This has been such a “full” year and as it draws to a close I want to share my thoughts on 2008.  Even though many of us have experienced some negative impact from the financial issues of our country and the world, I wanted to pass on a comment from my Yoga teacher.  “These are first world problems,” she says.  She is right.  People in other countries would gladly trade places with us.  We live in a safe environment, we have comfortable homes, we are warm, we are well fed and really have all our basic needs met.

And so I want to finish off this year in a moment of gratitude for all that I have -  radiant health, unlimited love, fabulous family, wonderful friends, lots of laughter,  a lively-bustling real estate career with honest/fun/motivated clients, financial security and a beautiful location in which to live and work. 

May your New Year be filled with joy and gratitude.

Trump is not rags to riches but the American Dream and Hero all the same. How dare I compare? It’s a free country. They both lost it all, found it, lost the girl, found her. So many things to say. First of all they were both true to their dream. In the same earth where so many sell out only for the money, they didn’t. Trump is legit, he does it with Real Estate, Books, Speeches, TV, just call it seeing what is working and making it fit. That is leadership, showmanship all together. He says buy up properties now. Those who can are. Those who can refi will. 

I believe in Spirit. Spirit of Christmas, Spirit of hope and goodwill. The ability of people to overcome against great odds. Our country, our earth is turning over and over. The inventors are working to create a new vision of transportation. The current fossel fuel, craft and graft of so long is expopsed. The dream Buckminster Fuller had of housing and sharing energy for world peace may have its day. If you don’t know about the plan he had it is well worth researching and finding. In a nutshell- take the earth map and flatten it out. See the sun as it moves across the map and let it power and share as it goes across. The old power plants that turn off and on take more energy to start than to run the whole day. So keep it going and move it along to give to the next in line for the sun path. Give energy to the places in the world without, keep it going along the circle of the earth. Countries sharing power will not go to war, they are already sharing what they have most vaulable of all, energy.

TRUMP

The sliding hillsides in Palos Verdes. No concrete foundations will work right where the land is moving. But a goldmine of a view surrounded by land, Trump saw only a golf course would do. He had to learn how to work with the Palos Verdes School system. No hero has it easy.

The movie- Kenneth Turan’s #1 Slumdog Millionaire. I was not sure if I should go alone or with my husband. We just could not deal with another depressing moment. We needed an escape and we got it. A great escape to believe in possibilities. To dream a big idea and be so grateful for the best we have.

We have bought homes over time and missed the pain of the wrong market. We have a rule. Never buy a home we don’t love. We are going to be with it for a very long time. We bought at the top of the chart Nov. 2005 some say. Like the slumdog we will have to work smarter, look for opportunity, and be ever so grateful for so many things. The We I refur to is the greatest thing of all that I have and it is this “We” my husband since 1976. Our family is our treasure.

I believe. I hope and dream. The good is more valuable in every person than ever before. We need each other. We need to stand up together -heroes - every day by every choice.

 We saw a nice improvement in the number of homes sold here in the Hollywood Riviera (27% more) in this last, 4th quarter of the year vs. the same quarter of 2007!  Lower interest rates may have gotten many media-scared buyers to finally realize what a great buying opportunity it really is!  Although for the year overall we saw 30% fewer homes sold (91 in 2007 and 64 in 2008), our average selling price was only down about 6% (attributed to more lower end sales and fewer higher end sales).  The average days on market nearly doubled (66 days this year vs. 39 last year).  The biggest part of the slow-down for number of homes sold occurred in the $1.2 million + price range.  There were 30 homes sold in this range in 2007 and only 21 homes sold in the higher end of the market this year.  A big factor for this was the lack of loan programs available in the jumbo market.  However, the good news there is that the average sales price of homes over $1.2 million in 2008 was $1,467,421, nearly 5% HIGHER than the $1,398,800 figure for 2007!

I thought it would be fun to go through 2008’s Top Tuesday Tour Tips for Palos Verdes real estate and pick my favorites, tell you why and give you an update on those properties.

My favorite listing is my own listing at 838 Rivera Place, Palos Verdes Estates; it is a 4 bedroom, 3 bath, 3,025 square foot home for $2,449,000 (original price was $2,499,000.  This Lunada Bay home is lavishly remodeled with a private courtyard entry and panoramic ocean/Catalina views from nearly every room.  It is a great alternative to a Terranea casita (and less expensive) and you can use it 365 days a year! (view more photos by clicking on the link above)  This home is currently on Hold for the holidays.

