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Palos Verdes Peninsula, CA Real Estate News

By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
The final version of the $789 Billion Economic Stimulus Bill that survived the Senate/House Reconciliation of their two bills must still be approved by both the Senate and the House, but still contains a few provisions that should help home buyers, particularly first time buyers. Unfortunately, the Senate passed version of the bill which contained a $15,000 tax credit for all buyers of homes did not survive, however the previous $7,500 credit for first time buyers was increased to $8,000, and unlike the previous credit, will not have to be repaid over 15 years as the previous $7,500 credit had to. Homes must be purchased before December 1, 2009. The bill does provide for a temporary increase in loan caps for loans by Fannie Mae, Freddie Mac and the Federal Housing Administration in high...
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By Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A.
(Charlemagne International Properties)
I must confess, not one of the buyers I am currently working with ever mentioned their home purchase was hinged to the passage of the $15,000 home-buyer credit. Yes, it would help, but it was not a deal breaker. There are other more daunting hurdles facing them. The deal breakers and deal delayers are 20% down payment requirements, housing prices that are still out of reach for many buyers in my market of Southern California and an economy that is freaking out even the most optimistic wannabe home buyers. It is no wonder even those who can afford to purchase are afraid to commit to a loan that may not be there when they need to close, and to a home value that may plummet before the keys to the front door are handed over to them. Faith in our economy is waning and fear of what's next is ...
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
How to get buyers off the fence and into their new homes in Palos Verdes is the question of the hour.  The Los Angeles Times had two interesting articles on that very subject. "A reverse offer gets attention" by Lew Sichelman explores a unique concept - What can the Seller do to coax the Buyer to the table?  Sichelman suggests that the Seller may want to make the Buyer an offer.  That is really taking the bull by the horns.  Before taking this approach, it is recommended that the Buyer has shown some interest in said property and has communicated that feedback to his agent.  The Buyer's agent must be on board with the idea of an offer from the Seller and the Buyer must be preapproved for a mortgage.   The offer from the Seller must address some of the Buyer's concerns about the propert...
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
Are you prepared for a natural disaster. If we were hit with a magnitude 7.0 earthquake today, would you be able to survivie without outside help? It has been estimated that because of destruction to our transportation infrastructure, it could be weeks before our local supermarkets were restocked with goods. With this in mind, I have prepared a list of things that I have done to prepare for the "Big One". 1) If a large earthquake strikes that clearly has impacted the roads and freeways and the ability to transport goods into Los Angeles, you might want to consider an immediate visit to your supermarket to make sure that you have at least a 3 weeks supply of the following: Drinking water ( I keep 6 to 8 extra 5 gallon containers of water stored in my garage). It is recommended that at le...
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
There were 31 homes on the Palos Verdes real estate Broker's Tour.  We currently have 249 active single family homes for sale in Palos Verdes ranging in price from $775,000 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the low in Eastview is $585,000).  There are 50 townhomes condos for sale priced between $339,000 and $885,000.  My favorites were:  Click here to read more.....      
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By Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A.
(Charlemagne International Properties)
I plan a perfect day every day. I am not sure I have ever lived a perfect day, but some have come close and that's good enough for me. Today, I started the day with yoga and progressed to the computer to do my motivational reading for the day. Off to a pretty perfect start. Next, I bounced from site to site catching up on news and real estate related articles. Ouch, some of those were really painful. The luxury market is flat-lining, first time buyers are begging for down payments from relatives and friends. The middle class buyers are losing jobs, followed by their houses, at an alarming rate. So who is selling and who is buying? In my market more and more senior citizens are placing their home on the market and moving forward with retirement and down-sizing. Many of them have owned th...
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
    We are so lucky as homeowners of Palos Verdes real estate that Palos Verdes' 8th Graders get to choose between two fabulous high schools.  At this time, there is open enrollment within the Palos Verdes Peninsula School District as to whether your child goes to Palos Verdes High School or Palos Verdes Peninsula High School.  And both were named in U.S. News & World Report's Top 100 Schools in the United States as well as one of the Top Twelve High Schools in the Los Angeles area in 2008.  Palos Verdes Peninsula High School, formerly Rolling Hills High School, was our only high school after the 3 area high schools were rolled into one after declining enrollment in the '80s.  Palos Verdes High was reopened in 2002 when Peninsula High grew to 3,000 students.  Currently there 2400 studen...
