The over $3,000,000 home sales have endured a sluggish couple of years on the Palos Verdes Peninsula. Chalk it up to the near extinction of jumbo loans and the economic decline. I noticed during the usually quiet dog days of summer a high end sale or two started appearing on the MLS hotsheet.
Digging a little deeper, and closing a high-end home in Palos Verdes Estates myself, encouraged me to delve a little deeper to determine whether my sale was a fluke, a stroke of good luck or a turning point in the local housing market. Here's what I found:
10 Palos Verdes Estates homes $3,000,000 and up closed escrow in 2009. 4 Homes in the price range are currently in escrow.
9 Palos Verdes Estates homes $3,000,000 and up closed escrow in 2008.
18 Palos Verdes Estates homes $3,000,000 and up closed escrow in 2007.
13 Palos Verdes Estates homes $3,000,000 and up closed escrow in 2006.
17 Palos Verdes Estates homes $3,000,000 and up closed escrow in 2005.
It appears the high-end home market in Palos Verdes Estates hit bottom in 2008, and the number of sales in 2009 will be back in the double digit zone.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.
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