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Valmonte neighborhood

Real Estate Market, Valmonte Homes

Mid February Valmonte update: New listing, closed sale, accepted offer, and price drops

February 24, 2016
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4208 Via Valmonte – Asking $1,140,000

We’re over halfway through February and Valmonte is slowly waking from a winter slumber.  This past week one new listing came on the market – 4208 Via Valmonte, a 3 bedroom, 2 bath, in 1625 square feet and priced at $1,140,000 ($702/foot).  This is a well kept house with pleasant low maintenance landscaping. The house sits back from the street and once inside offers a welcoming floorplan.  The house is mostly original so a new buyer would likely want to spend some money on updates, but the house is move-in ready as it stands.  I expect this to sell quickly and at or over the asking price.

Price drops – Of the remaining 5 homes still on the market (and 2 accepting back-up offers), 2 recently saw price drops.  4240 Via Alondra dropped $100k to $1.399m.  This is a nice home with beautiful canyon views and 2,700 square feet.  4256 Via Alondra, an updated home a few doors away dropped to $1,715,000.  This too features a peaceful setting on the canyon and is updated throughout.  Why aren’t these selling?  Homes on Via Alondra, particularly on the canyon side of the street, don’t have backyards.  With the large number of families looking to move to Valmonte, these homes are at a serious disadvantage.  However, the views and price per foot are attractive and I’m sure a buyer will eventually step forward.

Accepted offer – after less than 2 weeks on the market 2544 Via Anita has an accepted offer.  It’s still contingent on inspections, but it shows a nicely updated home with over 2,700′ with 4 bedrooms on a nice lot has wide appeal at $1.795m. Assuming this closes at or near asking, this represents a nice ROI since this house last sold in November 2013 for $1.399.  After selling costs, that’s over a $200k return for a little less than 2 1/2 years.  Not bad!

300 Alcance

300 Via Alcance – Sold $1,609,000

What sold?  300 Via Alcance, after 208 days on the market, finally has a new family.  Originally sold in September of 2014 for $1.1m, the home was thoroughly updated, the master bedroom enlarged, and came back on the market at $1.899m in June 2015.  While the updates were high end, the $1.899m for 2300′ square feet was pushing the upper limits for a 3 bedroom house in Valmonte on an average sized lot.  After lots of patience and several significant price drops, it finally sold for $1.609m last week.

What’s Next?  We should see another cluster of Via la Selva homes close in the next month or so with 3025 PV Drive North and 2544 Via Anita closing soon after.  This should give us enough data to get an idea of how prices are looking, but so far 2016 is looking to be another good year for Valmonte real estate.  Now if we can just get a few more on the market . . . call me!

 Just for fun – It’s interesting to note the unusual groupings of homes on the market.  Currently, there are 3 homes on Via Anita, 2 on Via Alondra, and 1 on Via Valmonte.  (Via la Selva is so long, there always seems to be a couple there).  While mostly circumstantial, I have noticed a common occurrence that homes sell in bunches on the same street in a short period of time.  In late 2014, 6 came on the market on Via Solano.  In 2015, there was only one new listing.  I wonder what street will be the busy one this year?

Neighborhood News

“40% of Crimes are Preventable”

February 5, 2016
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Chief of Police, Jeff Kepley, addresses over 100 PVE residents on crime and safety in Palos Verdes Estates

Thank you to our great Neighborhood Watch organizers who put together a very organized and informative meeting with Police Chief Jeff Kepley at the Valmonte School on Thursday evening.  For those who were there, I’m sure you agree that while it was a bit unnerving to learn about the recent burglary crime spree in Palos Verdes Estates, it was also a great opportunity to learn how we can help keep these scumbags out of our homes and beloved neighborhoods.  I will highlight some of the key points discussed during the meeting below, but in general the Chief shared facts about who has been committing these burglaries, how they are finding their targets, and what can be done to help deter crime at your house and in your neighborhood.  Chief Kepley was also very clear about one thing “if you are a burglar, we will hunt you down like a dog and put you in jail.”  Apparently the message has gotten out, as burglaries have declined significantly since the spike in December.  Kudos to the PVE Police Department!

