Norma Toering’s Palos Verdes Realtor Blog

There’s something in the air.  The slumbering real estate market is beginning to show signs of renewed activity.  If the first month of 2010 is an early indicator change is on the way.  A wise client told me he knows a recession is over when all his neighbors buy new cars.  Yesterday he told me his neighborhood is full of new vehicles.  That’s probably as good an indicator as an economist can tout, but just for good measure here is what the New York Times said:

Breaking News Alert
The New York Times
Fri, January 29, 2010 — 8:48 AM ET
—–

The United States economy grew at its fastest pace in over
six years at the end of 2009, but a sluggish job market is
still souring economists on the sustainability of the
recovery.

If you are looking for signs of recovery before giving up your position on the fence, this might be the time to stop waiting for the bottom and start shopping for the home of your choice.

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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Foreclosure Report for Palos Verdes Estates, California during January 2010.

• Total single family homes for sale in PVE: 65 Homes
• Foreclosed/bank-owned homes for sale in PVE: 0 Homes
• Pre-foreclosure homes for sale in PVE: 1 House
• Short Sale listing homes for sale in PVE: 5 Homes

Foreclosure related and short sale listings make up 9.2% of the current homes for sale in Palos Verdes Estates.

Palos Verdes Estates - Foreclosure/Short Sale by Neighborhood (Active Listings)

• Lunada Bay: 1 House
• Monte Malaga: 1 House
• Malaga Cove: 2 Homes
• Valmonte: 2 Homes

Search for available foreclosure and bank-owned homes on our Palos Verdes website.  You can view foreclosure sale homes in most cities in Southern California and no registration is required.  Or email Norma for a free list of bank-owned properties.

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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Price prevents many real estate transactions from coming together, but pride kills many a deal also.  In seeking a win win outcome there are often moments of stubborn denial, wounded egos and walk aways.   Yet the seller wants to sell and the buyer wants to buy.  Standing your ground may mean you won the battle but lost the house.  Which win do you want?

Stay focused on the end goal and it will be easier to accept the posturing chatter, the endless back and forth, and the concessions you will undoubtedly make on the way to the closing table.  Increasing your offer price, decreasing your asking price, making repairs, extending deadlines and other delays are part of the process.  There are many players in a real estate transaction and it takes a cooperating village to close a real estate deal.  Patience, perseverance and politeness will serve you well.

It is impossible to remove all emotions from most real estate transaction.  One party is selling the structure that housed their family and the memories of their life.  The other party is looking for the perfect place to create a new chapter in their life’s story.  Emotions are not a bad thing unless they overtake common sense.  It can be a deal killer if emotions lead to rants and irrational demands.

Resolutions are welcome, negotiations are expected and most objections and obstacles have a solution.  If all goes well the seller will walk away with the check and the buyers with the keys to their new home.  No crow will be served at the closing table.

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.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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A cash offer can be a breath of fresh air in this convoluted financial climate; it can also be a waste of time if the prospective buyer is out of touch with the local market.  For instance last week I received a verbal offer of $800,000 for a property listed in the $1.2M price range. 

I politely informed Mr. Cash Is King my seller has the desire to sell, but he is not desperate.  Yes, there was a sale in early 2009 in the neighborhood in the mid $800k range, but it was original condition with no view. Toss in a couple hundred thousand for the gorgeous remodel and a couple more for the ocean view and guess what, you’ll find Mr. Seller is priced at market value.  Okay, those are very rough numbers, but he got the point. One fixer sale in the neighborhood does not set the bar for all future sales.

This cash is king  loose cannon was firing offers in every direction without agent representation.  I’m sure I was not the only listing agent that received his call.  After all, he stated he wanted to deal directly with the listing agent to secure a better deal–that is a whole other post and I won’t delve into it now.  He sounded like a nice enough guy, but totally out of touch with the local market.

It’s great to have cash, but even cash won’t make a crazy offer fly.

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.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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32332 Phantom Drive in Rancho Palos Verdes is ready and waiting for some lucky buyer.  The three bedroom home is remodeled with hardwood floors, a gorgeous kitchen, two fireplaces and view of the ocean. 

Perched high on the Palos Verdes Peninsula overlooking Trump National Golf Course, the home is ideally located for golfing, hiking one of many trails that meander throughout the Palos Verdes Drive South coastal area, or just kicking back and soaking up the view from the patio.

The property will be open Sunday, January 10 from 1-4pm.  Stop by and take a tour of this pristine view home.

3 Bedrooms

1.75 Bathrooms

1,922 Sq. Ft. Per Tax Records

12,740 Sq. Ft. Lot Per Tax Records

Ocean View

Built in 1963, Recently Remodeled

$1,195,000

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.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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Jumbo loans are back.  Can movement in the high-end luxury home market be far behind?  Savvy buyers will continue to cherry-pick the best of the best deals, but with jumbo loans easier to obtain my prediction is the $2,000,000 and up homes will play an active role in the Palos Verdes real estate market in 2010.

How low will they go?  The competition is fierce for prime entry-level homes in Palos Verdes.  It’s the location and the schools that continue to support the prices at the low end of the price spectrum.  Bank-owned and short sale properties comprise a minuscule portion of the local market and therefore, have little to no impact on Palos Verdes Peninsula prices.

Super-sized homes shrink in size but grow in “greeness”.  Today’s buyers are concerned with the environment, the economy and the day to day cost of running a McMansion.  Water is a precious commodity in Southern California and conspicuous consumption of Mother Nature’s resources is frowned upon.  Look for desert friendly landscaping to make a return as water bills skyrocket.

Price and value will align.  Seller will release their “unrealized equity gains” to the universe and price properties in line with recent sold comps in their neighborhood.  Those paper gains are gone.  After all, how can you lose something you never really had?

