Palos Verdes Home Prices

Palos Verdes home prices are trending up.  But this article published by doesn’t get the whole story, in fact I think they’re missing more than half the point.  Sure, interest rates being as low as they are clearly help home sales.

But when they report "Tim Iacano of Iacano Research credits the majority of the recovery and rise in home prices—if not all of it—to the Federal Reserve’s aggressive actions to keep mortgage rates low. The Fed’s quantitative easing (QE) program has prompted mortgage rates to fall to all-time lows in recent weeks.” they are missing a critically important law of economics.  They don’t even talk about the issue SUPPLY & DEMAND. 

Interest rates are so low, that even if they were to go up 1-2 percent, they would still be incredibly low relative to decades long historical standards.  So it can’t be that low interest rates are sole driver let alone major contributor as Mr. Iacano would have us believe.  While I can’t speak for a national real estate market, I can certainly provide you hard fact documentation on Palos Verdes home prices and what is happening with the supply & demand dynamic for Palos Verdes homes as well as for the Greater South Bay area.

Let’s take a look at what’s happening. Palos Verdes Home Prices trends are patterning this chart on the South Bay

You can email me for a larger copy of this chart if you wish.  The red trend line shows the volume of Pending Sales going back to May of 1990 (yes, I keep track), the blue line tracks the New Listing Volume.  Think of Pending Sale Volume as a measure of demand and think of New Listing Volume as a measure of supply.  Clearly, it’s starkly evident, the number of new listings coming to market is the lowest it’s been in nearly 20 years!  At the same time that supplies have been dropping of Palos Verdes homes and other homes around the South Bay, demand has been picking up. 

We all know what happens when people want more of something, but that something is less and less available.  And as you can see by green line, prices indeed have been firming, in fact they’ve been going up.

Visit this link to get more information on .

+George Fotion

 
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George Fotion
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Palos Verdes Homes Sale Report for July 9 2012

 

Here’s a quick overview to answer many of the questions I’ve received as to why properties seem to be selling at prices higher than what buying clients are expecting

If you would like more information or if you would like to subscribe to my proprietary real estate charts, please go to this Palos Verdes Real Estate Trends website. 

DRE 785373

as originally published at http://realestatemarbles.com/homeispalosverdes/2012/07/09/palos-verdes-h…port-july-2012/
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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Rancho Palos Verdes Homes for Sale in Portuguese Bend

Portuguese Bend Homes

Do you remember the move “Field of Dreams” Where Shoeless Joe Jackson asks Ray Kinsella, “Is this Heaven?” and Ray responds, “No, thisimage is Iowa”.  You will have exactly that same feeling when entering the Portuguese Bend gated community here in Rancho Palos Verdes CA.  The Rancho Palos Verdes homes benefit from a community that appeals to the maverick, independent, bohemian in all of us yet does so in the most Norman Rockwell-esque manner.  I can’t really describe it in words.  Why not take a moment and play this video:

And how about homes for sale in Portuguese Bend?  Below you will see a couple of free tools you can use (it updates real time so every time you come to the link, it will give you up to minute information – by the way, if you want me to create this tool for other Palos Verdes homes areas, just let me know and I will be happy to perform this customer service for you) to locate and get information on homes for sale in Portuguese Bend.  But before you scroll down, consider this home for sale at 72 Narcissa Drive!

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Free Tools to Search for Rancho Palos Verdes homes

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To enhance my customer service for you, here are the closed sales of homes in Portuguese Bend

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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

As originally posted in http://realestatemarbles.com/homeispalosverdes/2012/07/06/rancho-palos-verdes-homes-in-portuguese-bend/

Palos Verdes homes near Portuguese Bend Hiking Trails

Have you ever wondered what it would be like living in the Portuguese Bend area of Rancho Palos Verdes in Southern California?  This is one of those areas that are so unique, you won’t find anywhere like it from San Diego to Santa Barbara-I know I’ve looked…hard!

