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Valmonte Real Estate

Real Estate Market, Valmonte Homes

The best Valmonte buys of 2015

January 11, 2016
Sold sign

 

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

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

February 24, 2015
Sold sign

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.

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Finally, New Valmonte Listings!

February 22, 2013

I don’t know about you but I love anticipation.  As someone in the real estate business I guess I get easily excited about what the market will bring next (cheap thrills, right?).  Since the listings have been limited lately, I’m constantly wondering what will be next.  Well, market watchers like me don’t have to wait any longer.  Steve Watts of Re/Max PV just listed 2 Valmonte homes.  The first is in the “Valmonte grove” at 2517 Via Anita.  It’s a nicely appointed 4 bedroom/3 bath “California Ranch cottage” at nearly 2,200 square feet on a 7,100 foot lot.  Listed at $1.295m it’s sure to see some lookers in the coming days.  The second home is 3819 Via la Selva and Via Picaposte.  This California Ranch is 3 bedrooms/2 baths in 1,900 feet and is listed at $1.495m.  Why the premium price?  The best reason I can find is the 12,744′ corner lot.  The pricing of both properties represent a new found optimism in the local real estate market that hasn’t been seen in several years.  Now the next thing I’m looking for is to see how long it takes for these to sell and at what price.  I’m not much of a gambler, but I’m willing to bet that if these sell close to asking, we’re going to continue to see many more hit the market this year as we watch scared sellers awake from a long hibernation.

Valmonte Homes

New Listing: 3944 Via Solano – CANCELED

February 10, 2013

If you love Valmonte but haven’t found your chance to buy in, here’s a good opportunity.  Listed for $889,000, you can have a 3 bedroom, 3 bath, 1600′ foot home on a 8,000′ lot next to the access trail with a peak of the ocean and city lights.  Based on the lack of inventory on the market, I don’t see this one sticking around for long.  It needs some elbow grease but with a decent sized yard and room to add on (this is key when looking in Valmonte due to the lot usage rules), you can call this great neighborhood home for a decent price.  It’s open this Sunday so I’m putting this open house on my to-do list.

UPDATE: So I stopped by the open house today and it was going off!  There were no less than 5 families at a time walking through the house and there probably would have been more if parking wasn’t at a premium.  Nelu Ardeljan from Riviera Realtors informed me that prior to the open house, he had 3 offers, 2 over asking.  I guess when you’re the only active listing under $2 million in Valmonte you’re going to get star treatment.  Considering this one likely needs a new roof and some cleaning up, it looks like we have a seller’s market here in Valmonte.  Let me know if you have one to sell . . . .

NEW UPDATE: LISTING CANCELED – Yeah, you’ve got me?  I’m not quite sure why this one was cancelled, but maybe the owner knows something I don’t.  There’s probably a good chance of that :)!

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4125 Via Largavista update – SOLD $1.6m all cash

February 8, 2013

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Well neighbors, I have some good news for those of you that own a home in Valmonte, and some bad news for those who are looking to buy.  The good news is comps just got a whole lot better with 4125 Via Largavista recently closing at $1.6 mmmmmmillion, all cash.  Yes, all cash.  That is the second all cash close in the last few weeks.  If that doesn’t encourage sellers that have been on the fence to get off and sell, then I don’t know what will.  And buyers, I’m sorry.  The buyer’s market we had during the last few years looks to be coming to an end.  Now, I’m not ready to say we’re out of the woods just yet when it comes to the local real estate economy, but these are certainly good signs if you’ve been considering selling or in need of refinancing and haven’t had the comps to get you there.  Now, a hiccup in the general economy or a flood of sellers can turn this market right back around, but with low interest rates and encouraging signs of a price recovery, we should continue to see improvements towards a healthy market.  But then again, with such a great neighborhood, who would want to sell unless they have to?  Not me!

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4109 Via Picaposte – $1.035m – ALL CASH!

January 8, 2013

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What a way to ring in the new year!  Of my four readers, one of you may have noticed the real estate sign outside of 4109 Via Picaposte over the last couple of months.  Well, it closed last Friday for a sweet $1.035 M in cold hard cash.  Rumor has it and the cash usually shows it, that we may see this one on the market again soon – but not without a few construction trucks coming and going.  As long as the economy remains status quo, my guess is that we’re going to see some moderate price gains in our beloved Valmonte this year.  Given the fact that there are only 4 homes currently on the market here, and two of the four have offers, there certainly isn’t much supply for the demand.  And I’m sure all four of you know that that means one thing in economics – rising prices.  And in the biz, we like to call that a seller’s market.

Valmonte Homes

4312 Via Alondra – did this one sneak by?

January 3, 2013

It’s not too often that you can look through the MLS and find a 3 Bedroom/3 Bathroom Home in Valmonte on an 11,460 foot lot priced at $1.1 million (that’s $411/foot!) and see it around for more than a few days before it has an offer.  Well, somehow this one has slipped through the cracks.  This mid-century open and bright home listed by Heather Chamberlain of RE/MAX PV is still waiting for its new owners to find it, but when they do, they are going to score a great value in a market heading up-up-up.  I’m going to write this one off as a holiday sleeper, but just because this house is still available is not a reason to skip it over.  It’s on a very usable corner lot, with views of the surrounding hills, and is a stone’s throw away from some great trails.  Like much of Valmonte, traffic is limited to local homeowners, and you have plenty of elbow room for the kids.  Sure, I’d be lying if I didn’t note that it could use some updates, but it’s rare to find one that isn’t going to call for your personal touches to make it your own.  As for the numbers, this one makes sense.  Of the 41 homes that sold in Valmonte during 2012, the average house was on the market 89 days and sold for $520/foot.  Working backwards, this house, even if upgrades are factored in, is undervalued compared to the average 2012 sale.  Sure, each house is different, but you can’t go wrong with good value on a well kept house on an oversized lot in the greatest neighborhood in Southern California.

(please note, the author, while a realtor, is writing independently and has no financial ties to the listing identified in this post).

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