Maureen Megowan's Blog

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Country Club Area of RPV 4th Quarter 2008 Market Report

The Country Club area of the Palos Verdes Peninsula had the following real estate market activity during the 4th Quarter of 2008:

Properties Sold:  2

Properties for Sale as of 12/31/08:  5

Average List Price at 12/31/08:  $1.9 million

Average Sales Price of homes sold during 4th quarter: $1.4 million

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Average Price per Sq. Ft. for Properties Sold during 4th Qtr:   $ 537 per sq. ft.

Properties sold at an average of 100% of List Price

For more information about the Country Club area and Properties for Sale on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com

For more nformation about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

0 commentsMaureen Megowan • January 28 2009 02:45PM

West Palos Verdes 4th Quarter 2008 Market Report

The West Palos Verdes area of the Palos Verdes Peninsula had the following real estate market activity during the 4th Quarter of 2008:

Properties Sold:  4

Properties for Sale as of 12/31/08:  13

Average List Price at 12/31/08:  $3.1 million

Average Sales Price of homes sold during 4th quarter: $1.6 million

West Palos Verdes

Average Price per Sq. Ft. for Properties Sold during 4th Qtr:   $ 530 per sq. ft.

Properties sold at an average of 91% of List Price

For more information about the West Palos Verdes  area and Properties for Sale on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com

For more nformation about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

0 commentsMaureen Megowan • January 28 2009 02:35PM

Tall Ships Coming to San Pedro

Several Tall Ships will be visiting San Pedro harbor this weekend, including the 122 foot Lynx, which was used to train the cast and crew of the movie "Pirates of the Caribbean". The Lynx was modeled after a naval square topsail schooner from the War of 1812, She will be joined by the square rigged brigantines Exy Johnson and Irving Hohnson. The ships will be docked adjacent to the Los Angeles Maritime Museum at Sixth Street and Harbor Boulvevard in San Pedro.

The Lynx will sail into the harbor at 3:00 pm Friday afternoon, and will be available for dockside tours from 4 to 5 pm Friday and ao am to 1 pm Saturday and Sunday. Suggested donations are $5 adults and children 12 and younger free. Visitors can also sign up to participate as crew members for an actual mock battle, where they can help steer the ship, help hoist the sails, and fire the cannons in a mock sail battle with the other tall ships. Battle sails are scheduled from 2 to 5 pm on Saturday and Sunday. The cost to participate in the battle sails is $65 for adults and $35 for children 12 and younger.

For more info about things to do on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com

For more nformation about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

0 commentsMaureen Megowan • January 28 2009 02:18PM

Palos Verdes Drive South 4th Quarter 2008 Market Report

The Palos Verdes Drive South area of the Palos Verdes Peninsula had the following real estate market activity during the 4th Quarter of 2008:

Properties Sold:  3

Properties for Sale as of 12/31/08:  11

Average List Price at 12/31/08:  $2.7 million

Average Sales Price of homes sold during 4th quarter: $1.6 million

rancho palos verdes

Average Price per Sq. Ft. for Properties Sold during 4th Qtr:   $ 598 per sq. ft.

Properties sold at an average of 95% of List Price

For more information about the Palos Verdes Drive South  area and Properties for Sale on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com

For more nformation about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

0 commentsMaureen Megowan • January 24 2009 03:08PM

Two Neighborhood Teens Absolutely Shocked me Today!!!!

As I went out to get the morning paper today, I saw something that absolutely shocked me!!! Across the street were two teenage boys picking up small pieces of litter and putting it in buckets that they were carrying!!!  I went over to them and asked them if they were working on a boy scout project or something, and they just simply said no, that they enjoyed picking up any litter that they saw on the street.

Trash

The boys live down the street in Lunada Bay in Palos Verdes Estates. They were Steven(13 years old) and Sean(11 years old), and I was just blown away that two boys this age actually would do something as thoughtful as picking up litter in the neighborhood.

It absolutely made my day!!!!

For more nformation about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

3 commentsMaureen Megowan • January 24 2009 02:56PM

History of the Portuguese Bend Club

The Portuguese Bend Club is a private beach colony that has existed since the 1940s. Now, there are 94 homes there and their occupants live alongside a landslide that presents a tolerable amount of inconvenience.

Covering 38 acres with a half mile of coastline, this area was once a haven of summer cottages and small homes built on land leased from Palos Verdes Properties. They were the typical 1940s weekend places where people went to have a quiet time at the beach. Back then there was a clubhouse, restaurant, paddle tennis courts, 50 foot swimming pool, a sandy beach, and a 485 foot long dockwhere boats could tie up. The restaurant, dock and clubhouse are gone and have been replaced with a volleyball court, playground equipment and, of course, the clubs signature palm thatched ramadas and picnic tables.



Portuguese Bend Club before Landslide.Kelly-Holiday Photography. (LAPublic LibraryPhotos). Note "PBC" in plants on hillside on right.

The leases on the cottages were short, only twenty-five years, because Palos Verdes Properties was not sure what they wanted to do with the property. Then in 1956 a 260 acre landslide started and dramatically changed any plans that may have existed. The land slide was triggered by roadwork by L.A. County road crews who were constructing an extension of Crenshaw Blvd. from Crest Road, through Portuguese Bend, to Palos Verdes Drive West. Approx. 235,000 tons of dirt which had been excavated for the road had been relocatedto the top of an ancient, but previously dormant land slide. In August, 1956, the landslide broke a water line, and significant land movement began. A number of homes began to slide and some of the roads had to be re-routed. Some residents gave up and saw their homes go into the ocean; others left the area. Approx. 100 homes were destroyed, and more than 50 damaged, and the Portuguese Bend club house, restaurant, and pool were destroyed.

