A quick look at the numbers
I write this latest post as yet another rain storm passes through our quiet little slice of paradise here in Valmonte and another big one is on it’s way. It’s been nice to have all the water, but I have to say, I’m spoiled by our typical 279 days of sunshine each year. As for the real estate market, continuing with the theme we saw in January, the welcome sight of new homes on the market continues to be the trend in February. Average prices are down somewhat from late 2016 and I link that to the current inventory of fixer and starter homes that recently came on the market, as opposed to a significant change in market dynamics. Strong demand remains for well priced Valmonte homes at most price points, with the strongest demand being for 4 bedroom homes and properties priced under $1.6m. Homes on Palos Verdes Drive North come on the market as many sellers are looking to “move-up” to different locations or larger homes. PV Drive North properties are typically selling about $100 less per square foot or about $100k below the average home on an interior street such as Via la Selva or Via Solano. Finally, on average, Valmonte properties are selling at about 97% of the list price, consistent with the numbers seen in 2016.
|# of Homes||Price Range||Ave $/foot||Median Price|
|Active listings||7||$1.399m – $2.895m||$764/foot||$1,490,000|
|In Escrow||9||$1.175m – $2.50m||$644/foot||$1,519,000|
|Sold||3||$1.160m – $1.531m||$719/foot||$1,325,000|
3721 PV Drive North – This is a clean 3 bedroom, 2 bath home on a nice sized 8,398′ lot. The house in on the small side at 1,717′ but is move in ready with updated bathrooms and kitchen. There is a decent sized back yard and gated driveway with detached garage offering a place for the kids to play. Priced at $1.395m
3428 PV Drive North – This is a quick turn around flip property that offers a move-in ready home on the drive. It won’t blow you away with high end finishes but you won’t need to do much other than move in. The house is 1,672′ on a smaller 7,084′ lot that opens to the Via Palomino utility trail. Priced at $1.399m, it will likely sell below that due to the smaller lot size.