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]]>I don’t usually cover this sort of thing, but as I’m sure most of you know Wayfarer’s Chapel has been in the news lately, and in my capacity as President of the Palos Verdes Historical Society, I figured I’d include a brief mention. Next to La Venta Inn, which recently had its share of excitement, Wayfarer’s is probably the most iconic building on the Peninsula. Higher than normal rainfall has caused the landslide not only to accelerate, but also to expand to the east and west. Homes at the western end of the Seaview tract (east end of the slide) have now been affected, as has Wayfarer’s Chapel on the west end. Of course the media will lead you to believe that the entire Peninsula is sliding into the ocean, so it is important to bear in mind that the aggregate total area of land movement on the Peninsula comprises about 1.5% of the original 16,000 acres purchased by Frank Vanderlip.
Wayfarer’s has now closed to visitors and there are guards on the property enforcing that. When this first hit the news, I sweet-talked my way past them and took pictures of the current state of damage, which are on the front page of my website – www.DanaGraham.com. The sidewalks are lifting, the glass is cracking, and the roof on the covered walkway on the east end is now noticeably uneven. But the steeple is plumb and it was, on balance, not as bad as the reports made it appear. While the prognosis is uncertain, they are looking at all viable solutions.
Back to real estate: recent statistics for the cities on the Hill show the median sale price to be down about 25% in January from January a year ago. That’s the median, not the average, and probably means that more less expensive houses have been selling than those on the higher end. It’s also a small sample, so it is gratifying that the media hasn’t picked up this statistic to generate dire reports and ratings. Prices continue to be supported by the lack of homes for sale – now at 107 on the entire Peninsula (single family, townhouses, condos) versus 75 last January, which was insanely low. These are still historically low numbers. In this market, if you have had your house for sale for over 90 days and it isn’t sold, and assuming no impediments to buyers seeing it, it’s the price.
But occasionally there are impediments which the sellers may not realize. There are currently two glaring examples on the Hill: one is a house in Lunada Bay that has been for sale for nearly 3 months, and the other is a lease in Valmonte. What do these two properties have in common? They are listed by out of area agents who, the evidence suggests, don’t know the first thing about Palos Verdes. The Lunada Bay house isn’t even listed as being in Palos Verdes, and the agent for the Valmonte lease apparently thinks it’s in Lunada Bay. This results in the actual Palos Verdes agents not even knowing these properties are available, which results in them not being shown/sold. If you are thinking of selling (or leasing) your Palos Verdes house, please use a Palos Verdes agent, versus someone from out of the area. You are needlessly shooting yourself in the foot to do otherwise.
I have a really nice family home for sale on Rue Le Charlene, on which we just reduced the price by $100K, as well as one coming up in Grandview that, as the name suggests, has an unbelievable, unobstructable 180 degree view. Give me a call (310 613-1076) or email (DanaHGraham@cs.com) if you want to talk.
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]]>I’m sure by now you’ve heard about the heart-rending ground movement at Wayfarer’s Chapel. Completed in 1951, designed by famed architect Lloyd Wright, Jr (son of Frank) on land donated by Narcissa Vanderlip, this stunning chapel has become an iconic landmark on the Peninsula, rivalled only by La Venta Inn.
Due primarily to the heavy rains of the last 18 or so months, the Abalone Cove Landslide (a subset of the Portuguese Bend Landslide) has begun expanding west and is now affecting the Chapel and its grounds. The facility recently announced its closure for two years to deal with the issue, but I suspect that is optimistic. The slide has been moving since 1956 (I’m sure you all know the story – if you don’t, email me) and there have been many schemes to stop it, some of which would make Archimedes blush.
I went over a couple of days ago and took these pictures of the damage, which includes lifted sidewalks, cracked glass panes, ripples in the parking lot, etc. I came away realizing that media reports have made it look worse than it actually is, but also realizing that the prognosis is not good. They have, however, cancelled future events, including weddings. For what it’s worth, I calculated that the total area on the Peninsula affected by land movement amounts to roughly 1.5% of the whole — in case media reports led you to believe we were all headed toward Avalon.
