2015 went down as one of the better seller’s markets in the last 20 years, and despite conditions being more favorable to sellers, there were still some great buys for some savvy home buyers this year. Let’s take a look at 3 homes that represent the best buys of the year. To establish a baseline, here are some of the averages for Valmonte homes sold in 2015.
- Average Sales Price: $1,536,483
- Average Price/Foot: $657/foot
- Average square footage/lot size: 2,374’/ 9,218′
- Homes sold: 56 in 2015
3353 Via La Selva – $1,300,000 This one was a personal favorite. In general, this home is pretty average, 3 bedrooms, 2 baths, 1900 square feet on over a 10,000′ lot. But what makes this one special is the A plus location on one of the best streets in Valmonte, the large backyard with a pool and entertaining space, trail access out the back gate, and the utility line easement. In other words, this large lot has location and privacy and a house with options. The house itself needs some updating, and the new owners look like they are busy making interior improvements, but overall, this house sold at a great price compared to comps. If it were on the market it today, $1,450,000 would be a reasonable place to start, and I have no doubt that it would see lots of activity.
4112 Via Larga Vista – $1,495,000 Purchased by SUMTER PROPERTIES LLC for $1.495m in October, this was a great buy when you consider price per square foot. Anyone that’s tried to remodel a house in PV Estates knows that it’s no easy feat, having to get Art Jury, Neighborhood, and Planning approval. Since the sale closed escrow, there’s lots of work going on over there. Given that it was purchased and set up as an LLC, my guess is we’ll see this on the market again later in 2016, Probably at a price closer to $2 million, and maybe more.
4309 Via Valmonte – $799,000 This house certainly had limited appeal based on it’s size and condition, but anytime you can pay $799,000 for a house in Palos Verdes Estates, it’s pretty hard to lose. This little steal has only 2 bedrooms and 1 bath in just under 1,200, and the lot is just a bit over 7,000, but it’s a great entry point into Valmonte, and with a little work, this one is sure to build equity in no time. With a little love, this can easily be a $1,000,000 plus home.
What’s on the horizon? 2016 should be interesting. So far inventory is starting off pretty low; currently there are only 6 homes on the market compared to 13 last January. The homes on the market are priced between $1.495 and $2.999m, which certainly doesn’t appeal to all buyers. As far as the economy goes, interest rates and how home buyers react will be the wildcard that we’ll need keep an eye on. And supply will continue to be the other significant factor to consider. Prices can be the great motivator, and as prices continue to rise, typically more folks will consider selling in 2016. My prediction is that if the greater US economy can continue to hold steady, we will continue to see modest gains in home values, probably in the 5% range. However, if supply remains tight, then we may see values grow in the 7-10% range with multiple offer and overbids being more of the norm until supply balances with demand.
Cheers to a prosperous 2016!
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