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
I think that it is shameful for the Kellogg Company to not renew Michael Phelps endorsement contract. This young hero readily admitted making an error in judgment and immediately apologized for his lapse in conduct. Speedo and Omega watches are both standing behind Michael.  I raised 3 children and know that they sometimes make a wrong decision, but it doesn't make them less of an honorable person. Michael Phelps brought glory to our country and I think that it is terrible that Kellogg Company took the "politically correct" action of canceling his endorsement when they should have proudly stood behind him. He continues to be a great role model for today's youth!!!! What do you think?
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By Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A.
(Charlemagne International Properties)
Color is an easy thing to change--most of the time. Other times it can be a brick wall (or maybe a purple or black one), making it impossible for a buyer to move forward with thoughts of living with the offending palette. Yes, we're talking paint choice here!This week my buyers discovered a flamingo pink bathroom, a grass green dining room and an exterior color that was a drab brown reminiscent of those brown and orange disco days of the 1970s. Of course, I pointed out those were "cosmetic" fixes, but I could not help but wonder if the emotional bonding between buyer and abode was stymied by an unwelcome burst of color.The housing market is teetering with recovery. However, buyers are often looking for a reason not to purchase a property rather than a reason to pull out their checkbook ...
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
There were 28 homes on the Palos Verdes real estate Broker's Tour.  I saw 15 properties which was quite a feat as they were spread out in four different cities.  We currently have 254 active single family homes for sale in Palos Verdes ranging in price from $729,000 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the low in Eastview is $585,000).  There are 53 townhomes/condos for sale priced between $269,900 and $2,000,000.  My favorites were: Click here to read more.......          
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
  The Property Information Book is key for my Sellers.  When I get a new listing for Palos Verdes real estate, I have my Sellers fill out all the disclosures and order all reports on the property prior to the property actually hitting the Multiple Listing Service.  The Property Information Book stays at the property for potential buyers to view and packets of these reports/disclosures are available for buyers to read before making an offer.  It is a huge advantage to both Buyers and Sellers.  Click here to read more....
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By Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A.
(Charlemagne International Properties)
The Palos Verdes Peninsula was awash with buyers over the weekend.  I showed property and there was a people party at each of the homes we viewed.  We were three buyers deep at one property.  The other agents and I stole glances at one another with the look of sheer amazement in our eyes.  Could it be the market is ready to bloom early this year? The weather was certainly cooperating.  My clients were clad in summer attire.  The prices are cooperating too.  It appears sellers stepped out of their winter caves with a new mindset on value and what it means when applied to their personal residence. Hallelujah, they now realize their home is not an exception to the rule!  The homes we saw were  all priced right and one of them was in escrow by Monday morning. The groundhog saw his shadow to...
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
Several Tall Ships will be visiting San Pedro harbor this weekend, including the 122 foot Lynx, which was used to train the cast and crew of the movie "Pirates of the Caribbean". The Lynx was modeled after a naval square topsail schooner from the War of 1812, She will be joined by the square rigged brigantines Exy Johnson and Irving Hohnson. The ships will be docked adjacent to the Los Angeles Maritime Museum at Sixth Street and Harbor Boulvevard in San Pedro. The Lynx will sail into the harbor at 3:00 pm Friday afternoon, and will be available for dockside tours from 4 to 5 pm Friday and ao am to 1 pm Saturday and Sunday. Suggested donations are $5 adults and children 12 and younger free. Visitors can also sign up to participate as crew members for an actual mock battle, where they can...
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
    February is traditionally the month that Kindergarten "Round-Up" is held for owners of Palos Verdes real estate who have children entering Kindergarten in the Fall.  I should restate that because tenants in Palos Verdes may also enroll their children in Palos Verdes schools.  This year Kindergarten Orientation will be held on Monday, February 2,  at Vista Grande Elementary School and Tuesday, February 3, at Dapplegray Elementary School.  Both meetings will begin at 7:00 p.m.  Click here to read more.....
