What’s it mean? Popelynne@gmail

Recently, there have been Blue Whale sightings only two miles off the Palos Verdes Peninsula coast near Point Vicente.  The Peninsula News reported that the whales are here to eat the abundant krill that are attracted to the nutrients near the continental shelf off our coast.  The blue whale is the largest mammal on earth (as long as 3 school buses) and can weigh up to 336,000 pounds.  They are an endangered species with approximately 2,000 living in the Pacific Ocean (the largest grouping) and hundreds more in the Antartic and Atlantic Ocean.

Dudley Wigdahl, Curator of Mammals at the Aquarium of the Pacific said the blue whales will be swimming up and down the coast for the next 3 to 6 months before they migrate south for the winter.  To see the blue whales, Captain Dan Salas of Harbor Breeze Cruises has special blue whale excursions (562-432-4900) .  Tom Underhill, photographer for Peninsula News has posted more photos of the blue whale which can be accessed by clicking here.

Above photo courtesy of Tom Underhill, Peninsula News 

Seems like we are always “speaking” to sellers about staging their home and how to get top dollar.  But on the other side of that conversation is the conversation with buyers.  They want a good deal right?  They should actually be out there looking for those houses that are NOT staged.  Buyers want to try and look through all the clutter, mis-matched furniture, dings on the walls and ugly wallpaper - these are good things for buyers really…the buyers savvy enough to see through all that!   The good news about ugly furniture is that the seller will be taking it with them!   Buyers should hope that there are gorgeous hardwood floors under the old carpet that’s been there for 25 years (protecting those hardwood floors!) 

Buyers want to look for “good bones.”  Good bones include a great location (we’ve always heard the real estate mantra, “Location, Location, Location!)  It’s true.  Ideally as a buyer you want the worst house in the best location.  You can typically improve the house easier than overcoming a bad location.  Buyers want to check out the neighborhood, who are the neighbors?  What are the other houses in the area selling for?  What did the seller pay for the house?  When?  How long has it been on the market?  Typically homes that have been on the market for a long time are easier to “negotiate down” in price.  The closer to the list date a house gets offers, the closer to it’s list price that it gets.  In today’s market homes are still selling on average about 95% of list price.  So, if a house listed for $1 million dollars, it would sell in the $950,000 range.  This is an average of course…some more, some less.  Back to how many days on market and how many price reductions.  Once a home gets reduced into the “right” price range, it will get more activity and in some cases generate multiple offers. 

Believe it or not, in some cases, homes in the the Hollywood Riviera are still seeing multiple offers.  About 2 weeks ago, July 10th or so….there was a house that got 8 offers.  I showed a wonderful little house this evening here in the Riviera that has been on the market for 33 days (not even the average days on market for the area which is 69 days now.)  It was attractively priced in the first place at $859,000 (it’s a well kept original 1948 home.)  It was reduced in price twice - once to $849K and then 10 days later on the 25th of July (only 5 days ago) to $829,000 and now it has 3 offers on it.  So, obviously, a seller can get a house priced in the range where they can get in themselves in the driver’s seat. 

A buyer needs to get in front of that price and if someone would have made an offer prior to this price reduction, they might have been able to get a few more concessions from the seller.  In this multiple offer situation, the buyer will have to be willing to do what it takes to get the house - if they really want it that is.

It’s a new market and in most cases, a great one for buyers right now.   There are a lot of choices out there and as we move forward we will see how the market changes.  It is not a static market - it never sleeps and is constantly something to watch….that is what makes it so exciting!

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popelynne no cell svc on sprint thanx for lax info. Friend at airpirt r u at trulia in s.f. Still?

It’s always nice to get some good news about the Real Estate Market in North San Diego County.

From 6/1/2008 to 7/27/2008 a whopping 337 single family homes and condos SOLD in Oceanside CA.  Other local areas Vista, San Marcos and Escondido are experiencing similar sales volume. That is an incredible number and can only mean that the Real Estate Market is far from being dead as the Fear de jour Media would have you believe.  Have you seen a headline anywhere that says “Houses selling like hotcakes”?  The fact is investors and first time buyers are stepping up to the plate in a big way while rates remain near record lows. 

Many sales are reported closed at more than list price.  To check out the action click here.  En Fuego.

It’s finally happened!  The news media is discussing the turn in the real estate market.  Although they do not specifically mention Palos Verdes Real Estate, statistics are given for the Los Angeles area.  Recently, Barron’s Jonathan R. Laing had a lengthly and well- documented article which is worth the read (click here for link to article).