Summary of the topics discussed:

  • Recent wind storms – use this as a reminder to get prepared for the next natural disaster.  Have a plan in place, with emergency food and water so the next time you are ready.
  • Bay Boys – the Chief made it clear that illegal activity will not be tolerated along our coastline and in the surf
  • Helicopter manhunt – RPV incident – helicopter was useful in helping locate 3 burglars using infrared heat sensing detectors
  • Communication – the PVE Police department is trying to quickly communicate useful information to residents using Nixle and Nextdoor (join now)
  • Burglaries increased from an average of 35-50 each year to over 80 in 2015, but it’s already on the decline for 2016
  • The criminals are operating like an organized cartel with 3-4 burglars to a team, being dispatched from a central crime boss.  They are driving nice cars and doing quite well stealing from our hardworking neighbors.  They must and will be stopped.
  • 40% of burglaries are preventable – lock your doors, keep valuables out of sight in your vehicles, and see more of the tips below.

How to prevent burglaries and crime at your home and in your neighborhood

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Mrs. Kravitz – we all need one!

Larry Manth, PVE Neighborhood Watch President, shared a great acronym to help us remember what we can do to keep our neighborhoods safe: LOCKLook, Observe, Call, and we all need a Mrs. Kravitz in our neighborhoods to keep an eye on things.  Chief Kepley reminded us that all these criminals have a map to your home on their cell phones – they will come to our neighborhoods, our job is to make it hard for them to succeed.  He suggested the following tips to keep burglars out of your home

Prevention Tips

  • Call 310-378-4211 to report crimes or suspicious behavior
  • Fortify your home – lock side gates, install better deadbolts, install exterior lighting with motion sensors
  • If you are away, make your home look occupied with lights on timers, leave a TV on, turn on a radio, have a neighbor check on your home
  • Close your garage doors and lock your doors
  • Install alarm systems with glass break sensors and infrared night vision cameras (if you have a camera system, you can register it will the PVEPD for help in providing information in the event there is a break-in in your neighborhood)
  • If you are on vacation, fill out a vacation alert with the PVEPD
  • Perform a home security assessment to see where your home is vulnerable
  • Hide your jewelry before the crooks steal it and melt it down never to be recovered (most break-ins only take 3 minutes)
  • Don’t leave packages on your front porch, make other arrangements
  • Install anti-theft dots (a personal microscopic id tag for your belongings) on your valuables
  • Cars: keep them locked and keep valuables out of sight, including your garage door opener

Audience Questions

  • Do we have sufficient staffing for the increase in crime?  Chief Kepley – the department relies on mutual aid from surrounding agencies and officers are on overtime for burglary suppression and surf spot checks
  • Are safes a good thing to have? CK – burglars have been known to steal 300 pound gun safes or rip wall safes out of the wall.  Good hiding spots are better than safes.
  • How can I get more involved? Join neighborhood watch, become a block captain; you can become a volunteer police officer; or volunteer in many other ways through the city.

In general, it’s important to appreciate that we live in a very safe neighborhood.  But don’t take our security for granted.  Take the necessary steps to ensure the safety of your family and your home.  Be prepared.  And if you have some extra time or energy, help a neighbor out, especially our older Valmonte neighbors who live alone and don’t have family nearby to look after them.

See you in the neighborhood!

 

 

Uncategorized

2014 Valmonte Home Prices Rise 3% and Where We’re Heading in 2015

February 24, 2015
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February 24, 2015, Palos Verdes Estates, CA

Valmonte 2014 Real Estate in Review  

After a gangbusters 2013 where we saw a 21% year-over-year increase in values (based on price/foot), the Valmonte real estate market cooled off a bit in 2014.  Values continued to rise, but at a more modest, and much more sustainable 3.14% year-over-year increase.  While the price increases slowed, the average Days on Market (DOM), an important measure of how long it takes a house to sell, dropped from 67 days in 2013 to 52 days in 2014 (this was the lowest average DOM since 2007).  Looking at another key figure, the asking vs selling price comparison remained tight with houses selling at 97.74% of the asking price in 2014 compared to 98.26% in 2013.  Compare this to 2009 when houses were selling at 93.52% of the asking price – a tough market for sellers.  Finally, another sign of strong seller’s market is the fact that 11 of the 34 houses sold in 2014 sold at or above the asking price – another improvement from 2009 when not one house sold over asking.  This continues suggests that there is fierce competition for well priced, move-in ready homes and sellers have their choice of buyers.