The land in this area has moved more than 400 feet seaward, and continues to creep towards the ocean to this day, requiring constant repair and maintenance by the City of Rancho Palos Verdes. A significant amount of the City's annual road maintenance budget is spent on this work. A building moratorium still exists in the landslide area. Several homes continue to be occupied in the land slide area, with the homeowners constantly leveling their home due to land movement by the use of hydraulic jacks.

On October 1, 2008, the State Appeals Court reversed a lower court decision and decided that the Land Slide building moratorium ordinance of the City of Rancho Palos Verdes for the Portuguese Bend area constituted an unconstitutional "taking" of property, and that the City should issue building permits to property owners wishing to build homes in the area."A permanent ban on home construction cannot be based merely on a fear of personal injury or significant property damage," the jurist concluded, and ordered the case remanded for further proceedings to determine an appropriate remedy.

On October 8th, 2008, the City Council decided to appeal this decision to the State Supreme Court.On Wednesday December 17th, 2008, the California State Supreme Court denied the City of Rancho Palos Verdes appeal of the Appelate Court's decision allowing homeowners in the Portuguest Bend landslide moratorium zones the right to develop their properties.

For more about the HISTORY OF RANCHO PALOS VERDES visit my website at http://www.maureenmegowan.com

For more nformation about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

1 commentMaureen Megowan • January 24 2009 03:07AM

RPV Valero Gas Station Site Seeking Rezoning to Commercial

The owners of the Valero gas station in Rancho Palos Verdes at the intersection of Granvia Altimira and Hawthorne Blvd. are continuing to pursue their request to the City Council of Rancho Palos Verdes to rezone their property from its current zoning as Residential (with a special "automotive overlay" permitting its current use as a gas station) to that of "Commercial". The owners had previously requested approval to construct a new CVS Pharmacy at the site, but that proposal is no longer being pursued. The zoning change will be reviewed at an April 21, 2009 hearing, at which time new rules as to the City's review of all future commercial developments will also be reviewed.

Valero

The owners note that if the zoning change is not approved, it will be very difficult to find an allowable use of the property other than as a group home on the 1 acre parcel.

For more information about Rancho Palos Verdes, visit my website at http://www.maureenmegowan.com

For more nformation about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

0 commentsMaureen Megowan • January 23 2009 05:04PM

Mortgage and Interest Rate Update

Due to the Federal Reserve's aggressive action in purchasing Fannie Mae and Freddie Mac securities, financing is available for well qualified buyers. Interest rates have fallen significantly for conforming loans. There are new guidelines for Fannie Mae and Freddie Mac loans, and  3.5% down payment loans are available with tight restrictions. 

BUYERS with good credit, an adequate down payment and 2 years or more employment history will qualify for Full Documentation loans. There are no "Stated" Loans ( no documentation) offered  now.  If the property will be your home, not a speculative investment, you should be buying for the long term. Today's market gives buyers and sellers the opportunity to negotiate a reasonable deal for both parties.

If you are planning to stay in your home, it may make sense for you to refinance. Interest rates on jumbo 30 year fixed rate mortgages (loans in excess of $625.500) have decreased substantially over the last quarter to an average rate (as of 1/23/09/) of approx. 6.8% from 8.5%, but still are significantly higher than 30 year fixed rate conforming loans (loans of less than $417,000) which are at approx. 5.0% (which rate decreased about 1% over the last quarter). For a brief period a few weeks ago, interest rates on conforming loans approached the mid 4% range, but over the last several weeks have been creeping up. The large spread between fixed rate jumbo loans and conforming loans is amazing considering that prior to the mortgage loan melt down, spreads between conforming and jumbo loans were only approx. two tenths of one percent.

Jumbo Loans - Because of this high interest rate for 30 year fixed rate jumbo loans, most jumbo loans are being done for fixed rates of only 5 to 7 years, in the mid 5% range (with 1 point), with a 25% to 30% down payment, and excellent FICO scores of above 720. Conforming loans generally require a 10% down payment (less for FHA loans)

The Federal Reserve Bank has recently significantly cut short-term rates, however long-term rates have remained stubbornly high due to inflationary expectations.

For more information about buying or selling a home on the Palos Verdes Peninsula and Market Reports  , visit my website at http://www.maureenmegowan.com

 

For more nformation about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

0 commentsMaureen Megowan • January 23 2009 04:13PM

Mira Catalina 4th Quarter 2008 Market Report

The Mira Catalina area of the Palos Verdes Peninsula had the following real estate market activity during the 4th Quarter of 2008:

Properties Sold:  4

Properties for Sale as of 12/31/08:  7

Average List Price at 12/31/08:  $1.6 million

Average Sales Price of homes sold during 4th quarter: $1.3 million

Average Price per Sq. Ft. for Properties Sold during 4th Qtr:   $ 511 per sq. ft.

Properties sold at an average of 94% of List Price

For more information about the Mira Catalina area and Properties for Sale on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com

For more nformation about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

0 commentsMaureen Megowan • January 22 2009 02:38PM

Palos Verdes Drive East 4th Quarter 2008 Market Report

The Palos Verdes Drive East area of the Palos Verdes Peninsula had the following real estate market activity during the 4th Quarter of 2008:

Properties Sold:  6

Properties for Sale as of 12/31/08:  19

Average List Price at 12/31/08:  $1.6 million

Average Sales Price of homes sold during 4th quarter: $1.1 million

Average Price per Sq. Ft. for Properties Sold during 4th Qtr:   $ 410 per sq. ft.

Properties sold at an average of 96% of List Price

For more information about the Palos Verdes Drive East area and Properties for Sale on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com

For more nformation about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

0 commentsMaureen Megowan • January 22 2009 02:30PM