Palos Verdes Real Estate

May 2023 Newsletter

Dear Neighbor:

Local real estate prices continue to hold up better than most of us predicted, the primary reason being a lack of houses for sale.  Reasonably-priced houses are selling instantly, often with multiple offers. Nationally prices are down 12% from the June 2022 peak, although locally it feels like they are down less.  One reason for the smaller than predicted decline, apart from others I’ve discussed in previous newsletters, is the reticence of current homeowners to give up their low interest rate mortgage (often in the 2 or 3%’s) for a new house with a loan in the high 5%’s.  To them I would just say that a loan in the 5%’s is still pretty low by historical standards.  The higher interest rates, of course, are the result of the Fed’s efforts to stave off inflation.  The last attempt to fight inflation (early 1980’s), such as is going on now, resulted in interest rates of around 17%.  One hopes that we don’t see that again, but it’s also unlikely that we will see rates in the 3%’s again in our lifetimes, so waiting for rates to get back to that to buy your dream home probably doesn’t make a lot of sense.  And a loan in the 5%’s may look pretty good in a few years.

I have several new listings in the pipeline to be priced from $1.6 million to $3.2 million, so if you are looking, or know someone who is, get in touch with me and I can get you in.

I mentioned in my last newsletter the February 8 talk I gave at La Venta Inn on PV history leading up to the 1944 purchase of the Inn by the Schnetzler family, after which Margaret Schnetzler’s grandson, Mark Matthews, shared his memories of growing up at La Venta when it was a private home.  One result of that event was many requests for an expanded talk on Palos Verdes history generally.  That will take place on May 12, 2023 at 4 pm at Hesse Park.  I have included an information sheet on it.  I will begin with the 1913 purchase of Palos Verdes by a consortium led by Frank Vanderlip and go through the ups and downs and little known facts about PV development, ending in the early 1970’s with the incorporation of Rancho Palos Verdes (seems like yesterday to me).  As a 75 year resident, I was a witness to the period from the late 1940’s until now, so much of this isn’t going to be the result of Google searches or second- or third-hand accounts, but rather my personal, first-hand recollections.  I am tempted to begin with Mexico’s independence from Spain in 1821 because it’s relevant, but I only have an hour, so I’ll spare you that.

Thank you for your continued support and please visit my website at www.DanaGraham.com, or give me a call at 310 613-1076, and I hope to see you on May 12, if not before.                                                                                                                                                                                                

This entry was posted on Monday, May 1st, 2023 at 7:34 am and is filed under Buyers, Everything I've Written, History & Current Events, Newsletters, Palos Verdes Information, Sellers. 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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