Both the House and Senate have passed the new extended/expanded Homebuyer Tax Credit and it is now awaiting the President’s signature.  Previously, the first time buyer credit of $8,000 was to expire on November 30, 2009, but it will now be extended to April 30, 2010. 

The new bill also includes a $6,500 credit to qualified homeowners looking to “move up” by purchasing a replacement home for $800,000 or less.   According to the Los Angeles Times, “…the legislation would raise the qualifying income levels to $125,000 for individual filers and to $225,000 for joint filers.”  Please click here to view a full-page version of the chart above from National Association of Realtors.

Both of these credits will help sellers of  Palos Verdes real estate as they increase the pool of buyers for their properties with  ”trickle up” activity from  Palos Verdes buyers who have sold their homes to to first time buyers.  And to date in 2009 Palos Verdes Peninsula has had 40 single family homes and 108 townhomes/condos sell for $800,000 or less.

Owners of Palos Verdes real estate have several options to dispose of their household hazardous waste.  There is the permanent collection center in San Pedro – S.A.F.E.  Collection Center, 1400 N. Gaffey Street which is only open Friday, Saturday and Sunday from 9:00 a.m. to 3:00 p.m. but does not accept electronic waste. 

Electronic waste (televisions, computers, etc) can be dropped off by Palos Verdes Estates residents at City Hall Monday through Friday from 8:00 a.m. to 12 noon.  You can park on PV Dr West near the “electronic waste” sign and ask for assistance from someone at the Streets and Parks Department.

On November 14, 2009, there is a one-day collection event at the Raytheon Company in El Segundo on Howard Hughes Way in Parking Lot G.   Please click here for more information and a schedule of other hazardous waste events or call 1-800-98-TOXIC.

Photo courtesy of City of PVE Newsletter

Earlier this week, I heard the City Managers from all 4 cities on the Palos Verdes Peninsula speak at the Palos Verdes Peninsula Association of Realtors meeting. Here is a synopsis of their update:

Joseph Hoefgen, City Manager of Palos Verdes Estates, told us that the PV Dr West stabilization near Bluff Cove begins in a couple of weeks and should be complete in January 2010.  The Golf Club has a shorter wait list (now 160 down from 200).  Both the Tennis Club and Stables have vacancies and the Beach Club has “many years” wait list.  Two sewer pump stations in Lunada Bay will be replaced. The city is redoing their website.  54% of the city budget comes from property taxes.

Tony Dahlerbruch, City Manager of Rolling Hills,  spoke of lessons learned from the recent fire.  Residents need a plan for evacuation for themselves and their horses and decide what to do if they can’t get back into the city in an emergency situation (Rolling Hills closed all 3 gates during the recent fire).  As Rolling Hills is in a “very high severity fire zone”, residents must have a 200 foot clearance ar0und their homes and must clear their own canyons.  The city is also looking at a low pressure sewer system (presently 99% of city is on septic).

Sam Weiss, Assistant Manager for Rolling Hills Estates,  told us there is a draft Environmental Impact Report for the Chandler Quarry (to be filled in and 100-200 houses built)/Rolling Hills Country Club (building moved) project.  All commercial property must be landscaped during the interim planning submission period and not left with the green fencing.  29,000 square foot medical office condo project was approved at Silver Spur and Beachgate.  A 5 foot bike lane (on both sides of the street) will be installed on Palos Verdes Drive North from Crenshaw west to the city border.   The Festival of Lights will be on December 5, 2009.

Carolyn Lehr, City Manager of Rancho Palos Verdes, announced that 160 acres of land had been purchased from York/Long Point and included into the Land Conservancy area.   The Annenberg Foundation will pay for parking lot improvements at Point Vicente Interpretive Center and has proposed an adjoining Educational Facility.  Trader Joes is building an 11,000 square foot store at Golden Cove scheduled to be open  in February 2010.   Grading should begin in November 2010 on the 34-unit Affordable Housing Complex (62 years and older) at Crestridge and Crenshaw.

Rick and Kitty Edler’s 36 Ranchview, Rolling Hills Estates, (above left) is a 5 bedroom, 5 bath, 4,136 square foot home for $2,199,000.  This updated Palos Verdes Drive North home features a gourmet kitchen, separate office and pool on a 24,859 square foot lot.  Phyllis Weitzman’s 20 Avenieda De Azelea, Rancho Palos Verdes, (above right) is a 4 bedroom, 3 bath, 4,157 square foot home for $1,699,000.  This Mira Catalina home is located in a guard gated community and has fabulous ocean/Catalina/harbor views and room for a pool.

Pamela Lieb’s 908 Via Mirada, Palos Verdes Estates, (above left) is a 4 bedroom, 4 bath, 3,895 square foot home for $2,600,000.  This remodeled Montemalaga home has panoramic views,  a 800 sq ft master suite, and a pool.  Janet Stearns’ 3005 Via Borica, Palos Verdes Estates, (above right) is a 3 bedroom, 3 bath, 2,978 square foot home for $1,489,000.  This remodeled Lunada Bay home has a new gourmet kitchen, ocean views and a master suite with sauna/exercise room/& sunroom.

Photos courtesy of MRMLS

 The Annenberg Foundation has an Environmental Impact Report in progress for its multimillion dollar project at Lower Point Vicente.  Plans have also been submitted to the city of Rancho Palos Verdes for approval and a formal application is anticipated soon.