According to the S&P/Case-Shiller CA-Los Angeles Home Price Index, prices were up 5.1% year-over-year in the Los Angeles area in 2014.  This suggests that our local Valmonte market is relatively on par with the general market in the greater Los Angeles area, albeit at a higher priced entry point to move in.  This higher entry price could explain the slightly lower YOY appreciation.

Figure 1a. 3 year Valmonte SFR sales statistics

Year # Houses Sold Average Price Average Price/Foot Year/Year % change Ave. Days on Market
2012 41 $1,213,049 $509.05 -2.73% 132
2013 33 $1,513,765 $616.62 21.13% 67
2014 34 $1,354,569 $635.98 3.14% 52

 

2015 Is Off to a Slower Start

Since the new year, 6 homes have closed at a price per square foot of $607.91 with selling prices between $799k and $2.05m.  The average days on market is 101 days – a considerable uptick from last year’s 52 days (one of these homes was a short sale which skew the numbers to the higher side).  In addition to closed sales, there are 7 homes in back-up and 2 listed as pending.  The majority of these homes were listed in the latter part of 2014, during which home sales are traditionally slower than the peak spring and summer months.

Active Listings

There are currently 7 Valmonte homes for sale as of today priced between $1.475m for a 1742 square foot traditional home on Via Nivel to 3,500 square foot traditional home on a corner lot on PV Drive North in the Eucalyptus grove priced just under $2.2m.  The average list price/foot is $685/foot – a nice bump from last year’s $635/foot – but time will tell if these homes sell close to that price.  Three of these listings have been on the market for 120 days or more, a good indication that they will likely need a considerable price reduction before buyers are ready to move in.  In fact, their respective prices confirm this – all are priced considerably more than the average price per square foot of the other listings.

What’s on the horizon as we head into the traditionally busy selling season?  If you are a seller, you’re in luck.  Demand for Valmonte remains strong with many young families looking to enjoy the peaceful tree lined streets and top rated Palos Verdes Schools.  In addition, financing continues to be favorable to buyers with low rates and banks willing to lend.  If you are a buyer, I would qualify ASAP for a solid loan with a good mortgage banker and be ready to write a strong offer when your dream house is on the market.  And, of course, whether you are a buyer or a seller, I would suggest you call me to help you reach your real estate goals while the market is hot!

For a custom price analysis of your home or for tips on buying or selling a home, please feel free to email directly at kyle@kyledanielsrealestate.com.  You can also visit my website at www.kyledanielsrealestate.com.

Thanks for reading!

Valmonte Homes

Valmonte Remains a HOT Market

April 2, 2014

G06-086_F_Palos-Verdes-photoThings aren’t showing any signs of slowing down here in the Valmonte real estate market. In just the last few weeks we’ve seen most new listings go into escrow with multiple offers.  The sweet spot seems to be move-in ready homes under $1.6 million. Houses in need of significant repairs or updates seem to be lingering around longer until there is a notable price drop. In the last week we saw 3908 Via Picaposte show up with a for sale sign in front and it was quickly in escrow at a price indicated as “over asking” by listing agent Ginni Lee of RE/MAX. Meanwhile, 4109 Via Picaposte was under contract again after a $100k price drop. Considering it closed in January 2013 at $1,060k, a new price of $1.299m isn’t a bad return for a hold and flip. Lastly a nicely upgraded family home, 4304 Via Nivel, had multiple offers and is reportedly on its way to closing over asking.  So far, our micro market is on pace with the general market in Southern California, albeit at a higher priced entry point to move in.

2014 So Far   Since the new year, 5 homes have closed at prices between $1.296m and $2.15m at a price per square foot of $547.  2 of those sold homes have closed over the asking suggesting that competition for homes in Valmonte is tough.  Currently there are 6 homes available in Valmonte priced from $1.13m on the low end to $2.48m on the high end going into the selling season.  What’s on the horizon?  While time will certainly tell, for now, if you are a buyer, I would find a solid rate with a good mortgage banker and be ready to write a strong offer when your dream house is on the market.  If you are considering selling?  Well, of course, I would suggest you call me to get your home sold while the market is hot!

For more tips on buying or selling a home, please go to my website at www.kyledanielsrealestate.com or feel free to email directly at surfrealtor@gmail.com.