And one of the most favorite things I like to do when I have about 3 hours is to go on a long hike and just enjoy clean air, strenuous work and feeling like I did when I hiked the Pacific Crest Trail from Lake Isabella to the Oregon border back in ‘79.  It’s amazing that these trails, in my “own back yard”, provide that euphoria!

I want you to experience this same joy too!  So have a read from this guy’s blog about his experience in hiking in Palos Verdes and imagine what owning a Palos Verdes home would do for you!  As a matter of fact, why not click on the pictures below of a couple of homes that have easy access to the trails.  Two of them are excellent examples of Rancho Palos Verdes ocean view homes as well!

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And here are some terrific examples of Palos Verdes homes you could now own that literally puts you steps away from these beautiful trails!  Click the images to bring up the photos, virtual tours and descriptions.

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Now, a word of advice, these trails don’t mend themselves, so feel welcome to bring along a pair of pruning shears so that you can snip a bit as you go through. 

Enjoy and let me know how you like it!  Better yet, send me and email or give me a call next time you go and I will try to join you!

 
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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Something to do in Palos Verdes this Summer!

Something to do in Palos Verdes this Summer!

Concert Series At Terranea

Summer is almost here! That means tons of fun in the sun and live music at Nelson’s! Join us at Terranea’s oceanfront gastropub, Nelson’s, for their Summer Concert Series kick off event happening May 25th.

Check out the 2012 line-up below:

Nelson’s Summer Concert Series 2012 Line Up:

May 25th The Repeat Offenders with Food From the Sausage Kitchen
May 26th Wise 100 Doors with South of the Border Food
May 27th Paul Lemire with a O Sol Mio Taste
June 1st Pet the Dog with Taste of Savannah Food
June 2nd Steel Rod with Bourbon Street Seafood
June 8th The Repeat Offenders with South of the Border Food
June 9th Wise 100 Doors with Mongolian BBQ
June 15th Pet the Dog with a Taste of India
June 16th Steel Rod with a O Sol Mio Taste
June 17th Paul Lemire with All American Food
June 22nd The Repeat Offenders with Taste of Savannah Food
June 23rd Wise 100 Doors with Mongolian BBQ
June 29th Steel Rod with Bourbon Street Seafood
June 30th Paul Lemire with Food From the Sausage Kitchen
July 6th The Repeat Offenders with a O Sol Mio Taste
July 7th Steel Rod With All American Food
July 13th Pet the Dog with South of the Border Food
July 14th Paul Lemire with Food From the Sausage Kitchen
July 20th The Repeat Offenders with a Taste of India
July 21st Steel Rod With All American Food
July 27th Paul Lemire with South of the Border Food
July 28th Wise 100 Doors with Mongolian BBQ
August 3rd The Repeat Offenders with Taste of Savannah Food
August 4th Steel Rod With All American Food
August 10th Wise 100 Doors with Bourbon Street Seafood
August 11th Paul Lemire with Food From the Sausage Kitchen
August17th The Repeat Offenders with a Taste of India
August 18th Steel Rod with All American Food
August 24th Paul Lemire with a O Sol Mio Taste
August 25th Wise 100 Doors with Mongolian BBQ
August 31st The Repeat Offenders with South of the Border Food
September 1st Wise 100 Doors with Taste of Savannah Food
September 2nd Paul Lemire with Bourbon Street Seafood

All buffets will be from 5pm-9pm. There are three holiday buffets on Sundays. They include Memorial Day, Fathers Day and Labor Day

Sausage Kitchen $19 * Taste of India $26 * All American $24 * O Sol Mi $24 * Mongolian BBQ $24 * South of the Border $19 * Taste of Savannah $24 * Bourbon Street Seafood $26

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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Palos Verdes Real Estate Market Influenced By International Buyers

Do International Buyers effect the Palos Verdes Homes Market?image

Due to low prices and the relative weakness of the dollar, international buyers continue to identify the U.S. as a desirable place to own property and make a profitable investment.

