Rancho Palos Verdes Real Estate Update: Home Sales November 2010

Rancho Palos Verdes Real Estate Update: Only 12 homes closed escrow in Rancho Palos Verdes during November. There are currently 138 homes for sale in Rancho Palos Verdes (90275) and 68 homes in escrow (MLS status pending or backup). Even considering the time of year which is historically slow, these results could best be described as "anemic" or maybe worse. Of the homes that closed escrow, one was a townhouse, one was a condo and the rest were single family detached homes. Prices ranged from $375,000 to $1,375,000. The median sale price was $810,000. One was a short sale. None were bank owned foreclosures (REOs). The average days on market was 112. Eight of the homes had price reductions. In case you haven't heard, the real estate market is "soft".

Homeowners, if you want to sell a home in Rancho Palos Verdes, price it to sell quickly and don't follow the real estate market down. Make sure your home shows well and is easy for buyers to see. Buyers, if you are all cash or 20% down, you are in a very strong negotiating position. Run your comps, do your research and make your offers aggressive. He who can close escrow is king of the hill. Unless the balance changes soon, expect to see further price reductions. Following are some of our favorite Rancho Palos Verdes November home sales.

Rancho Palos Verdes November Home Sales

30364 Camino Porvenir, Rancho Palos Verdes, CA 90275. Single Family Residence in MLS Area 171 "Country Club". 4 Bedrooms. 2.5 baths, 2906 sq ft, 8120 sq ft lot. Actually at the 6th tee of the Los Verdes Golf Course. The home was newly remodeled with spectacular views of the emerald green fairways. Home has a spacious family friendly floor plan featuring new dark, distressed hardwood flooring throughout, 3 gorgeous remodeled bathrooms, new stainless steel appliances and granite counters in the kitchen, new Millguard dual paned windows and doors, new lighting fixtures and recessed lighting, new baseboards, crown molding and interior paneled doors, mirror closet doors, polished nickel hardware, travetine marble fireplace surround in the living room, decorator paint and more. Listing agent was RE/MAX Palos Verdes. Selling agent was Shorewood Realtors Palos Verdes. Home sold for $1,375,000 and was on the market for 23 days. This one was a good deal and an excellent real estate investment.

27414 Larchbluff Drive, Rancho Palos Verdes, CA 90275. We've always liked Larchbluff. Convenient Peninsula Center location (MLS area 175). Many of the homes have amazing city lights views and you aren't too far up the hill to make work commutes unmanageable. While some lots have significant drop offs, many do have usable yard space. And views. This 4 bedroom home measures 2189 sq ft per the tax records but was marketed by the listing agent (RE/MAX) as larger. We assume the appraiser sorted it out. The home sold for $1,050,000 after 117 days on the market. It was originally listed for sale at $1,150,000 but the $1.1M price point has been very hard to crack on that street, Many agents have tried but few have succeeded. The property was in updated condition. Per the listing agent: "Has an upgraded kitchen with granite counter tops and a subzero refrigerator. wood floors in living room w/ fire place, family room , dining room with 180 deg view. Three bedrooms up w/new carpets, one bedroom down w/ wood floors adjacent to huge rumpus room. New paint in and out."

6812 Eddinghill Dr, Rancho Palos Verdes, CA 90275. 4 bedroom, 2.5 bath view home with pool in the Los Verdes section (MLS area 173) of Rancho Palos Verdes. The home measures 2484 sq ft and is on a 11,580 sq ft lot. As with Peninsula Center homes, it is hard to crack a certain price point in this area for the 1960 era tract homes. This one was initially listed by RE/MAX at $1.129,000 and then reduced to $1,099,000 before it sold for $1,000,000 exactly. Buyer used conventional financing. Tip for real estate agents and homeowners who want to "test the market". Price your home to sell now. By following the market down, you are exposing your equity to short sales and foreclosures in the neighborhood. Here's how the listing agent described this home for sale: "Beautiful ocean view home in the popular Los Verdes neighborhood. Well manicured backyard with pool, outdoor fireplace, and sports court. Kitchen and bathrooms have been updated. Living room, family room and three bedrooms have gorgeous honey maple wood floors. The carpeted Master Bedroom has a large bathroom and generous walk-in closet. Elegant french doors and windows throughout the house. Spacious living and dining room with high ceilings. Just installed roof."

4361 Dauntless Drive, Rancho Palos Verdes, CA 90275. Well, we kind of like this home because of the price and size. Considering that the listing started at $910,000 and that it finally sold at $745,000 this is a good indication of the home buying leverage that buyers have in today's real estate market. Located in MLS area 169, PV Drive South, this home is close to the Trump National Golf Course, the Terranea Resort, Abalone Cove, and hiking trails. Some think this area is one of the best climates on the peninsula. The recent opening of the Trader Joe's at the end of Hawthorne makes this location more attractive real estate for us (and we're a sucker for the fire pits at the Starbucks). Home is 3 bedrooms, 1 3/4 baths and 2303 sq ft on a 12,000 sq ft lot in the Seaview neighborhood. Double sided fireplace in the living room and dining room, large rustic den with brick fireplace/indoor grill, built in wood cabinets. Smooth ceilings, oak hardwood floors in all bedrooms, living room, hallway, entry and dining room. Separate laundry room off of the kitchen with storage cabinets. Long driveway leads to a two car detached garage with generous storage. Some ocean/Catalina views from living room and front bedrooms. A good value in our opinion.

These are the other homes that sold in Rancho Palos Verdes in November:
28542 Vista Tierra, Rancho Palos Verdes: 2 bedroom 2 bathroom 1122 sq ft attached townhouse. Selling Price $375,000.
29600 Island View Dr #104, Rancho Palos Verdes: 2 bd 2 bth condo 1396 sq ft Selling Price $435,000.
1953 Avenida Feliciano, Rancho Palos Verdes: 4 bd 1 3/4 bth single family house 1800 sq ft Selling Price $676,000.
28626 Mt Lassen Ln, Rancho Palos Verdes: 4 bd 1.5 bth single family house 2100 sq ft 5292 sq ft lot Selling Price $700,000.
29422 Indian Valley Rd, Rancho Palos Verdes: 4 bd 2.5 bth single family house 2051 sq ft Selling Price $800,000.
2769 Calle Aventura, Rancho Palos Verdes: 4 bd 1.5 bth single family house 2290 sq ft 10,000 sq ft lot Selling Price $820,000.
6622 Channel View Court, Rancho Palos Verdes: 3 bd 2 bth 2474 sq ft single family house Short Sale Selling Price $840,000.
27925 Hazelridge Dr, Rancho Palos Verdes: 4 bd 2 bth single family house Selling Price $1,150,000.

If you want to buy a home in Rancho Palos Verdes, here's some quick searches to help you find homes for sale:
All Rancho Palos Verdes Real Estate for Sale
Rancho Palos Verdes single family homes for sale under $1,000,000
Rancho Palos Verdes single family homes for sale $1,000,000 to $1,500,000
Rancho Palos Verdes single family homes for sale $1,500,000 to $2,000,000
Rancho Palos Verdes single family homes for sale over $2,000,000
Rancho Palos Verdes single family homes for sale over $3,000,000
Rancho Palos Verdes single family homes for sale over $4,000,000
Rancho Palos Verdes townhouses and condos for sale
Rancho Palos Verdes bank owned foreclosures (REOs) for sale
Rancho Palos Verdes short sales

To buy or sell a home in Rancho Palos Verdes or to find out your home's value call 310 975 5139. Or just feel free to call with any real estate related questions - we're friendly!