Also in the news recently due to rain was the collapse of the wall on the Promenade parking structure. The cause of this has been widely mis-reported as due to the “planters” on those walls. I saw it happen, so here is the straight scoop: we had very heavy rain about 45 days ago – the first really significant rain this season. As is usually the case with the first rain of the season, a lot of accumulated debris was washed toward the drains at the lower end of the top floor, thus clogging them. Within a couple of hours there was what amounted to a lake being held there by those walls. Now, the walls were not built as dams, and the force of the water caused their collapse onto the street below. Here is a rather lousy iphone picture taken within a minute of the collapse. Having witnessed it myself, I could only think of Niagara Falls. The volume of water cascading off that top level was testament to the amount of water that had accumulated.
About a half hour after all this excitement the fire department and police showed up. By that time the erstwhile lake had drained and all they saw was water then trickling off the edge where the fallen walls had been; so to them, the cause was clearly that the planters on the walls had become too heavy with rainwater and pulled the walls over. Channel 5 interviewed your intrepid reporter and I gave the lake as the cause; but they and others also interviewed the firemen who, I guess, had more credibility than I. Thus the false story about the planters got out. Since then, workers have been busily removing planters from the remaining walls, thinking they are going avoid a repeat.
For those of you wondering about La Venta Inn, the Inn and the 2 neighbors who caused all the ruckus last year have battled each other to a standstill and La Venta is back to operating pretty much as it has in the past. Their phone is ringing off the hook with requests for weddings until recently booked for Wayfarer’s Chapel.
So that’s the latest on high profile events in Palos Verdes from out here in the trenches.
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Dear Neighbor:
And the years keep whizzing by. I am finally seeing acknowledgement in the press of the slow decline in housing prices, now predicted to be 1.6% over the next year. If you’ve been reading this newsletter, you know that we’ve been seeing this kind of slow decline for most of the past year. That being said, prices are still at or near their all-time highs, and any house priced reasonably will still get multiple offers. It’s interesting that nationally prices are now about double what they were just prior to the 2008 meltdown; they may be just short of that locally.
Interest rates have come down almost 1% in the past 6 or so months. You can now get a 6% 30-year fixed rate if you know where to go. For perspective, this is slightly lower than the rate I paid when I bought my first house in 1974. I hear people say “rates are too high” these days, but that’s only compared to those of a couple of years ago when they briefly hit 3%. When I got into this business in 1984, you couldn’t get a fixed rate loan under 16%. If you’re thinking of buying, I wouldn’t advise waiting for rates to fall (if they do), especially considering that when rates fall, prices rise.
In 2023, 566 houses of all descriptions and prices sold in PV, almost the same as the number sold in 2022. Statistically the prices remained about level from January to December, tho out here in the trenches the feeling of a slow decline is inescapable. There are currently only 75 houses for sale on the entire Hill (including houses, condos, townhouses, etc), whereas last September (the last time I looked at it) there were 112. Some of that was due to the then-rising interest rates which, as I mentioned above, have recently come down somewhat; but still, even 112 represents a very tight market by historical standards. The shortage of homes for sale is one factor holding prices up, and if you’re a seller, that is a favorable environment.
If you, or anyone you know, is looking for a fantastic family home in the PV School District, give me a call about 2256 Rue Le Charlene, RPV. This is a completely remodeled 5 bedroom 3 bath home on a cul de sac that features a whole level that is prefect for the kids – 2 bedrooms, full bath, all of which adjoin a large family room/playroom, with direct access to the resort-like rear yard with pool, spa, large lawn, and great view. On the upper level is the master suite along with 2 more bedrooms with adjoining bath and another family room. There is also direct entry to the 3-car garage.
Give me a call at 310 613-1076 or email at DanaHGraham@cs.com. You can also visit my website: www.DanaGraham.com. Thank you for your continuing support and Happy New Year!
Sincerely,
Dana H Graham DRE #00877973
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]]>$1,599,000 — Sold at $1,620,000.
