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

Do you know where your stream of income sources are tonight?  Maybe they are snoozing undisturbed in your database, maybe their name is scribbled on a piece of paper in your pocket or your purse.  Or worse yet, they may be swirling around unrecorded on the "to do" list in your head.  In order to shake your moneymaker(s) you must be able to put your hands on them.  My moneymakers are my past client database and my blogs.

My memory is one of my strengths, but one mind can only contain so much retrievable data.  My moment of reckoning came late last year when I saw a listing (coulda, woulda, shouda been mine) pop up on the MLS.  What?  They listed with someone else?  How could that be when only three months ago she told me they were going to wait a year?  Yes, I know, three months is far too long to wait to contact a homeowner with selling on her mind.  But I thought we had a relationship, rapport and so on so forth.  Nature abhors a vacuum and I obviously allowed another agent to step in and fill the gaping hole I left in our communication.  Mea culpa. 

 2012 may be the Year of the Dragon on the Chinese Calendar but  Norma Toering & Team will track time, contacts, efforts and results with the daily care and feeding of our database.  We will calendar contacts months in advance and note every client contact.  As month one of 2012 draws to a close I find this new habit is becoming second nature, and I'm enjoying this more methodical but also more rewarding approach.  

I'm a big fan of the one-page business plan and this year mine is pretty simple--Blog daily (online presence), work that database (offline presence) and shake your moneymaker(s) often.

It's the beginning of a new year and open house signs are in bloom throughout neighborhoods on the Palos Verdes Peninsula and throughout the South Bay.

Unfortunately, some of the weekend warrior home shoppers are really robbers looking for an easy target. Here's an email I received asking agents to be vigilant at open houses:

Please be careful at open houses!

A young well dressed couple driving a Silver BMW showed up at an open house in the Hollywood Rivera. One of them kept the agent busy, while the other one robbed the house. Please be careful and remind your clients to lock up their valuables.

Sellers, one of the most important things you can do before your home is held open is to place valuables in a safe place.   

My morning email greeted me with this question from a first time home buyer: What do we need to do during the 17-day inspection contingency period? 

I sent her the following reply (names and address deleted to protect the privacy of my clients):

 Congratulations on the acceptance of your offer to purchase a home.  Escrow is open and the contingency clock is ticking as the inspection phase of the purchase gets underway.

During the 17 day contingency period you will perform the following:

1)   Deliver your deposit check to escrow

2)   Conduct a home inspection (and any other inspections needed or wanted).

3)   Review and approve the Preliminary Title Report.

4)   Review and approve all Seller Disclosures

5)   Review and approve Termite Report

6)   Review and return Escrow Instructions

7)   Make sure lender has all information needed to approve your loan

8)   Request repairs or credit based on Home Inspection Report

9)   Receive appraisal and if not at value re-negotiate and resolve appraisal issue with sellers

10)  Remove all contingencies of the contract including loan.

We do not have any of the above reports/documents yet.  We will arrange to meet with you to review and sign.

After all contingencies are removed you will need to have your home insurance agent send proof of insurance to escrow as the lender will not fund the loan until an insurance binder is received.   Your insurance agent will need escrow's contact information and you will have it once you receive your copy of the escrow instructions.

Other tasks to perform after the contingencies are removed:

1)  Place the utilities in your name as soon as we have a definite close of escrow date.

2)  Conduct a final walk-through of the property 3-5 days prior to close of escrow to make sure any work requested was completed.

3)  Wire remaining closing funds to escrow 3-5 business days prior to close of escrow.

During the escrow period there will be many forms to sign:

1)   California Association of Realtor requires the buyer to sign approximately 30 documents.

2)   REMAX Palos Verdes Realty and the listing agent's company will add to the stack of documents.

3)   Escrow and Title companies also require numerous documents.

Once all requirements are met, the lender will issue loan docs for you to sign, fund the loan and the title company will record the sale.  Upon confirmation of recording by escrow I will give you the keys to your new home!

I'm sure other items and issues will surface during the escrow period and we will help you every step of the way.  Every sale and house presents a unique set of circumstances and keeps the process fluid and ever-evolving.  It is our goal to keep it as stress free as possible no matter what arises--as there's a solution to every problem.

 I must say I think this house is in better condition that most of the ones we viewed.  Your new lender is more responsive than your previous lender and the listing agent is on the ball.  I think you have a good team behind you.

I admit Palos Verdes is a quiet, isolated and very private community, and I, along with many others, like it like that!  More than once I've heard the lament of, "There's nothing to do in Palos Verdes," and that is absolutely not true. Hey, this is LA!

We really have it all. There's the Pacific Ocean with its beaches, surfing and boating opportunities. There are many wonderful fishing spots plus deep sea charters are available. The Palos Verdes hills are laced with hiking and horseback riding trails. There are parks and places to go whale watching. Cyclists love the winding roads and challenging hills of a ride around the area.

But if you really want to get out of town for the day here are few of my favorite ways to spend a day, then return to Palos Verdes for the night.

1. Catalina Island is only a short boat trip away and a world apart. With quaint shops, a wide variety of dining choices and gorgeous scenery it is a lovely way to spend a day in Southern California.

