Browsing Tag

Via Largavista

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

IMG_0269

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!

 

Uncategorized

4125 Via Largavista on the market

December 19, 2012

If you gage the real estate market by walking around a neighborhood, you would certainly call Valmonte sleepy based on the general absence of for sale signs in the front yards.  This reality can be seen a few ways.  Maybe you can call it the Holiday calm; who wants to have people touring your home while you’re trying to enjoy the special time that is the holiday season?  It could be that everyone loves Valmonte and no one wants to sell.  Or, it may just be that the market isn’t signaling that it’s ready to roll and sellers are hesitant to sell.  I like to think it’s a combination of all of these factors.  Valmonte is a popular place these days (you can argue that it has been for many decades), and there certainly are many families looking to move to this great neighborhood.  However, qualifying for a home is a challenge, and prices here aren’t exactly low.  And after 6 years of a bearish real estate market, sellers ARE slow to accept that the ball is back in their court.  But facts are facts, and in 2012, of the 40 homes that sold in the Valmonte area, the average home sold in approximately 3 months at 97% of the asking price.  Not bad when only a few years ago the sky was falling and chicken little was running around with his head in his hands.  

So seeing a new listing hit the market is a welcome sight and 4125 Via Largavista listed at roughly $1.649m by Raju Chhabria of Shorewood Realtors is one to watch.  Located on one of the best streets in Valmonte this 3 bed, 3 bath 2400′ home on a 9400′ lot was extensively updated in 2006.  The house last sold in 2004 for $1.425m and if you know the neighborhood, not too many come up for sale on this family friendly street.  My guess for 2013 is that we will continue to see demand outpace supply but prices are going to be challenged by buyer’s ability to qualify for loans at continued low rates.  It’s certainly getting better, but we’re not out of the woods just yet.

Happy Holidays!