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]]>I am often asked whether Fall is a good time to sell. My general answer is that the seasonality of the market in Southern California is overrated. While winter weather in much of the country does affect real estate, it’s not like there is going to be 3 feet of snow on the ground here. The usual answer you get is that Spring is the ideal time to sell. I guess that conclusion comes from the fact that there are the most sales (all else being equal) in the Spring. While that is generally true, you have to look at it from your point of view as a seller: there is a lot to be said for selling when you have less competition. Many sellers delay putting their house on the market until after the first of the year or until Spring. As a result, again with all else being equal, there are fewer houses for sale in the Fall and over the holidays; but there are still motivated buyers out there looking. With relatively few homes to choose from, you are going to get every serious buyer thru the door, and may sell at a higher price than if you waited until there were 25 other homes for your buyer to consider.
I would also say that the general price trend is not upward, partially because the trend in interest rates is. Waiting till Spring may not be in your best interest if you are planning to sell in the next few years and want to get top dollar.
Most of my listings I discussed in my last newsletter have sold (see enclosures). I do have a new one at 2256 Rue Le Charlene – a spectacular, remodeled 5 bedroom 3 bath, 3140 square foot home with pool, spa, large flat back yard, 3-car garage, and a great view of LA Harbor. It’s near the end of a cul de sac, asking $2,349,000. I have enclosed information on it.
I also have a 2 bedroom 2 bath condo in the desirable Seagate community off Hawthorne near Ralphs Market. It is updated, spacious, with 2 covered parking spots, and many association amenities. We have just reduced to $675,000.
Please feel free to visit my website: www.DanaGraham.com for real estate advice, Palos Verdes history (I am the President of the Palos Verdes Historical Society and have lived here since 1947), and assorted other subjects. See what my customers think of me – “Testimonials” at top. Or just call me – 310 613-1076. I look forward to hearing from you.
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]]>We are definitely seeing signs of the market slowing – “average days on market” is creeping up as is the number of houses for sale in PV: from a ridiculously low 40 during the peak of the recent frenzy, to 73 as of last March, and 112 houses for sale as of this writing. While this is still low by historic standards, the trend is hard to miss, with the average days on the market now standing at just over 30. Prices for the past 6 months have been flat, with a slight downward trend. This last statistic is hard to measure objectively given the proportion of custom houses, and varying degrees of view, condition, etc, and is just my overall view as someone who is immersed in it every day.
As is usually the case at this stage of the “cycle”, we are seeing more over-priced listings, the result either of sellers wanting to catch the tail end of what they perceive as the peak, or of over-zealous agents securing the listing by inflating the estimated value. I know it doesn’t need to be said (tho it’s never stopped me in the past) that the market determines the value of any given property, not the listing agent. The buyers have been looking at other properties and are also looking at the “comps” (past sales). They will recognize an unrealistically priced house when they see it. You have the best chance to sell for the highest price in the first few weeks on the market when all buyers then looking descend upon the house, so don’t blow it with a high asking price. If handled correctly, all this initial activity will result in multiple offers and a higher price. Conversely, too high an initial asking price will result in forfeiture of that initial frenzy and, usually, a lower eventual sale price. I’ve learned a few things after 38 years in this business, and this is toward the top of the list.
I’ve got several new listings coming up immediately:
5072 Delacroix, RPV, is being sold by the original (1967) owner and was a model home for the tract (near Soleado Elementary). There are 5 bedrooms, 2.5 bath and about 2500 square feet of living area plus a 3-car garage. A large, flat rear yard and a lovely view across the Peninsula Center “valley” give this house tremendous potential. At $1,599,000, if you’re interested, you shouldn’t wait.
28311 Golden Meadow, RPV is a 3 bedroom 2 bath one level house with a sweeping ocean and Santa Monica Mountains view. Featured are a private courtyard, extensive updating, and an overall charm that you just have to see.
I also have a very nice 2 bedroom 2 bath condo at 6542 Ocean Crest. This is a top floor unit and so has the vaulted ceilings. Ocean Crest is gated and has lots of amenities. At only $695,000, it’s an affordable way to get into PV schools.
As you know, I am a 75 year Palos Verdes resident, selling Palos Verdes houses for almost 39 of them. If you’re thinking of selling or buying, give me a call – 310 613-1076. I bring experience and dedication to your interests to every transaction. Or visit my website: www.DanaGraham.com. I look forward to hearing from you.
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