Yesterday, there were 26 homes on the Palos Verdes real estate Broker’s Tour.  We currently have 306 active single family homes for sale in Palos Verdes ranging in price from $799,950 in Rancho Palos Verdes to $18,900,000 in Rolling Hills (the low in Eastview is $529,000).  There are 59 townhomes/condos for sale priced between $224,900 and $1,750,000.  My favorites were:

Steve Simonettti’s 2205 Paseo Del Mar, Palos Verdes Estates (above left),  is a 4 bedroom, 3 bath, 2,536 square foot home for $1,495,000.  This original Lower Lunada Bay home is just steps away from the bluff and is original (waiting for TLC).  Kitty Edler’s 80 Cresta Verde, Rolling Hills Estates (above right), is a 3 bedroom plus den, 3 bath, 1,684 square foot townhome for $899,000.  This Cresta Verde townhome has panoramic ocean views, has been  totally upgraded and is one of the best townhomes currently on the market.

Suzanne Dyer’s 27549 Fawnskin Drive, Rancho Palos Verdes (above left), is a 3 bedroom, 2 bath, 1,612 square foot house for $899,000.  This Grandview Silver Arrow home has been beautifully remodeled with a fabulous kitchen and master bath and newer hardwood floors.  Jan Kelly’s 28081 Ella Road, Rancho Palos Verdes (above right), is a 3 bedroom 2 bath, 1,684 square foot home for $1,039,000.  This Los Verdes home offers an outstanding ocean view, a separate office and crown molding throughout.

Photos courtesy of MRMLS 

With home prices down and interest rates really low, most first-time buyers know this is a great time to buy.  But with the constant news of job losses, many are hesitant to make the move.  To help relieve the pressure, the California Association of REALTORS has started a new mortgage protection plan to benefit first-time buyers. 

C.A.R. president, James Liptak, sent an email to all C.A.R. members describing the program.  He states: “Through the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a reduced monthly benefit of $750 per month for up to six months in the event of a job loss. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million to the program this year, and estimates that as many as 3,000 families will benefit from the program throughout 2009.

To qualify for the Mortgage Protection Program, applicants must:
. Be a first-time home buyer – someone who has not owned a home in the last three years
. Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
. Use a California REALTOR® in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed or military personnel)

First-time home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®”.

There is no cost for this program. To learn more, visit the CARHAF website.

Mortgage rates are down again for the Palos Verdes real estate market.  A 30-year fixed conforming loan is 4.625% - That is a record low in Freddie Mac data going back to 1971!

Fixed mortgage rates in the U.S. fell for a second consecutive week as the Federal Reserve plan to buy mortgage-back securities helped drive rates lower.  18 properties on the Palos Verdes Peninsula went into escrow in the last week.  I believe Buyers are realizing what a great opportunity this is for them and they are taking advantage of these historically low interest rates.

Above mortgage rates for Palos Verdes homes are provided by Jim Kurata, Peninsula Mortgage/Chase (310-994-2769).

Here in the Hollywood Riviera real estate market there are 9 pending sales right now - that’s good news.  The very good news for our neighborhood right now is that we have a home that was listed for $1,799,000 in escrow right now.  There hasn’t been a sale above $1,465,000 since November 1st, 2008.  This will create a comparable for the higher end market which has been taking a beating lately as far as appraisals go. Even if someone has wanted to refinance their home, the house has to go through the appraisal process and no higher end comps bring down the average.

Click here to see the current pending sales.

There are currently 43 homes for sale right now in the Hollywood Riviera.  This includes everything from $625,000 for a fixer on Pacific Coast Highway to $2,799,000 for a brand new contemporary home looking over Torrance Beach.  Click here to see the list of homes for sale in the Hollywood Riviera.

To see what has sold in the Hollywood Riviera since January 1st, 2009 - so a little longer than the 1st quarter ‘09…..Click Here.  12 homes have sold since January 1st, 2009.  That is down from 17 homes the same time last year.  The average price of the 17 sold homes last year was $1,190,000 and the avg $/sq ft was $577.  The average price of the 12 sold homes in 2009 is $972,583 and the avg $/sq ft is down to $509.

What is the outlook for Palos Verdes real estate?  I attended a forecast meeting presented by Robert A. Kleinhenz, Ph.D., Deputy Chief Economist for the California Association of Realtors.  There was good news and “other” news.

First the good news.  Affordability for California is now at 60%; it was 23% in 2007.  Interest rates are at historic lows and probably will remain at these levels through the beginning of next year.  CAR’s California Housing Market Summary below indicates a forecast for 2009 of a 25% increase in number of sales and a 28% decrease in the median price.

Kleinhenz reminded us that the median price is directly affected (and skewed) by the number of low-end homes that have sold vs. the midrange and above (see chart below) that are lingering on the market as lenders continue to withhold jumbo loans from the market.  The actual decrease in sales price in Palos Verdes is nowhere near the numbers above.  Unfortunately, Kleinhenz did not have any numbers specific to the Palos Verdes Peninsula as they only report on cities with 30 or more sales per period.  The best statistics for Palos Verdes are coming from TrendGraphics which can be accessed by clicking here or on the “Statistics” tab above.

Kleinhenz finished with the chart at the top indicating Callifornia real estate had a 11.3% annual rate of return when a home is sold after 5 years.  “The buy and hold strategy does work in California,” he said.  Entire presentation can be accessed by clicking here.

The 43rd Annual Palos Verdes Marathon will be held Saturday, May 2, 2009, at 7:00 a.m.  It will begin and end at Point Fermin Park (807 Paseo del Mar, San Pedro).  According to the official website, the Palos Verdes Marathon is the second longest continuously running Marathon in the United States, second only to the Boston Marathon.  That was news to me; I am impressed.

For residents, it means we probably want to stay clear of Palos Verdes Drive South and Palos Verdes Drive West & Paseo del Mar in Lunada Bay the morning of May 2nd.  It looks like a new route this year.  Click here to see this year’s route.

There is also a Half Marathon beginning at 7:30 a.m. and a 5-K/Community Fun Walk beginning at 8:00 a.m.  This  is a beautiful run along our coast with its breathtaking views.

According to the 2008 California Association of Realtors Survey of Seller’s - 84% of people use the internet to begin their search of property and this is up from 72% in 2007 and up from 62% in 2006 - so the internet snowball is rolling.  What is it that would be of interest to an internet shopper?  Pictures - it’s not the words.  It’s like breezing through a magazine; most people just look at the pictures and their captions - rarely read an entire article.  I’ve even heard from one buyer, that they read the description and didn’t see any pictures to prove the description so they thought it might be a hoax.  As a seller, you certainly don’t want that going through the minds of a potential buyer.   Then there’s the “worst pictures ever” category.  Might be better off with  no pictures than the bad ones…see below.  Can you imagine?  Get good pictures - insist!

(picture care of MLS Trash Can)

@timbuchalka- cool twitter video solution will try tomorrow.

Wholesale mortgage rate window at www.teamatthebeach.com new

#domus #breakingreonews at REO booth in LA homebuyers fair at convention center..it was great..today. lots of buyers…real live