Palos Verdes Real Estate

September 2023 Newsletter

Dear Neighbor:

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.                                                                                                                                                                                               

This entry was posted on Friday, September 22nd, 2023 at 7:01 am and is filed under Buyers, Everything I've Written, Newsletters, Real Estate General Info, 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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