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
Due to the Federal Reserve's aggressive action in purchasing Fannie Mae and Freddie Mac securities, financing is available for well qualified buyers. Interest rates have fallen significantly for conforming loans. There are new guidelines for Fannie Mae and Freddie Mac loans, and  3.5% down payment loans are available with tight restrictions.  BUYERS with good credit, an adequate down payment and 2 years or more employment history will qualify for Full Documentation loans. There are no "Stated" Loans ( no documentation) offered  now.  If the property will be your home, not a speculative investment, you should be buying for the long term. Today's market gives buyers and sellers the opportunity to negotiate a reasonable deal for both parties. If you are planning to stay in your home, it ma...
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
With the excitement of the Inaguaration of Barak Obama as President, I have seen some very interesting examination of the fact and myth surrounding one of our greatest Presidents, Abraham Lincoln. Some historians question the portrayal of Lincoln as the "Great Emancipator", noting that his Emancipation Proclamation (initially issued in Sept. 1862) freed the slaves only in those states under rebellion, and did not, in fact, free the slaves in those border states ( Delaware, Maryland, Kentucky and Missouri) that allowed slavery but had remained loyal to the North. In fact, the Proclamation also did not free the slaves in any area in the South that was then under Union control, including the State of Tennessee. The slaves in these border states were not freed until some of those states ban...
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
  I was recently asked about reduction in property taxes for areas of declining values.    Although statistics show that Palos Verdes real estate has only declined 6.2%  in 2008, it might be worthwhile to request a reassessment from the Los Angeles County Tax Assessor if you have purchased your home in the last few years.  By the way, you really can do this yourself and do not need to hire one of the "services" that have popped up that want to charge you for this service.  Click here to read more....
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
  The numbers are in and owners of Palos Verdes Real Estate single family residences experienced a 6.2% decline in 2008 average sales price compared to 2007.   That is actually not bad compared to the rest of Los Angeles County which was down about 28%.   Home values on the Palos Verdes Peninsula have held fairly steady: 2008 was the first year of declines in recent memory.  Palos Verdes homeowners enjoyed an average of 12% annual appreciation for the prior 5 years - 2007 was 2.1%,  2006 was 2.5%, 2005 was 19.2%, 2004 was 20.2% and 2003 was 16.7%.  Number of sales were down from 2007 sales of 533 to 380 for 2008.  The highest priced property sold for $7,750,000 in Rancho Palos Verdes and the lowest priced property sold for $600,000 in the unincorporated area of Palos Verdes Peninsula ($...
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By Rachel Martiens and Kathy Tyndall = The Tyndall Team, Love Living In The South Bay
(RE/MAX ESTATE PROPERTIES)
Date 12/03 5/04 10/04 3/05 8/05 1/06 6/06 11/06 4/07 9/07 2/08 7/08 12/08 For Sale 101 132 161 91 146 154 267 202 183 227 216 276 222 Sold 65 71 60 64 65 25 58 42 53 30 25 52 23 Pended 66 81 60 64 60 32 44 52 40 19 46 27 14 Months of Inventory based on Closed Sales 1.6 1.9 2.7 1.4 2.2 6.2 4.6 4.8 3.5 7.6 8.6 5.3 9.7 Months of Inventory based on Pended Sales 1.5 1.6 2.7 1.4 2.4 4.8 6.1 3.9 4.6 11.9 4.7 10.2 15.9 Avg. Active Price 2632 2264 2233 2850 2639 2510 2189 2188 2421 2390 2559 2302 2282 Avg. Sld Price 1175 1350 1331 1593 1480 1621 1549 1509 1559 1816 1394 1482 1248 Avg. Sq. Ft. Price 422 456 475 544 576 591 582 536 579 621 516 552 522 Sold/List Diff. % 96 99 98 99 99 96 97 94 98 95 96 96 93 Sold/Orig LP Diff. % 96 101 97 99 98 95 76 92 96 94 94 94 93 Days on Market 40 31 40 47 39...
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By Rachel Martiens and Kathy Tyndall = The Tyndall Team, Love Living In The South Bay
(RE/MAX ESTATE PROPERTIES)
WWW.THEPVREALTOR.COM WWW.RTYNDALL.COM Rachelmtyndall@gmail.com
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