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Palos Verdes Peninsula, CA Real Estate News

By Elaine Murphy Carlson
(RE/MAX Estates Properties)
On Thursday evening, I drove down Palos Verdes Drive South and noticed lights on at our new Terranea Resort.   A call to Ara Mihranian, Project Planner at the City of Rancho Palos Verdes, confirmed that the contractors are working extended hours in the enclosed interiors of the site.  It is the developers intent to have the project finished by June 2009.   Photo above is of the entry court of the main hotel. Click here to read more......   
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
There were 11 homes on the Palos Verdes Real Estate Broker's Tour.  We currently have 258 active single family homes for sale in Palos Verdes ranging in price from $749,000 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the low in Eastview is $619,000).  There are 69 townhomes/condos for sale priced between $249,900 and $2,000,000.  My favorites were: Click here to read more.....       
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
                                There are several 2008 holiday events coming up to be enjoyed by owners of Palos Verdes Real Estate.  The 52nd Yule Parlor Parade featuring 3 beautifully decorated homes will be held Friday, December 5th, and Saturday, December 6th, from 11:00 a.m. until 4:00 p.m. with a Christmas Tea served at Neighborhood Church from noon to 4:00 p.m (benefiting South Bay charities).  Call 310-378-9353 for more information.  The Neighborhood Church Christmas Pageant will take place on December 14th at 5:30 and 7:30.  Click here to read more........
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
The Federal Reserve swooped in to bolster the flagging economy with a further $800 billion rescue package for the failing mortgage industry this week .U.S. mortgage rates fell more than three-quarters of a percentage point when the program was announced. "This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved financial conditions more generally," the Fed said in a statement.   With this significant move in interest rates, now is an excellent time to buy as we approach the holiday season. This is definitely a buyers market, and those sellers with their properties for sale during the holidays generally are very motivated to sell, and therefore are very willing to neg...
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
Statistics for single family homes for the month of October for Palos Verdes Real Estate are now available.  There were 21 closed escrows (32 in September) and 16 pending sales (19 in September).  Active homes for sale have been reduced a bit to 264 (276 in September) . Average price for homes that closed escrow in October declined to $1,227,000 from $1,455,000 in October.   This reflects the lower end homes that closed in October (only 1 home sold over $1,850,000 and 8 sold for less than $975,000).  Click here to read more...
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
Mortgage Interest: Mortgage payments are set up to be due on the 1st of each month, and pay both a principal payment, as well as interest owed for the prior month. If a buyer's loan closes on 4/15, the lender will charge prepaid interest for the last 15 days of the month that the loan closes, which will appear on the buyer's closing statement. The first mortgage payment for the buyer won't be due for approx. 45 days until 6/1, since the interest for April has been prepaid at closing, and the interest for May isn't owed until the first of June, in arrears. The seller will also receive a charge for the interest owed on the seller's current loan from the date of their last loan payment until the closing date of sale, which will appear on the seller's closing statement. The amount of intere...
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
Most home inspections do not include a specific test for the presence of mold, other than determining whether there is evidence of prior water damage or the obvious smell of mold. Mold is an increasingly sensitive and complex area, and is the subject of significant litigation. Most homeowners insurance policies have specific exclusions for mold damage or the health effects of mold. The basic rule for inspecting for mold is that where there is moisture, there may be mold. Wherever there is evidence of water damage from a flood or leaking pipes, there may be a possibility of mold. Mold may also be present in areas that are not generally accessible to inspection, such as behind wall paper, cabinets, or inside walls. under floor tiles or carpeting. Wallpaper should be examined for lumps, wh...
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
Home Improvements can substantially increase the value of your home, but it is important to understand that most home improvements will not necessarily lead to an increase in the home value at least equal to the investment.  According to a 2007 Annual Survey prepared by Remodeling On-line, on average you can expect to recover the following percentage of your investment in your remodeling projects (You can see the full results at my webpage Home Improvements  ) : Minor Kitchen Remodel    104% Window replacement   103% Mid range major kitchen remodel  97% Mid range bathroom remodel  97% Other home improvement projects ranged from a master suite addition (77% recovery) to a roof replacement (89% recovery ).    In our experience,  a good kitchen remodel can often lead to an increase in valu...
