cove Plaza Neptune Fountain.

Today the Lunada Bay Plaza acts as the meeting place for the area and houses it’s summer concerts, Harvest Festival and Santa’s visits. Lunada Bay much like Malaga Cove, is also the home of great surfing areas with it’s high cliffs and protected coves.

Photo courtesy of Lunada Bay Homeowners Association

 

Palos Verdes Peninsula – Neighborhood Sales for 2016

Palos Verdes Peninsula – Neighborhood Sales for 2016

Palos Verdes real estate 2016 sales information

Palos Verdes neighborhoods sold home prices for 2016, are listed above in the statistics data sheet. This information is received though CRMLS solds criteria.

West Palos Verdes had the largest gain in average sale prices with Malaga Cove coming in second. Malaga Cove and Valmonte posted the largest gains in average square foot prices

Lunada Bay had the largest number of Palos Verdes homes sold.

The highest priced single family Palos Verdes home sold for $11,940,000 in Palos Verdes Estates, and the lowest priced home sold for $610,000 in the Eastview/Palos Verdes area.

Above chart courtesy of RE/MAX Estate Properties

Palos Verdes Estates – Malaga Cove Plaza

Palos Verdes Estates – Malaga Cove Plaza

Palos Verdes Estates’ Malaga Cove Plaza was built in 1925, and is the home of the famous Neptune’s Statue. The plaza consists of several buildings mimicking the old rustic Spanish Renaissance style with arches that stretch out along it’s walkways.

It is located at the base of the Palos Verdes Peninsula and is a welcome stop when you are driving up the hill from the South Bay beach area. The plaza today consists of small retail stores, several banks, office buildings, Yellow Vase & Mama Terrano’s restaurants and the Malaga Cove Rancho Market which also includes a restaurant.

The fountain is a replica of one found in Bologna, Italy which is of the Roman god Neptune known as King of the Sea.  It was dedicated in 1930 and is the central point of the plaza. From here you can even walk down the hill to the ocean, or uphill a short block to the Malaga Cove Library.

The Palos Verdes Art Center also hosts a monthly Saturday Art Show on the greens in Malaga Cove Plaza from April through September from 10:00 a.m. to 5:00 p.m.

Photo courtesy of the City of Palos Verdes Estates.

 

Palos Verdes Estates – Oldest City on the Palos Verdes Peninsula

Palos Verdes Estates – Oldest City on the Palos Verdes Peninsula

History Rosita

The City of Palos Verdes Estates, is the oldest of the four cities of the Palos Verdes Peninsula and was incorporated December 20, 1939.

In 1913, New York financier Frank A. Vanderlip Sr, purchased the land from the Bixby family.  His idea was to build a planned residential community, and he called out the famous Olmsted Brothers, sons of Frederick Law Olmsted Sr., who designed Central Park in New York City, to help lay out this new community. After designing roadways, hillsides and placement of trees, they decided that 28% of the land area should be restricted to building.

Vanderlip’s plans were changed after World War 1, since monies were harder to come by. The division of land started, and the first home construction of Spanish design started in the early 1920′s. In 1923 deed restrictions were imposed and the outlined provision for development was started and governed by the Palos Verdes Homes Association, which in turn were liable for taxes on the parkland.  Soon after the economic crash in 1929, the Palos Verdes Home Association owed taxes to Los Angeles county and concern that the parkland might have to be sold to pay back tax dollars owed, the city voted in 1929 for incorporation. The new city parklands, were deeded by the Homes Association in 1940.

Still to this day, Palos Verdes Estates city government has been trying to keep the vision of the original founders in preserving and protecting the natural assets of Palos Verdes Estates uniqueness.

Photo of Palos Verdes coastline, courtesy of the City of Palos Verdes Estates.

COME SEE MY NEW LISTING IN FULLERTON!

COME SEE MY NEW LISTING IN FULLERTON!

Randee front pic

This is my new real estate listing in Fullerton which is being offered at $548,800. This lovely home located at 3646 Randee Way, Fullerton, just went on the Multiple Listing Service this week, and is a 4 bedroom, 2 bath, 1,554 square foot home on a desirable cul de sac. 