National statistics in the April S&P Case-Shiller Index showed that prices actually rose in 8 out of the 20 markets covered (versus only 2 in 20 markets for March).  “Jim Paulsen, chief investment strategist of Wells Fargo’s primary investment unit, expects home prices to steady by year end…”  Mr. Laing finishes his article by saying, “…long-term buyers in the top 20 U.S. metro markets have seen their properties appreciate by 70% since 2000.  Home prices often take five to 10 years to recover fully from severe declines such as this.  But at least the available data suggest the scary dive in home prices soon will be over.”  As you can see from the Barron’s chart below, Los Angeles actually experienced 107% appreciation since 2000.

Statistics for real estate on the Palos Verdes Peninsula for the past 15 months are available by clicking here or on the “Statistics” tab above.

 What’s happening in the Hollywood Riviera Real Estate market on July 28, 2008?

There are currently 37 homes for sale in the area.  15 of those are on the Torrance 90505 side and the other 22 have the Redondo Beach P.O. Box address - all the homes in the Riviera are technically part of South Torrance. 

The 15 Torrance side homes have an average list price of $941K; have an average of 69 Days on Market and the average house size is just over 2000 sq ft.  The lowest price house is on the PCH service street and is listed for $649,000, 3 bed/2 bath and over 1600 sq ft.  The most expensive listing on the Torrance side is $1,648,000 - a gorgeous brand new home with wonderful finishes, a beautiful front patio and outdoor fireplace out back. 

The RB side has an average list price of $1,445K; have an average Days on Market of also 69 days and the average house size is just over 2400 sq ft.   The lowest priced RB house is $829,000 and is close to original condition, 4 bed/2 bath and just over 1600 sq ft.  It’s on a cute street, Calle de Madrid.  The most expensive listing right now is $2,499,000 and is gorgeous new construction with over 4300 sq ft, a view, a basement and many wonderful amenitites on Via Alameda.

Welcome to the Hollywood Riviera - there are lots to choose from - take your pick!

 You’ve been to the beach, the farmer’s market, the park and your local library.  Here are some other destinations to help alleviate midsummer kid boredom, without dropping a bundle.

1. Cabrillo Marine Aquarium: Marine exhibits, touch tanks and special events.  Admission is a suggested donation of $5 for adults and $1 for kids and seniors.  http://www.cabrilloaq.org

2. South Coast Botanical Garden: 87 acres of land with a collection of plants from all over the world, classes, tours, walks, and special shows.  Admission is $7 for adults, $5 for students & seniors, $2.50 for children under 5.  http://www.southcoastbotanicgarden.org

3. Charles H. Wilson Park: Free Little Train Rides on the first Sunday of the month.  The park also has a treehouse.  http://www.visittorrance.com/parks.htm

4. Madrona Marsh Preserve and Nature Center: Learn about the animal and plant species that benefit from the marsh at the Nature Center, then explore the marsh itself and see them in their natural habitat.  http://www.friendsofthemadronamarsh.com

5. Pointe Vicente Interpretive Center: The 10,000 square foot center features exhibits about the natural and cultural history of the Palos Verdes Peninsula, with an emphasis on the Pacific Gray Whale.  No admission fee.  http://www.palosverdes.com/rpv/recreationparks

6. Roundhouse Lab & Aquarium: Native and non-native marine life, including sharks, moray eels, lobsters and octopus, on display in tanks.  Free Admission.  http://www.roundhouseaquarium.org

7. L.A. Maritime Museum: Exhibits include vessels, models, paintings and memorabilia of maritime life.  Hands-on exhibits include knot board and amateur radio room.  $3 general admission, seniors and youths 7-18 $1, children 6 and under free.  http://www.lamaritimemuseum.org

8. Western Museum of Flight: Focuses on the history of the aerospace industry in Southern California, with planes from all eras on display.  Admission $5, students $3.  http://www.wmof.com

9. Bannning Residence Museum:  Built in 1864, the restored, 23-room Greek revival mansion is the former home of Phineas Banning, who founded Wilmington.  Admission is $5, $1 for children under 12.  http://www.banningmuseum.org

10. Sea Aire Golf Course: Sea Aire is a very short nine-hole, par 27, pitch and putt golf course nestled in the Seaside Ranchos Neighborhood of South Torrance.  http://www.ci.torrance.ca.us/Parks/10153.htm

Courtesy of the Daily Breeze Saturday, Jully 26, 2008

Redondo Beach real estate, homes for sale have more open houses this summer than ever! There is a reason. I was at a conference and I heard that Agents are looking for Buyers!  With listings staying on the market longer, the expense of the listing really adds up. The buyer market is slim now as mortgage loans are for the few with 1099 stubs. The days of the stated income are rare right now.

When the news says the rates have come down. It doesn’t mean the consumer rates will fall. Call the mortgage lender of your choice today and check out the true interest rates. Then you will be ready to buy a home. It is the first time that interest rates and home prices have both been low. The prices will remain low for another year but will interest rates?