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
There were 16 homes on the Palos Verdes Real Estate Broker's Tour.  We currently have 263 active single family homes for sale in Palos Verdes ranging in price from $749,000 (see below) to $18,900,000 in Rolling Hills (the low in Eastview is $479,000).  There are 63 townhomes/condos for sale priced between $265,900 and $2,000,000.  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)
For the past couple of years price and value had a serious disconnect, but I'm beginning to see the two form a closer relationship. It stings when assets drop in value, and since a home is many people's largest asset, the pain can be very intense as the dollars disappear.  Denial is common.  Anger usually follows, and finally months later acceptance appear.  It's a process we all journey through after a significant loss.  Once acceptance arrives, sellers are ready to either remove their home from the market or move forward with the sale.  Ahh, price and value are in balance, a sale is on the horizen and the real estate market is one step closer to recovery.   Balance is a beautiful thing. Norma Toering RE/MAX Palos Verdes Realty 310-493-8333 Subscribe via ActiveRain Subscribe via Email ...
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
The following are approximate interest rate levels for varying loan types as of November 14, 2008: November 14, 2008   FIXED RATES CONFORMING JUMBO       Rates Points Rates Points   30-Year Fixed Rate 5.875% 1.000 8.250% 1.000                   30-Year Fixed Rate FHA 6.250%   7.125%                     40-Year Fixed Rate 6.500% 1.000   1.000                   HYBRID ARMS                           5/1 ARM 5.375% 1.000 6.500% 1.000                   7/1 ARM 5.875% 1.000 6.750% 1.000                   10/1 ARM 6.375% 1.000   1.000                     INTEREST ONLY Rates Points Rates Points   HYBRID ARMS                         5/1 ARM 5.625% 1.000 6.625% 1.000                   7/1 ARM 6.375% 1.000 6.875% 1.000                   10/1 ARM 6.500% 1.000   1.000 Source: Michael Cordova Milesto...
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
The Congress is currently considering bailing out General Motors by making a $25 billion dollar loan. General Motors is burning up cash at an alarming rate (they used almost $7 billion in cash last quarter alone ). I personally do not understand what good making a $25 billion dollar loan to General Motors would do since they are unable to make cars at a profit, and making them a loan will just forestall the inevitable. Until General Motors restrutures itself by ridding itself of the onerous union labor contracts that it is saddled with, they will never make money.  The best thing that could happen to them is to let them declare bankruptcy and start over hiring workers at the same rate that the Japanese car companies are paying U.S. workers to assemble cars.      Proponents of the bill p...
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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'm beginning to notice a shift in buyer's expectations.   The dream of the McMansion on The Hill is being replaced with the lure of a romantic cottage by the sea, or in the hills, or tucked away at the end of a private lane.  Perhaps they've spoken with their lenders and had their dream home reconfigured by the loan amount on their pre-approval letter, or maybe they are deciding to buy what they can comfortably afford now.  Either way, I think they are wise. Perhaps it's the uncertain economic times, or maybe it's time management--it takes time or money to care for a sprawling lawn, pool and built-to-impress house.  Many of my clients prefer a walk along the beach or a day trip with the family instead of a day of home maintenance.   Perhaps they are preparing for yet unknown changes, b...
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By Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A.
(Charlemagne International Properties)
  Your down payment of 20% is in the bank for that million-dollar home you want to buy in Palos Verdes.  Congratulations, but there is still work to be done before you start shopping:   Know the Score:  If you're not already familiar with your credit score, find out what your number is.  If it's below 700 spend a few months pumping it upward.   If necessary, there are professionals who can help you clean it up.   They've Got Your Number:  One of the first things a lender will do when you apply for a loan is run your credit score.  That's why you know what it is and have taken the steps to send it skyward.   Low is Better than High:  Credit card balances are best kept on the low side in the months before you plan to purchase a home.  Running a high balance will impact your credit score a...
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By Norma Toering Broker for Palos Verdes and Beach Cities, Palos Verdes Luxury Homes in L.A.