Randee - Kitchen Randee Bedroom white Randee Bath)Check out this one story well maintained home in Fullerton. Nicely remodeled and upgraded kitchen and bathrooms.  Formal living room with fireplace.  Wood flooring. Freshly interior painting with smooth ceilings.  Large bonus room. Nice back yard with fruit trees. Great location to nearby 5 and 91 freeways.  This cul de sac gem can be the perfect place to call home.

To read more about my new listing go to www.3646Randee.com.               

Please stop by my Open House on Sunday, March 5, 2017, from 1:00 – 4:00 p.m.        

 

 

What Cities Makes Up the Palos Verdes Peninsula

What Cities Makes Up the Palos Verdes Peninsula

So did you know that the Palos Verdes Peninsula is actually made up of 4 different cities. They are Palos Verdes Estates, Rancho Verdes Estates, Rolling Hills and Rolling Hills Estates.  There are also 2 Los Angeles County areas on the Peninsula know as Westfield and Academy Hills.

The first city on the Palos Verdes Peninsula to incorporate was Palos Verdes Estates. This city incorporated in 1939 and soon after the areas of Monte Malaga, Malaga Cove, Valmonte and Lunada Bay all added their unique charm to this area.

Rancho Palos Verdes was the last city on the Peninsula to incorporate in 1973, and is the largest city on the Peninsula.

Rolling Hills estates is the third largest city on the Palos Verdes Peninsula.  It has a very rural atmosphere and contains some of the largest lots with many areas zoned as equestrian.  It also has 6 city parks located within its area.

Rolling Hills is a privately gated equestrian community located on the scenic hills of the Peninsula.  It incorporated in 1957 and is the smallest city with most of its lots being over one acre.

To read my last article on AboutPV click here.

Photo courtesy of Ernie Howlett Park located in Rolling Hills Estates.

 

COME SEE MY NEW LISTING IN RANCHO PALOS VERDES!

COME SEE MY NEW LISTING IN RANCHO PALOS VERDES!

This is my new real estate listing in Rancho Palos Verdes which is being offered at $1,200,000. 27004 Grayslake Road, Rancho Palos Verdes just went on the Multiple Listing Service yesterday, and is a 3 bedroom, 2 bath, 1,442 square foot home in the desirable Silver Spur neighborhood.

                         

This nicely remodeled one level home offers you both ocean and city light views from multiple rooms and patios. The quality finishes throughout the home include marble countertops, floors, fireplace and even a matching marble living room table.  Elegant crown mouldings, recessed lighting, dual pane windows and French doors help show the quality of this beautiful home.  Relax and enjoy the covered front and back porches with gardens which offer mulberries, pomegranates, persimmons, blood oranges, peaches plums and more. This home is located near the border of Palos Verdes Estates and Rancho Palos Verdes on a corner cul-de-sac lot, convenient to shopping, golf, restaurants and award winning Palos Verdes schools.

To read more about my new listing please go to www.27004Grayslake.com.

Please stop by my Broker’s Open House on Tuesday, January 31, 2017 from 11:00 a.m. to 1:30 p.m.

 

Buying an “As-Is” House & the Scary Implications

spooky-house-skeletons-selfie

When perusing through property listings, you may see the term “as-is”. So, you may wonder, what does the term “as-is” mean? It means the owner is selling the home in its current condition, and will make NO repairs or improvements or give the buyer any credits to fund these fix-its. “As-is” homes are often in disrepair, because the sellers can’t afford to fix these problems. Or, the seller died and left the house to inheritors who have little idea what could be wrong with it. Whatever the reason, the current sellers aren’t going to fix up the place before they sell it. They just want to cash in on the sale and move on. Regardless the term can be a warning to stay away or an invitation for opportunity.

It all comes down to more bang for your buck. Typically an “as-is” property will have a lower price to start with and there may be room for the sellers to consider even lower offers.

Cons of ‘as is’ homes - The downsides of an “as is” property are obvious and should not be underestimated. Any number of things could be wrong with the house that are not immediately apparent to the eye. You might think you’re getting a killer deal, but you could also be throwing your life savings into a scary pit. Around every corner may lurk a disaster and a goblin you weren’t expecting.

Pros of ‘as is’ homes - If you are a contractor or just handy with a hammer, if you are looking for a home to flip, or maybe just looking for an extreme bargain, “as is” could be music to your ears. Projects you are willing and able to do yourself increase the value of your investment.