Lisa Hawk’s 43 Misty Acres, Rolling Hills Estates, (above left) is a 4 bedroom, 4 bath, 2,881 square foot home for $1,719,000.  This single level home located in The Ranch (gated community) is one of my favorites as it has a great backyard - very large with pool, barbecue area, gazebo, private driveway and 3-car garage.  This home has a bright open floor plan and is currently Active (for sale). Kitty and Rick Edler’s 209 Rocky Point Road, Palos Verdes Estates, (above right) is a 3 bedroom, 2 1/2 bath, 2,720 square foot home for $3,399,000 (original price $3,750,000).  This Lunada Bay home sits at the ocean’s edge overlooking the bay, has a pool and is needs to be updated - but look at that view and bluff property too!  This home is currently in escrow and they are taking Backup offers.

James Sanders’ 3900 Via Nivel, Palos Verdes Estates, (above left) is a 4 bedroom, 2 bath, 2100 square foot home that was originally listed for $1,249,000 and sold in October for $$1,005,000.  I thought this was a very good price for a Valmonte home of this size with a pool - only negative was that it was on the corner of Palos Verdes Drive North. Gary Myer’s 32759 Seagate Drive, Penthouse G, Rancho Palos Verdes, (above right) is a 2 bedroom, 1.75 bath, 1,506 square foot condominium that was originally listed for $1,395,000 and sold last week for $1,100,000.  This Bay Club penthouse was an ocean front unit with a 180 degree view, was completely remodeled and would be perfect for either weekend getaways or full time living.

Some photos courtesy of MRMLS 

• merry Christmas to all! #

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merry Christmas to all!

Are You Confused About Plastics?  That is the questions posed in an excellent article from C.A.R. Newsline from California Association of Realtors.  I was confused and found this article informative and I pass it on to you:

You’re not alone. Experts have reached a consensus and recommend that you avoid these varieties — identified by a triangle and number on the bottom of most containers — for the following reasons:

#3 Polyvinyl Chloride (PVC) commonly contains di-2-ehtylhexyl phthalate (DEHP), an endocrine disruptor and probable human carcinogen, as a softener.

#6 Polystyrene (PS) may leach styrene, a possible endocrine disruptor and human carcinogen, into water and food.

#7 Polycarbonate contains the hormone disruptor bisphenol-A, which can leach out as bottles age, are heated, or exposed to acidic solutions. Unfortunately, #7 is used in most baby bottles and five-gallon water jugs and in many reusable sports bottles.

Palos Verdes Estates City Council has selected a “combination of caissons and tiebacks to create a wall that will support PF Drive West” reports the Palos Verdes Peninsula News.  The road has been affected by the landslide above Bluff Cove. The caissons will be 53 feet deep; the tiebacks are horizontal wires used to reinforce the caissons for stability.  The cost could be up to $1.2 million.

No start date is given for this project but it is projected to take 3 months to complete.  I believe the city has to get funding from Los Angeles County for the majority of the funds.  During construction they plan on keeping Palos Verdes Drive West open with one lane servicing traffic which means delays.  Via Montemar has been suggested as an alternate road during that time.

For background and more information on the Bluff Cove Road Repairs, see my original post which can be accessed by clicking here.

Most of us have heard the news from December 16th that the Fed is targeting the Fed Funds rate in the range of “0% - .25%.”  What this means is they dropped their rate .75% to .25% but left the flexibility to cut another .25% and take the rate to 0%.

That’s all well and good but the real news for us lied in the commentary:  “the Federal Reserve will purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets “.   The buying of these securities is what directly impacts mortgage rates-investors buy securities, the prices go up and yields (and mortgage rates) go down.

This commitment is huge as it will also prompt other investors to jump in and we should see rates dipping into the mid 4% range!  This is historic as we are now at levels below the previous all-time lows seen back in June of 2003.

Conforming interest rates are the lowest they have been in 4 years!  And there has been much talk on both the network news and in print of the Federal Bank lowering the rate to zero percent.  Now, don’t get too excited - this does not mean that you and I can get loans for zero percent.   This Fed Rate is the rate that banks charge each other. 

This appears to be in step with the Federal Bank’s desire to  get the mortgage interest rates down to a target of 4.5% before the next wave of mortgage resets.  This will allow borrowers to refinance at a much more affordable rate thereby avoiding short sales and foreclosures.  

Actually you can get 4.25% conforming loans right now if you want to pay 3 points (not too many do).  We will probably see 4.5% with one loan point for conforming loans soon.  Now, if we can get the Fed to invest in jumbo loans (the Treasury has been buying conforming mortgage backed securities) it will help Palos Verdes real estate.