The fluidity of the market is a given, and like the undulating ocean will continue to ebb and flow based on the pull of the economy, employment and local lending environment.  My parting 2009 wish: May 2010 bring small improvements for all conditions impacting the housing market.

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.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

Palos Verdes Homes for Sale - Rancho Palos Verdes Houses
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Boitano Palms Lots for Sale - Homes with Views in Palos Verdes
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Los Verdes neighborhood home sales and real estate report for October 2009 in Rancho Palos Verdes, California.

Active listings: 8 Properties are currently on the market in the Los Verdes neighborhood priced from $825,000 to $1,399,000.

Pending sales: 8 Homes are currently in escrow priced from $849,000 to $1,100,000.

October sales: 7 Houses sold in October 2009:

• Trailriders Dr $881,000
• Hartcrest Dr $900,000
• Kings Harbor Drive $900,000
• Braidwood Dr $929,000
• Blythewood Dr $980,000
• Maplepark Dr $980,000
• Warnick Rd $1,400,000

All Los Verdes, Palos Verdes real estate and home sales reports.

Previous Palos Verdes and San Pedro Market Reports

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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If you are not watching for it, you will drive right past the entrance to the Portuguese Bend Beach Club on Palos Verdes Drive South in Rancho Palos Verdes.  The guard house is small and set back from the street, but once inside the gates amazing ocean views unfold and you find yourself at the ocean’s edge.

An eclectic mix of modern mansions, chic cottages and beach shacks hug the soaring bluffs above the ocean in the upper area of the club, and homes on the lower level are close enough to be kissed by the salty mist. Their backyard is sand and the Pacific Ocean.  There are palapa umbrellas shading an abundance of picnic tables, fire-pits (yes, you can build a bonfire at this beach) and a playground scattered about the private beach.  If it sounds like a mini resort and an ideal vacation spot, it is, but a few fortunate Rancho Palos Verdes residents also call it home.

There are a few Portuguese Bend Beach Club homes for sale.  Prices ranges from approximately $1M (that’s a starter shack with a great ocean view) to multi-million dollar homes.  The last home I sold in the Portuguese Bend Beach Club sold in the $1.5M price range.  It was a remodeled 2-bedroom with a fantastic deck to enjoy the sights and sounds of beach living.

Located next to Trump National Golf Course and just minutes from Terranea Resort, the Portuguese Bend Beach Club enjoys a private location, great climate and the perks of living in a beach community on the Palos Verdes Peninsula.

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.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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If you’re looking for a hideaway far from the maddening crowds of Los Angeles and San Diego (and all locales in between) lean closer you’re about to receive a hot tip; there’s a pristine little lake nestled between the 15 Freeway and the Mojave River surrounded by wide open spaces and encircled by lakefront homes.  Lake Calico is waiting for your kayak, ski boat or your kid’s fishing pole.  

Ever dream of slipping away for long weekends and holidays to a fabulous LAKEFRONT home fit for royalty and movie stars, but oh-so-affordable? Come to Lake Calico and fulfill your vision.

Enjoy a Mediterranean Villa with over 3000 sq ft, 4 bedrooms and 3 bathrooms. Built in 2006 the palatial 10 to 12 ft. ceilings, imported tiles, spacious master suite with jetted tub and custom shower sets a new standard for luxury and quality in the area.

Well equipped for desert living the house sports extra insulation throughout, low E windows by Milgard, whole house filtration by York, highly efficient AC system and a security system. Located in a private lake community where you can jet ski, fish, and kayak to your heart’s content. There’s a large covered patio, private Trex dock and a 3-car garage to store all your recreational toys.

Within easy driving range of the local mountains for skiing, Palm Springs, Los Angeles and Las Vegas nightlife. Located in a rural area near Yermo.  39477 Mountain View Road $650,000.

Come glide on Calico Lake with the geese and ducks, or simply sit on the covered patio and enjoy the view.

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.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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Sit down, because this may surprise you, but a bank owned fixer or stripped down short sale may not give you the best bang for your buck.  Sometimes it’s wiser to swim against the current than drift along with the crowd.  It’s Warren Buffet’s approach to mass mentality and it might work for you too.

The bank owned property is usually priced close to market value or just below in my area.  That’s enticing, but this is where it pays to read the fine print.  The bank will make no repairs including termite work, and that can cost thousands of dollars if fumigation and extensive repairs are needed.  If you want a home warranty to cover appliances and home systems the first year, be prepared to write a check to cover the cost because the seller will ignore your request for this little perk.

If a short sale sounds appealing be prepared to bid over the asking price and muster up the patience of Job.  Your offer may be one of many on an artificially underpriced property, and if selected as the one offer that is submitted to the bank you will most likely be required to wait weeks for the bank to accept or decline your offer.  If you enjoy a bidding war free-for-all then by all means throw an offer in the pile.  Don’t expect the owner/seller to make needed repairs–he’s broke.  A short sale is only approved by the lender if the owner demonstrate financial hardship.  Trust me, there’s no money for deferred maintenance or cosmetic beautification.  That will come from the buyer’s bank account.

On the other hand, there are a few sleeper properties on every MLS.  They don’t have all the latest bells and whistles, they are often short on improvements, but well maintained by long term owners.  The bank is not nipping at their heels, but the retirement home beckons. A Palos Verdes property I showed last week comes to mind.  It has a great view, lots of space and a prime location.  It also has a 1960s kitchen, similar bathrooms but nothing a little nip/tuck could not fix.  It’s important to buy the amenities you can not add later:  location, view and land. 

 Sometimes the asking price is just the beginning of what the property will cost you.

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.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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