Fall is here! My morning walk required a sweater for the brisk 58-degree day. After the languid last days of summer, I think the real estate market is ready to perk up and make the most of the final quarter of 2017. I bumped into an agent who has been in the business longer than I have, and she said, "This has been the quietest summer I can remember."  Yes, although I was busy and productive with listings and sales, the market took a bit of a breather during the summer months of 2017.

Inventory remains tight with only 183 single family homes listed for sale. 89 Palos Verdes single family homes are in escrow with accepted offers, and 553 PV single family have sold year-to-date. The luxury market indicator shows a slow movement back to a neutral market after spending most of the summer in a market favoring buyers.  The Palos Verdes market for all single-family homes is showing a slight trend away from the hot sellers' market of the past several years.

For more information about buying or selling a home in Palos Verdes contact Norma Toering at 310.493.8333.

Palos Verdes Homes Market Report August 2017

The single-family housing market in Palos Verdes remains healthy, active, and still favoring sellers.


There are 212 single family homes for sale on the entire Palos Verdes Peninsula. 94 homes are in escrow with accepted offers, and 77 Palos Verdes single family homes sold during July 2017. 426 PV single family homes have sold YTD 2017.

Given the above statistics, the inventory is still low, and the absorption rate is high. If you're considering selling a Palos Verdes property, the market will welcome the increased inventory. The one area of the Palos Verdes real estate market favoring buyers is the luxury segment of homes priced at or above $3,000,000.

Rancho Palos Verdes high-end home listed by Charlemagne Int'l Properties.


For more information regarding selling or buying a Palos Verdes property contact Norma Toering at 310.493.8333 for a market analysis of your property. I also offer a free, one-hour assessment on enhancing the value of your property and preparing it for sale. Call for details.

Contact Norma Toering for more information on Palos Verdes homes for sale.

Palos Verdes Uber Luxury Home Prices Are Escalating

On Tuesday mornings, I am always anxious to check to see what new listings are on the broker open house tour. Yesterday, as is my habit, I took my second cup of coffee upstairs and opened up the local MLS open house tour schedule. It was all pretty routine until I began selecting homes to include on our weekly trot around the Palos Verdes Peninsula.

I selected twelve homes to personally tour. Some matched buyers' wants and needs, some were comparable properties for upcoming or current listings, and it's always good to know the price, location, and condition of your competition, but the utterly amazing thing was the number of mega multi-million dollars homes on the list. Two homes topped $10,000,000!

Since time did not permit us to view all the mega million dollars mansions on the list, we opted to tour an oceanfront property in Palos Verdes Estates listed for $11,900,000. The stately gated property exudes understated opulence and offers a commanding view of the coastline and the Pacific Ocean. It's grand without being ostentatious and it's a property that makes the most of its coveted oceanfront location. Time will tell if it sells for its asking price, but as they say, there's a limited selection of oceanfront properties in Palos Verdes. For the uber luxury buyer,it's a must see and a chance to own one of Palos Verdes Estates grandest oceanfront estates.

 

 What is driving the Palos Verdes luxury home market? Here are my best guess answers:

1. We're beginning to get buyers venturing onto the Palos Verdes Peninsula who are priced out of the Manhattan Beach and Hermosa Beach markets. $10,000,000 just doesn't buy the same luxury house in Manhattan Beach as it does in Palos Verdes.
2. Silicon Valley is finding its way to the beaches of Southern California. Perhaps Silicon Beach buyers are heading up "The Hill" to find their luxury home as well.
3. Interest rates remain low and although many homes in the luxury price range are cash transactions, some buyers still prefer to finance a portion of their home purchase.
4. Palos Verdes coastal properties are undervalued when compared to similar properties in Malibu, Montecito and La Jolla.
5. Uber luxury home buyers are savvy investors and real estate plays an important role in their asset in their investment portfolios.

 

If you're in the market to buy or sell a Palos Verdes luxury home, we can help you accomplish your Palos Verdes luxury home goals. You may reach us at 310.493.8333 or 310.525.9440, or email us at Norma@CharlemagneProperties.com or ToeringandTeam@gmail.com.