Palos Verdes Real Estate

March 2023 Newsletter

                                                                                                                                                                                                                                                                                                     March 2023

Dear Neighbor:

You know, in the 38+ years I’ve been in this business, I’ve never seen a market like this.  From my perspective, here is what is going on:  first of all, there are still very few houses for sale.  One reason is what is often stated by the “experts” – homeowners have lots of equity and so the need to sell for that reason (no equity, upside down, etc) is less prevalent.  But another factor that I think is also in play is that, as the market peaked last June, sellers rightly believe that they can’t get the price they imagine they could have gotten then and, with no pressing need to sell, aren’t.  The statistical high last June or so was distorted by buyer frenzy and the occasional way-over-market sale, so the actual values might not have been as high as the numbers indicate.

But the bottom line is that there are very few houses for sale – 73 total on the Hill as of this writing, including condos, townhouses, single family homes, and everything.  We are not frantically chasing the market down as many, including me, predicted.  Normally, in a market with as few homes for sale as this, prices would be increasing; but interest rates now just south of 6% (compared to rates in the 3%’s not too long ago) are acting as a brake on that.  If you’re a buyer, I know a 5.75% rate seems high; but the last time we had inflation like this, the Fed’s efforts to reign it in resulted in interest rates right about 17% (when I was a buyer, of course).  So buying now and securing a rate in the high 5’s may end up looking real smart; and if rates go down, you can always refinance.  On this subject, I have the best lender I have ever found, who can make loans most can’t and at rates others can’t touch.  Even if you’re selling, if our buyer gets into trouble on their loan, my lender has often saved the day.  So if you’re thinking of selling or buying, give me at call at 310 613-1076 or email at [email protected].  Also, visit my website – www.DanaGraham.com for the latest and lots of articles on Palos Verdes history and real estate advice gained from 38 years of experience.

The Palos Verdes Historical Society recently created a lovely party and presentation at La Venta Inn at which the owner gave insight on its history since his grandmother’s purchase of it in 1944.  I gave a brief talk on the history of Palos Verdes from its founding until 1944.  Did you know that the Palos Verdes Project almost met its end several times due to delinquent taxes?  Jotham Bixby actually sold the land to Frank Vanderlip in 1913 due to pressure from the County tax collector.  The closest call (and this is the short version) came in 1937 when property taxes on the parklands were $50K in arrears and the County was on the verge of re-possessing them.  Frank Vanderlip had just passed away and things were coming to a head.  There was a big land sale and 99 lots were sold which, combined with incorporation of the City in 1939, cured the delinquent tax issue.  10 of those lots sold in 1937 were bought by Dr Dennis and Hazel Smith on Via Palomino, where they built 3405 on two of them.  I was born there 10 years later.  If you are interested in buying or selling, give me a call.  No one knows Palos Verdes like I do.          

                                                                                                                                                                                                                                                                                                  Sincerely,

                                                                                                                                                                                                                                                                                                  Dana H Graham                                                                                                                                                                                                                                                                                                                        DRE #00877973 

This entry was posted on Wednesday, March 8th, 2023 at 10:11 am and is filed under Buyers, Everything I've Written, Newsletters, Palos Verdes Information, Real Estate General Info. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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