According to the National Association of REALTORS®’ 2012 Profile of International Home Buying Activity, total residential international sales in the U.S. for the past year ending March 2012 equaled $82.4 billion, up from $66.4 billion in 2011. Total international sales were evenly split between non-resident foreigners and recent immigrants. The survey asked REALTORS® to report their international business activity within the U.S. for the 12 months ending March 2012.

“Today’s advantageous market conditions have drawn more and more foreign buyers to the U.S. in recent years, signaling how desirable and profitable owning property in this country can be,” said NAR President Moe Veissi, broker-owner of Veissi & Associates, Inc. in Miami, Fla. “Low housing prices, a good inventory condition and increased buying power with today’s exchange rates help attract international clients. Foreign buyers also have the advantage of working with a REALTOR®. REALTORS® who specialize in serving international clientele have a truly global perspective; they know what hurdles foreign buyers  face when purchasing property in the U.S., and have the expertise and knowledge that comes from working with clients from different cultures and real estate practices.”

International buyers bought homes throughout the country, but four states accounted for 51 percent of the purchases – Florida, California, Texas and Arizona. Florida has been the fastest growing destination of choice, accounting for 26 percent of foreign purchases. California was second with 11 percent and Texas and Arizona accounted for seven percent. Proximity to the home country, the presence of relatives and friends, the convenience of air transportation, and climate and location are all important considerations to prospective foreign buyers. Locations on the East Coast generally attract European buyers, while Asian buyers tend to purchase on the West Coast, particularly California. Florida attracts a diverse set of international buyers including South Americans, Europeans and Canadians. Meanwhile, Texas remains popular among Mexican buyers. Within markets in an individual state, it is not unusual to find concentrations of people grouped by nationality.

“Foreign buyers recognize that owning a home in the U.S. has many benefits, both financial and social,” said Veissi. “Many purchase property as an investment, vacation home, or to diversify their portfolio. In addition, many recent immigrants view homeownership as an important accomplishment. They believe that being a homeowner is one of many ways they become established in the U.S. and attain stability, security, and a sense of community.”

International buyers came from all over the globe, but Canada, China (The People’s Republic of China including Hong Kong), Mexico, India, and the United Kingdom accounted for 55 percent of all international transactions (continue below to see local Palos Verdes Homes results), according to the survey. Canada and China remain the fastest-growing home countries. Canada accounted for 24 percent of international sales while China accounted for 11 percent, up from nine percent in 2011. Mexico was third with eight percent of sales and India and the U.K. both accounted for six percent.

Forty-five percent of international purchases were under $250,000. In addition, there appears to be a gradual increasing trend toward purchases in the $250,000 to $500,000 price range. In 2012 this range accounted for 30 percent of purchases, up from 28 percent in 2011. The average price paid by an international buyer was $400,000 compared to the overall U.S. average of $212,000. Several reasons account for why the average international home price is higher than the average overall price. The international client is typically wealthier than the domestic buyer and is looking for a property in a specialized niche, for example, a larger property suitable for multi-generational living, or a property that establishes the individual’s presence and standing in the community.

Many homes purchased by foreign buyers are used as a primary residence. Vacation and rental use are also major reasons for a purchase. More than half – 66 percent – of survey respondents reported international buyers purchased detached single-family homes. About half of international buyers, 52 percent, preferred to buy in a suburban area and about a quarter, 23 percent, bought in a central city/urban area.

Sixty-two percent of international purchases were all cash, which has increased since 2007. International buyers still experience many financing challenges when purchasing a home in the U.S. In fact, among transactions that failed, REALTORS® reported that in 26 percent of the cases financing issues were the problem. The difficulties facing foreign buyers in trying to obtain a mortgage include lack of U.S.-based credit history and hurdles in meeting mortgage requirements. Other reasons for not purchasing properties were cost/taxes/insurance and immigration laws.

Twenty-seven percent of REALTORS® reported having worked with international clients this year. Fifty-two percent of REALTORS® reported that international transactions accounted for one to 10 percent of their total transactions, while 27 percent reported that they made up more than 10 percent of total transactions. REALTORS® specialization on the buyer’s side of the market – such as foreign language capabilities, cultural affinity or orientation with the prospective purchaser and experience in explaining the U.S. real estate – appear to be important in working with foreign buyers.