Know what ghosts you are buying - Since they can be bargains, they are worth considering, although there’s one precaution you’ll definitely want to take: a home inspection. A home inspector examines the house from basement to rafters and will point out any problems plaguing the place—both current or potentially in your future, such as an old roof or outdated plumbing. You should always elect to do a home inspection, especially on a property where no one knew how the home was cared for and no one knows what happened right before the past owners left the property.

While “as-is” sellers have already made it clear they won’t lift a finger on that front, a home inspection still serves an important purpose for buyers. Once you’ve made an offer on a home that’s been accepted and have put down a deposit, you should arrange to have the property inspected from top to bottom. You will want the home inspection contingency written into your contract, so that if the inspector unearths problems that are overwhelming, you can walk away from the deal with your deposit in hand.

A home inspection costs vary by area but usually well under a $1000. Without exception, the cost of the home inspection is well worth it considering the headache you would have had in the future trying to make the house livable.praying-skeleton

September Sales Strong as First-Time Homebuyers Hit Stride

Portrait of happy couple moving houseFirst-time homebuyers propelled existing-home sales in September, attaining a 34% share of sales for the first time in four years, the National Association of REALTORS® (NAR) reports. All major regions saw an increase in closings last month, and distressed sales fell to a new low of 4 percent of the market.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, hiked 3.2% to a seasonally adjusted annual rate of 5.47 million in September, from a downwardly revised 5.30 million in August. After last month’s gain, sales are at their highest pace since June (5.57 million) and are 0.6% above a year ago (5.44 million). Lawrence Yun, NAR chief economist, says the two-month slump in existing sales reversed course convincingly in September.

“The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of the competition for the minimal amount of homes for sale,” he says. “Most families and move-up buyers look to close before the new school year starts. Their diminishing presence from the market towards the end of summer created more opportunities for aspiring first-time homeowners to buy last month.”

“A boom in first-time buyers drove September’s rebound from lower activity in July and August, and now sales of existing homes are back to last spring’s swift pace,” says realtor.com® Chief Economist Jonathan Smoke. “First-time buyers made up 34% of sales in September—the highest share in more than four years.”

Total housing inventory at the end of September rose 1.5% to 2.04 million existing homes available for sale, but is still 6.8% lower than a year ago (2.19 million) and has now fallen year-over-year for 16 straight months. “Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in,” adds Yun. “Unfortunately, there won’t be much relief from new home construction, which continues to be grossly inadequate in relation to demand.” Smoke says. “So listen up house hunters: If you are looking to buy your first home and you are in a position to buy now, this is the best time of the year to do so.”

Worried about housing? You’re not alone

house-bubble

Rising mortgage rates, overheating home prices, nothing for sale, pre-election jitters — the list of reasons to lose confidence in the housing market is growing.

In fact, the share of consumers who think now is a good time to buy a home fell 5 percentage points in September in a monthly housing sentiment survey (known as HPSI) by Fannie Mae. The only drop that was bigger was the share of consumers who think mortgage rates will fall.

“The decline in the survey over the past two months from the survey-high in July … adds a note of caution to our moderately positive housing outlook,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The starter home tight supply and rising home prices as well as the unsettled political environment are likely giving many consumers a reason to pause or question their home purchase sentiment.”

“Housing seems to have hit a soft patch, with residential investment likely posting a second consecutive quarterly decline last quarter despite positive labor market and mortgage rate trends”
-Doug Duncan, Chief Economist, Fannie Mae

The September employment report was mixed for housing. Wage growth is strengthening, but not as much as home price growth. Construction jobs increased, suggesting more housing supply in the future, but housing starts for single-family homes are not exactly robust. Construction spending fell in August and July’s numbers were revised down.

“A blah September jobs report gives no impetus for anything on the economy’s to do list: There’s no sign of an overheating economy that would justify a rate hike; no groundswell of construction hiring that would finally hint at a return to a normal pace of housing starts; no big wage gains that would give hope for renewed productivity gains. Just a stubbornly average report at a time when the economy is looking for a jolt of the spectacular,” wrote Redfin’s chief economist, Nela Richardson.

Pending home sales, which represent signed contracts to buy existing homes, have fallen for three straight months, according to the National Association of Realtors. Housing demand is strong, but supply is historically weak and getting weaker, as fewer homes come on the market in the fall and winter.

Submitted by Diana Olick CNBC Real Estate Reporter