Palos Verdes Lifestyle - Norma Toering's PV Real Estate Blog

My buyer is ecstatic.  She made a savvy purchase in the Rancho Mirage complex she has watched since 2008.  The sellers of this delightful unit turned down an offer of $450,000 in 2008.  Two years later they accepted my client's offer of $294,000.  Yes, home prices in the California desert took a deep nose-dive of approximately 60% give or take a few percentage points depending on the location.

If you are thinking about a second home or retirement villa now is a great time to brave the heat and find a fabulous deal.  From condos to estates the prices are slashed.  There are many areas and price range points to choose from; you're sure to find one that's a perfect fit for your lifestyle and your budget.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

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Closed escrows are the fruit of hard work.  The prepping of an upcoming listing often begins months before a closing is on the books. A buyer's search for a home starts months before the purchase happens.  A flower does not produce a blossom overnight.  It must be planted and tended,  A real estate transaction is no different.  It takes time, preparation and skill to generate a real estate sale.

There are always exceptions to the rule; last year a buyer was referred to me.  We looked at two houses and they bought the first one I showed them.  We closed escrow thirty days later.  Those slam dunk deals are delightful, but the reason we remember them so vividly is because they occur so rarely.

I am encouraged by the number of homes I showed this month and the number of showings my listings received.  It is the most active spring market I've worked since 2005.  Now it is time to move the showings to contracts and the escrows to closed sales. 

The local real estate market is showing signs of increased activity with a slight increase in prices and a large increase in number of sales.  The media is reporting positive stories.  Can recovery be far behind?

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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Point Fermin neighborhood real estate and home sales report for San Pedro, CA in March 2010.

Active listings: 13 Homes are available for sale in Point Fermin priced from $289,000 to $990,000.

Pending sales: 5 Houses are currently in escrow priced from $210,000 to $540,000.

March sales: One house sold in March 2010 in Pt. Fermin:

• Denison $390,000
  

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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Palisades neighborhood real estate and home sales report for San Pedro, CA in March 2010.

Active listings: 8 Homes are available for sale in Palisades priced from $515,000 to $1,675,000.

Pending sales: 8 Houses are in escrow priced from $389,900 to $699,000.

March sales: 4 Homes sold in March 2010:

• Leland St $385,000
• Leland St $450,000
• 27th Street $723,000
• 37th St $775,000
  

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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South Shores neighborhood real estate and home sales report for San Pedro, CA in March 2010.

Active listings: 7 Homes are currently for sale priced from $685,000 to $1,999,000.

Pending sales: 9 Homes are in escrow in South Shores priced from$549,000 to $989,000.

March sales: One house sold in March 2010:

• Palacios Dr.  $798,000
  

Previous Palos Verdes and San Pedro Market Reports

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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The glossy real estate magazine herd was thinned by the onslaught of Internet marketing.  Sure, there are still a few die-hard agents pouring major money into the few mags remaining. I'm a fan of gorgeous photos and enticing copy, but I also like a respectable return on investment.  I bought those full page ads for years and it was not an easy marketing habit to break.  I stand before you and confess I'm still tempted to splurge (squander) several hundred dollars a pop for a 30-day shelf life, but the consumers have convinced me to move from passive advertising to active marketing.

Selling real estate is a contact/lead dependent business.  Buying leads whether from a company or with your advertising dollars is expensive.  Generating my own leads with 30 minutes of blogging a day delivers more bang for the buck than those $1000 ads ever did for me.

I blog about what I know--the local real estate market.  I blog about the real estate business and give "how to" tips to buyers and sellers.  I blog about market trends, statistics and what is selling and why.  This is the information age and I want my clients to be informed and on top of the latest and greatest real estate news and opportunities.

It takes time to blog effectively.  It requires knowledge and expertise and the desire to share it.  It also works.  The shift has happened.  More than 50% of my new customers come from my Internet marketing efforts.  I still do a large portion of business from past clients and their referrals, but new business comes primarily from blogging.