So when it comes to Palos Verdes real estate, is there a way to track international buyers?  In fact there is*; reviewing the websites where I’ve recently promoted and sold one of my clients homes, I discovered the following …

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*If your Realtor does not know how to do this, you’re missing a big part of successfully getting your home marketed to sale.  You’re welcome to contact me for more information

I’m finding that most popular are the Palos Verdes Homes with Ocean Views … like this one…

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However, no matter what type of home you have, contact me to get (1) an objective opinion on what the market is likely to pay for your home AND (2) get more ideas on how to best get your home marketed (such as marketing to the international buyers) for top dollar in an efficient time period.  Even folks that already have an agent, find it good common business sense to meet with me so that they can capture those two benefits.  I’m here to help. 

 

 
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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Rancho Palos Verdes Ocean View Homes

Rancho Palos Verdes Ocean View Homes

Click here to see more pictures and detailed information.
 
 
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I am committed to making sure you get the best customer service. Whether you choose to buy or sell real estate today, tomorrow, next week or 10 years from now, it doesn’t matter. You should feel confident and comfortable to count on me as your real estate resource for life. I promise you I will stay on the cutting edge of technology and service to make sure you have the information you need to be a more powerful real estate owner, buyer and or seller so that you get what you want, in the time you want it. Here is just one one of the many free services I offer.

 

Find other Ocean View Homes In Palos Verdes

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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Whether you own Palos Verdes real estate or not, here’s a tool to check your voter registration

Are you registered to vote?

Are you sure?…

14% of Americans, according to this group, think they’re registered to vote, but they are not. That’s about 33 million folks here in the United States. You can use this free “Voter Lookup” tool to make sure you are registered to vote.  Click the image below to confirm you are properly registered to vote.

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DRE # 785373

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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Palos Verdes Homes enjoy excellent schools

Palos Verdes Homes enjoy the “best” school district

Best High Schools Report

imageAccording to the superintendent of schools for the Palos Verdes Peninsula Unified School District and as reported in the “Best High Schools – US News Rankings”…

Peninsula High and Palos Verdes High Ranked Among the Best in the Nation

Once again, both high schools in the PVPUSD have received national recognition for their outstanding academic programs. In the latest US News & World Report rankings of the nations’ best high schools, Palos Verdes Peninsula High was #23 in California and Palos Verdes High was # 53.  In the Washington Post rankings that were just released, Peninsula High was # 24 in California, and Palos Verdes High was # 61.   Both schools are competing with private schools, small charter schools, academies, and magnet programs across the nation.

You can read more information from the Superintendent on the quality of Palos Verdes schools and what’s happening with the school district by visiting the Palos Verdes School District website here and then click the pictures below to get information on both Palos Verdes Peninsula High School and Palos Verdes High School

Meanwhile if you would like to have more information on how to search for homes for sale in Palos Verdes, feel welcome to visit my website

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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com

Palos Verdes homes located near the cleanest beaches in Los Angeles

Palos Verdes Beaches Again Ranked

Among Los Angeles County’s Healthiest

Just posted in PalosVerdesPatch.com, this article talks about the cleanliness of our beaches here in Palos Verdes. image

“…Palos Verdes beaches are among the healthiest in the South Bay, according to Heal the Bay’s 2011-12 Beach Report Card, released Thursday.  Beaches in Palos Verdes Estates and Rancho Palos Verdes, including Malaga Cove, Bluff Cove, Long Point, Abalone Cove and Portuguese Bend Cove, all received A and A+ grades from the Santa Monica-based nonprofit. The grades were given for summer dry, winter dry and wet weather conditions…”

It’s yet just another of a long list of reasons why buying a Palos Verdes home makes sense for so many families. 

Want to search for near the beach or bluffs?

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George Fotion
Call Realty Company
(310) 346-6467
gfotion@emailtreo.com