Palos Verdes Luxury Home Report Oct. 2016

There's some pleasant news for Palos Verdes luxury homeowners, especially those who have their single family residence for sale, the high-end housing market in Palos Verdes picked up a little steam after languishing during the final months of summer. Supply is still outstripping demand and tipping the balance toward a buyers' market, but Palos Verdes luxury homes continue to sell.

Note the "Little Yellow Dot" on our market snapshot slider for Palos Verdes and the Beach Cities is moving toward the left, after a couple of month of sliding toward a market favoring buyers. The luxury home market in the Beach Cities remains strong, and the high-end home market in Palos Verdes is moving back into neutral territory with a more balanced market favoring neither sellers nor buyers.

PVE Luxury Home View

Palos Verdes Luxury Home Report for October 2016:

There are 55 Palos Verdes luxury homes priced at or above $3,000,000.

13 Palos Verdes luxury residences are in escrow with accepted offers.

43 Luxury homes in Palos Verdes priced above $3,000,000 sold year-to-date.

For more information about Palos Verdes luxury homes contact Norma@CharlemagneProperties.com or call me at 310.493.8333.  It will be my please to represent you in the sale of your property or assist you in finding the perfect Palos Verdes luxury residence for you.

Highest and Lowest Priced Single Family Homes For Sale in Palos Verdes

Yesterday, while out and about on the Tuesday Tour of new listings I previewed single family homes for sale in Lunada Bay, Malaga Cove, and Palos Verdes Drive South. Those Tuesday Tours always remind me there is a wide variety of homes available for sale.  Just for fun, here is the highest and lowered priced single family homes for sale in each of the four cities located on the Palos Verdes Peninsula.

Palos Verdes Estates:

Lowest Price:  3428 Palos Verdes Drive North is a new listing in the Valmonte neighborhood of Palos Verdes Estates.  Better hurry at $1,150,000 this is the lowest price of any single family home currently for sale in PVE.

Highest Price:  There are currently three Palos Verdes Estates single family homes for sale priced over $10,000,000 but 705 Via La Cuesta's price tag of $28,000,000 is the highest priced PVE home on the market. The property has been on the market for over 200 days, but it has some amazing perks included in the price. I've toured the property, and very few Palos Verdes luxury homes can compare with the view, the grounds and the house.

Rancho Palos Verdes:

Lowest Price:  There are ten Rancho Palos Verdes single family homes for sale priced under $1,000,000. 2148 Dorado Drive is a fixer (maybe that should be in all caps) priced at $658,900. I don't know the "back story" on this property, but it appears the interior is in a state of partial remodel.

Highest Price:  3300 Palos Verdes Drive West is currently on the market with an asking price of $9,800,000. The coastal gated estate is approaching 800 days on the market.  I snapped some of my favorite luxury home photos from the windows of this villa.

Rolling Hills Estates:

Lowest Price:  4716 Rockbluff with a list price of $1,099,950 sports the lowest price for a single family home in Rolling Hills Estates.  The three-bedroom house shows over 100 days on the market.

Highest Price:  22 Hidden Valley Road with an asking price of $3,995,000 is currently the most expensive single family home on the market in RHE. The home has been on the market over 100 days.  The property includes a guest house and a salt water pool. Yes, I've previewed this luxury home as well.

Rolling Hills:

Highest Price:  1 Buggy Whip is not only the most expensive home listed for sale in Rolling Hills, but it is also the most expensive residence on the Palos Verdes Peninsula.  I spent an hour at the property and am sure there are still areas of the over 50,000 sq. ft. estate I did not see. The property is listed for $48,000,000.

Lowest Price:  23 Chuckwagon offers an opportunity to remodel a classic Rolling Hills ranch-style residence.  Asking price is $2,450,000. I see lots of potential in this one.

For more information on values and availability of properties on the Palos Verdes Peninsula give me a call.  I stay abreast of the ever-changing real estate market to help my sellers sell at the highest price the market will bear, and my buyers to purchase at the lowest price the market will permit.

Palos Verdes Luxury Homes Report--September 2016

It finally happened. The Palos Verdes luxury home market slipped into buyers' market territory on Charlemagne Int'l Properties' "Little Yellow Dot" market snapshot. August is often a slow month for real estate sales, but this is the largest monthly move our market slider has made in several years. As a reminder, the luxury home market is defined (by me) as those properties priced at or above $3,000,000.

What does this market change mean for Palos Verdes luxury home sellers? If you're one of the fifty-nine homeowners who have your residence currently listed for sale you need to make sure your property stands out as the home to buy.  Tour your home with a critical eye, because that's what prospective buyers will do. Make sure both the exterior and interior are in show condition. There is ample competition in your price range. However, properties will continue to sell, but the pace will slow, and buyers' expectations will rise.

Palos Verdes luxury home update:

59 Palos Verdes luxury homes are currently for sale.

8 Palos Verdes luxury homes are currently in escrow with accepted offers.

42 Palos Verdes luxury residences have sold year-to-date as of September 3, 2016.

Palos Verdes Coastal Lifestyle

I fell in love with lighthouses when I lived in Cape Elizabeth, Maine. The sound of the foghorn signaled the arrival of another  blanket of fog, and after spending several years in Chicago, the coastal lifestyle was a change of pace.  Imagine my delight when I discovered Palos Verdes is home to the Point Vicente Lighthouse!