I have 5 minutes to post time if I want to make the 30 minute cutoff so I'll wrap this up with an example:  Two buyers I'm currently working with googled one of the areas I blog about and found several articles on my blog.  As one of them answered when asked how they found me,  "On the Internet of course.  Why would anyone look for homes in the newspaper?  It's very old fashioned, don't you think?"

Do you want to capture the consumers of 2010?  Pump up your Internet presence.  Your future clients are already there.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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I work in the land of luxury homes.  The average price of current active listings in Palos Verdes is just over $2,000,000.  The average active price in March 2009 was $1,960,000.  Yes, it is true prices have inched up approximately 4% from March 09 to March 2010 for homes currently on the market.

Sold properties are at a lower price point but reflect a similar increase.  March 2009 average sold price was $1,080,000 and March 2010 showed an increase of 5% to $1,130,000.

Current market inventory stands at a 4.5 month supply at the current absorption rate.  March 2009 showed a 10.3 month supply of inventory based on absorption rate.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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If you are not a fan of numbers and what they tell us, get ready for your eyes to glaze over!  I'll summarize and make it as meaningful and short as possible.  Here's a one year snapshot of real estate activity on the Palos Verdes Peninsula:

Zip Codes 90274 and 90275 March 2009 and March 2010 Comparison:

March 2009                                  March 2010                                     % Change

For Sale:  372                               264                                               -30%

Sold:  36                                        59                                               +64%

Pending: 45                                    87                                               +93%

That's enough numbers to paint a picture of the current market activity in Palos Verdes.  The supply is down and demand is up. 

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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Leslie Appleton Young, a California Association of Realtors economist, spoke at a recent meeting I attended and I want to share a few of her insights:

California unemployment is the highest it has been since 1940.

Interest rates are on the increase.  They will undoubtedly rise in the coming months.

California real estate experienced a 60% drop from high of 2005-07 to 2010.

Low-end real estate prices are going up---high-end still declining.

Rents are declining because of the job market.

Jumbo interest rates are approximately 1% higher than conforming loan rate now.  It was as high as a 3% spread.

"If you have no equity in your home you are not a homeowner."

19.6% of all 2009 purchases in California were cash offers.

On average California real estate prices were down 20% in 2009.

Buyers are exhausted, but believe the market is at or near the bottom.  They are buying after sitting on the fence for years. 

A quick check of local statistics reveal Palos Verdes inventory supply is down 30% and prices are up 5% from March 2009 to March 2010.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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If your listing is "difficult" to show holding it open is one of the best ways to sell it. Yes, let me say it again--open house helps sell a home.  

A recent listing is also home to one very cute dog and two very clever cats.  The seller was reluctant to leave her "babies" in the garage or penned on the patio for hours at a time while she was gone.  Consequently, the showing instructions called for an appointment so the pet owner, aka the seller, could make arrangements for her pets.

Since one of the cats is nicknamed Houdini, because he is a champion escape artist, we dared not let an unsuspecting agent open the front door for we knew Houdini would slip out before the agent removed the key from the latch.  The little watchdog would follow the "intruders" from room to room yapping and yapping until the prospective buyers and the frustrated agent exited the home with a welcome sigh of relief.  Talk about a showing disaster! Writing an offer would be the last thing on their mind.

Solution--hold a three hour open house, advertise it heavily in print and online.  The cats were happily ensconced in the garage (and I made sure no one opened the door).  The dog went for a long walk and coffee with the seller and several agents showed the property during this window of opportunity called Open House. 

The results speak volumes:  I received an offer from one of the agent that showed it during the first open house.  Unfortunately, that offer did not work out, but within a few days another offer arrived.  Again, it was generated from a showing during the second open house I held.

Open house is a much maligned marketing tool.  Sure, sometimes I pick up a new client, but I hold open houses for the convenience of other agents and to make sure my listings receive maximum exposure.  I did not sell this property at the open house, but a fellow agent did. 

My open houses are not about me, they are held to optimize showings and generate offers.  End of story.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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