“The proposal, based on a comprehensive study of the community done in concert with the development of the Coast Vision Plan, includes using architecture, art and exhibits to inform the public about Palos Verdes geology, history, marine ecology, terrestrial animals and habitats…” according to the Rancho Palos Verdes site (which can be accessed by clicking here).  The Center would focus on providing education, science, behavior and care of animals and animal adoption opportunities.  There will be an outdoor reconstructed Tongva Village, an archaeological dig, picnic areas, restroom facilities, and trails.

All this at “Zero cost to the city” according to the Annenberg power point presentation (which can be accessed by clicking here).  The Annenberg Foundation’s budget for this project is $38,000,000 to $42,000,00 and they will also to fund operations.  This will be a project to watch!

Photo courtesy of Annenberg Foundation

   Yes, we do have foreclosures in Palos Verdes real estate.  Currently there are 2 active single family residences and 1 condo that are REOs (or bank-owned properties).   669 Via Del Monte, Palos Verdes Estates, is a 4 bedroom, 3 bath, 3,469 square foot home listed for $1,449,900.  4053 Via Pavion, Palos Verdes Estates, is a 4 bedroom, 3 bath, 2,336 square foot home listed for $999,900.  3601 W Hidden Lane #121, Rolling Hills Estates, is a 2 bedroom, 2 bath, 1,131 square foot condo listed for $415,000.

Although Palos Verdes is not immune to foreclosures, our rate is much lower than most of Los Angeles County.  Since the beginning of the year, 10 single family residences and 10 condo/townhomes that have sold were REOs.  There are currently 2 single family residences and 1 condo/townhome that have pending sales and are bank-owned.

According to the Los Angeles Times, “Signs are emerging that a much feared escalation of California home foreclosures may not happen, as banks respond to government pressure and scale back their repossessions of troubled properties.”  It appears the banks are working with homeowners allowing loan modifications and short sales.  This will assist in the stabilization of the real estate market.

Graph courtesy of LA Times

 The Palos Verdes Unified School District received a AA+/Aa2 credit rating from Standard & Poor’s and Moody’s Investor Services.  This is one of the highest ratings that a California school district can get and there are only 16 public school districts in California that have a AA+ or better. 

Owners of Palos Verdes real estate should be proud both of the School District, for their excellent management, and themselves for the school bonds that we have voted upon ourselves to make up for the shortfall from the State.  Additionally, Peninsula Education Foundation funds many programs that the State no longer does and our PTAs also step in financially where allowable to keep our school district strong.  Finally, congratulations to all the parents in the district who work tirelessly for our children’s education and well-being.

A copy of the entire press releasae can be accessed by clicking here.

Above photo is of Malaga Cove School

Pearl Kaperl’s 4324 Cartesian Circle, Palos Verdes Peninsula, (above top) is a 5 bedroom, 4 bath, 3,384 square foot home for $1,599,000.  This Academy Hill home has updated kitchen and baths as well as a fabulous outdoor entertaining area with pool, spa, rock water fall, built-in barbecue and firepit.  Cindy Chew’s 14 Hitching Post, Rolling Hills Estates, (above bottom) is a 4 bedroom, 4 bath, 2,847 square foot home for $1,189,000.  This Palos Verdes Drive North home has an elegant Southern style balcony, a separate bonus room and a separate wine cellar.

Rick Edler’s 36 Eastfield Drive, Rolling Hills, (above) is a 6 bedroom, 7 bath, 6,000 square foot home for $3,999,000.  This Rolling Hills estate designed by famous architect Chris Gunderson features panoramic views and an enormous great room which opens to an infinity pool.

Photos courtesy of MRMLS

Statistics for the month of September for Palos Verdes real estate are now available and for the numbers indicate stability for the last 5 months.  As you will note from the graph above, the number of active single family homes for sale in Palos Verdes has been falling for the last several months and is an all time low (for the last 15 months) of 247.   For the month of September, there were 49 homes that sold/closed escrow (August had 51) and 64 homes had pending sales (the same as September).

The average price for homes that sold in September was $1,343,000 and the average for the last five months was $1,327,000.  Average Days on Market for the last 5 months have fluctuated between 66 and 88 days; for September the Average Days on Market was 77.  Months of Inventory (months it would take to sell existing inventory at the current rate of sale) for September was 5 months down from 5.4 months in August.  Entire charts can be accessed by clicking here or on the “Statistics” tab above.

Currently, there are 246 single family homes for sale on the Palos Verdes Peninsula.  Additionally 52 homes have pending sales, 48 homes are in escrow accepting backup offers and 21 homes have sold/closed escrow in the first 11 days of October.

  Portuguese Bend Beach Club is a guard gated beach community located off Palos Verdes Drive South in Rancho Palos Verdes.   This small neighborhood of approximately 90 homes has a private sand beach (one of the few private beaches in Southern California) with its own lifeguard in the summer months.  The private beach has barbecue fire pits, volleyball, paddle tennis and a children’s playground.   Wouldn’t you love to walk out your door to your own beach?

Most homes have panoramic ocean views.  Some of the homes are used as summer homes and rented out during the winter months.  There is a waiting list for beach club membership of over 160 families (who do not actually live in the Portuguese Bend Beach Club).   Membership is automatic for homeowners of the PBBC and there is a homeowners association and dues.

 There are currently 4 homes for sale in the Portuguese Bend Beach Club ranging in price from $1,069,000 for a 2 bedroom, 1 bath, 810 square foot home to $2,499,000 for a 4 bedroom, 3 bath, 2019 square foot home.