We plan to use a photo of the lighthouse in a marketing piece this month.  After showing property yesterday, Josh decided to return to Point Vincente and photograph the lighthouse.  I'm delighted with the results to say nothing of his dedication to capturing a photo that exemplifies the Palos Verdes Coastal Lifestyle.

"Point Vicente Lighthouse is a lighthouse in California, United States, in Palos Verdes, north of Los Angeles Harbor, California. It is between Point Loma Lighthouse to the south and Point Conception Lighthouse to the north." Wikipedia

 

 

Construction started: 1926 Height: 66' (20 m) Automated: 1973 Address: 31501 Palos Verdes Drive West, Rancho Palos Verdes, CA 90275

Palos Verdes Luxury Homes Market Update--August 2016

It's not too late to catch the wave!

August is often accompanied by a slowing of the real estate market.  After all, it is the last month of summer vacation, and the back-to-school rush is upon us as well.  It is no surprise house hunting often falls lower on the priority list. However, it is not too late to catch the strong real estate market wave Palos Verdes continues to enjoy.

The luxury market is defined (by me) as those homes priced at or above $3,000,000.  At the current time, properties in the luxury price range comprise nearly one-fourth of all single-family homes listed for sale in Palos Verdes.

Palos Verdes Luxury Homes Currently For Sale:  57 Single-family Palos Verdes luxury homes are listed for sale priced at or above $3,000,000.

Palos Verdes Luxury Homes Pending Sales:  14 Palos Verdes luxury homes are in escrow with accepted offers.

Palos Verdes Luxury Home Sales for July 2016: Six Palos Verdes luxury homes closed escrow during the month of July.

Palos Verdes Luxury Home Sale Year-To-Date:  36 as of August 1, 2016.

There are 241 single-family homes currently for sale on the Palos Verdes Peninsula.  

Market Trends:  Inventory is increasing, and appreciation is slowing in the general market.  The raging seller's market of years past is cooling as the local Palos Verdes real estate market moves to a neutral market.  The higher prices are a factor in slowing the pace of the market, but attractive interest rates continue to fuel buyers' desire to purchase a home and lock in a rate below 4%.

There is no question the market is becoming more competitive for sellers.  Make sure your property is positioned to compete and win the purchase contract.  The location is still key, but condition and pricing play important roles in the sale of any property.

The Luxury of a Top-Rated Educational System

Peninsula High Graduates

There is no question desirable locations also have excellent educational options available.  A strong school system supports the community by providing outstanding opportunities for children and thereby lifts the value of real estate.

I personally experienced the power of a highly sought-after school system when I moved to Palos Verdes in 1989.  I moved from Florida where my children attended a top-notch private school. When the headmaster learned we were moving to Palos Verdes he immediately arranged for my children to interview at Chadwick, a highly esteemed private school on the Palos Verdes Peninsula. However, as a former teacher, I also checked out the public school system and was impressed and pleased with what I discovered.  I made the decision to return my children to public schools based on the wide variety of opportunities available for advanced placement classes and the prestigious ranking of the local school in both state and national educational reports.

Yes, the Palos Verdes Peninsula was blessed by Mother Nature with a stunning array of coastal beauty, but the local school system also plays a vital role in supporting the desirability and value of the local real estate.

Norma Toering Broker Owner of Charlemagne Int'l Properties 310.493.8333 or Norma@Charlemagne.com

The Luxury of Location

Not all luxuries are found inside the four walls of a house. The luxury of location should never be underestimated. Whether it is the decision to live near the coast or the city center, a location has tremendous value.  The site selected can add (or deduct) an immense sum of money to any property.

There's a reason for the repetitive answer of location, location, location to the question of what are the three most important factors when buying real estate.  Location impacts the way we live our daily lives, how far we must commute to work, school and social gatherings.  Locating in a top-notch school district affects the education our children receive.  The luxury of living in a coastal community can add hundreds of thousands of dollars to a home's price tag.

Coastal land is limited and expensive, toss in a highly rated local school system, a moderate climate, breathtaking views, and real estate prices become lofty indeed.  The value of living in such a community is a luxury that touches nearly every aspect of life.

However, it is hard to put a value on a daily walk along the ocean's edge, the peace of mind of knowing you are affording your children a top education and the soul-satisfying moment of standing perfectly still and watching a sunrise or sunset over the water.

The Palos Verdes Peninsula offers a wide variety of home styles and prices, but we all get to enjoy the benefits of a stellar school system, the coastal lifestyle and those jaw-dropping views that appear before our eyes as we go about our daily lives in Palos Verdes.  Some things are simply priceless.

For information on buying or selling in Palos Verdes contact Norma Toering at Charlemagne Int'l Properties 310.493.8333 or Norma@CharlemagneProperties.com.  

Call today for your free one-hour consultation on how to improve the value of your home.  310.493.8333

Norma Toering Broker/Owner of Charlemagne Int'l Properties -- Selling Palos Verdes properties since 1992.