(Charlemagne International Properties)
  Dear Valued Clients of Norma Toering & Team,   It is mid-November and Thanksgiving is fast approaching.   My first note of gratitude goes out to you for your loyalty and business.  You are truly the cornerstone of my business. I appreciate your continued support and stand ready to assist you with your real estate needs.   As you know, I collect Toys for Tots for needy children each year, and it's time to pull out the those big empty boxes and fill them with toys.  I need your help with this one.  The Marine Corps Reserves will pick up the boxes a few days before Christmas.  The toys must be new and unwrapped and have a suggested retail value of $10.00 or more. If you prefer, I will do the shopping for you, or pick the toys up from your home.  Thank you in advance for your participatio...
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
  On Tuesday, I attended a presentation by Robert A. Kleinhenz, Deputy Chief Economist for the Callifornia Association of Realtors, to hear the forecast for Palos Verdes real estate.  Although, Kleinhenz did not have information specific to Palos Verdes (because we need a minimum of 30 sales per month for their formulas), the Market Outlook was a good perspective on our overall economy nationally, statewide and then specifically the Los Angeles area.  Please click on this link to view the entire Outlook/Forecast.  Click here to read more......
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By Elaine Murphy Carlson
(RE/MAX Estates Properties)
  The news today from the Federal Housing Finance Agency was that conforming loan limits will remain at $417,000 in the continental United States for 2009.  There are higher loan amounts for certain counties.  These are known as ‘High Cost Areas" and we are one of them.  Our conforming loan limits will be $625,000 (In 2008, we enjoyed a higher limit of $729,750).   Any loans above $625,500 will be at the higher Jumbo Rate shown above.  Click here to read more...
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
The following is a list of tennis facilities and clubs on the Palos Verdes Peninsula: Tennis FacilitiesRolling Hills Estates:        Ernie Howlett Park --- 310-541-4585 Rolling Hills Estates Tennis Club --- 541-4585. Jack Kramer Club --- 310-326-4404 Peninsula High School Palos Verdes Estates: Palos Verdes Tennis Club --- 310-373-6326 Palos Verdes High School Rancho Palos Verdes: Peninsula Racquet Club --- 310-541-2523 Miralest Intermediate School Rancho Palos Verdes City Hall Rolling Hills: Rolling Hills Community Association Tennis FacilityInformation about Tennis for Kids on the Peninsula   Tennis League play is available through the South Bay Marine League, which has teams at most of the private tennis clubs in the area as well as Ernie Howlett Park in Rolling Hills Estates. The loc...
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
Point Vicente Interpretive Center is located near the southern terminus of Hawthorne Boulevard, just south on Palos Verdes Drive West. This Center is one of the best viewing points for the semiannual migration of whales along the California coast. The center was recently expanded and remodeled. It is a great venue to take children to learn about whale migration as well as information about the Paloss Verdes Peninsula.   Point Vicente Interpretive Center  Point Vicente Interpretive Center Lobby Mural   Point Vicente killer whale model   Point Vicente Interpretive Center Indian Village The center provides several very interesting exhibits as well as a movie about the history of the Palos Verdes Peninsula, For more information about Rancho Palos Verdes Real Estate  visit my website at http...
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By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
The following is a list of Utility and Transportation Providers for the Palos Verdes Peninsula: CALIFORNIA WATER SERVICE(310) 541-2438  COX COMMUNICATIONS(310) 377-1800 VERIZON TELEPHONE(800) 483-4000 EDISON INTERNATIONAL(800) 684-8123. SOUTHERN CALIFORNIA GAS COMPANY(800) 427-2200. WASTE MANAGEMENT - 95% of Rancho Palos Verdes (Note that the area south of Palos Verdes Drive South and the Portuguese Bend landslide area is serviced by Universal Waste Systems)Telephone (310) 768-3111.UNIVERSAL WASTE SYSTEMS (Rancho Palos Verdes only in the area south of Palos Verdes Drive South and the Portuguese Bend landslide area) (800) 774-0222 or (310) 830-7100ATHENS SERVICES (Palos Verdes Estates Trash Collection)626-336-3636 Sales 626-336-6100 Customer ServiceNote: Palos Verdes Estates provides for...
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