2, The Getty Center or Getty Villa are world class museums and a lovely way to enjoy a day in LA.

3, The Huntington Library, Art Collection and Botanical Gardens in San Marino is a gardener's paradise and one day is not long enough to see it all. The halls are filled with great art and the gardens are overflowing with plant specimens from around the world.

4. Let's not forget Disneyland, Knotts Berry Farm, Universal Studios and the amusement park list goes on and on.

5. For sports fans how about tickets to a Lakers or Dodgers game, or another favorite team?

If you broaden your choices to include an overnight stay Palm Srpings is a two hour drive away. The mountain resorts in Big Bear and Lake Arrowhead are open for year round fun. So there you have it: The ocean, the desert, the mountains and nearby island escapes. Oh, and Santa Barbara is stunning and historical. I could go on and on. There is always something to do in Palos Verdes!

If you're a Palos Verdes homeowner and curious about the effect of the recession on sales of luxury homes in Palos Verdes, you will find the following statistics of interest:

Palos Verdes luxury home sales priced over $2,000,000 for the past five years:

2007:  99 sales

2008:  64 sales

2009:  50 sales

2010:  72 sales

2011:  73 sales YTD as of December 19

2011 statistics reveal 36 of the luxury sales were Palos Verdes Estates luxury homes with the highest price paid being $9,150,000.

Rancho Palos Verdes claimed 21 of the high end home sales with 21 and a top price of $7,425,000. 

14 Luxury homes sold in Rolling Hills in 2011 with top price going to a $7,250,000 sale. 

Rolling Hills Estates posted 2 high end home sales.  Both sales were located in the Westfield neighborhood, an unincorporated area on the Palos Verdes Peninsula.

Based on the above statistics Palos Verdes luxury home sales bottomed out in 2009 and began rebounding in 2010.  The positive trend help steady in 2011.

My predictions for 2012 are high end luxury homes will continue to sell at a steady pace, and perhaps we will climb closer to the pre-recession number of nearly 100 luxury home sales on the Palos Verdes Peninsula. 

There are few places in Los Angeles County offering a stunning coastal location, panoramic views and top-rated schools, not to mention world class golf courses, 5 Star Terranea Resort and an enviable climate. 

Last week had its dark moments ( a long-term client called to say his son died) so I was thankful to have a light real estate schedule this weekend.  Today, as I walked along the trails at Trump National Golf Course, I was trying to redirect my focus to life's brighter moments.  As I rounded a curve on the trail I stopped in my tracks as I saw the sunlight reflecting on the water.  I reached for my iPhone to capture the shot.  This was exactly the bright spot I needed.  Life goes on.

Sometimes we must comfort and console and others times we get to celebrate and be jubilent with our clients.  You know your relationship has moved beyond business when clients call to share not only their joy but also their sorrow.  Sometimes, it is not just business, it's personal and I'm happy to be there to share those moments too.

This week promises to have some happier moments unfold.  There's an upcoming closing and it would certainly be nice to receive some good news from the bank(s) on my short sale offers.  But perhaps I ask too much...

Come along on a tour of the Palos Verdes Peninsula. You're invited to tag along and experience the Palos Verdes Lifestyle.  From equestrian estates to hillside villas and beach cottages Palos Verdes is filled with beautiful views and stunning topography.  A camera should always be close at hand.

Los Angeles city view from Rolling Hills

Tidepools of the Pacific in Rancho Palos Verdes, California

Sandy beach and rocky coastline in Rancho Palos Verdes

Rolling Hills, California

Wayfarers Chapel in Rancho Palos Verdes is a well known landmark on the Palos Verdes Peninsula.

Palos Verdes Sunset

Homes under $1,000,000 in Palos Verdes are considered entry level homes.  New Palos Verdes residents are often move up buyers and aspire to move to the Palos Verdes Peninsula for a host of reasons such as the coastal location, large lots, open space, stunning views and last but not least the award winning school system.

How's the Palos Verdes real estate market?  I'm glad you asked.  Inventory is very low, and the demand for homes priced under $1M is high.  If you're in the market to buy a home priced under $1,000.000 in Palos Verdes, it would be a good idea to begin your search sooner rather than later.  It can take months to find the right house, and remember, many other buyers are comparison shopping too.

Where are those under $1M homes located?  Here's the current list by neighborhoood:

Lunada Bay: 1

Monte Malaga:  2

Malaga Cove:  1

Valmonte:  6

Palos Verdes Drive North:  6

Rolling Hills:  0

Palos Verdes Drive East:  11

Mira Catalina:  3

Palos Verdes Drive South:  3

Palos Verdes Drive West:  0

Country Club  0

La Cresta:  0

Los Verdes: 1

Crest:  0

Peninsula Center:  2

Silver Spur:  6

Eastview:  14

If you're considering a move to the Palos Verdes Peninsula, contact me for more information on homes offering the best value.

Sell Smart, Buy Wise and Live Well

When I moved to Palos Verdes over twenty years ago I was very concerned about the quality of air, after all, Los Angeles smog was world famous and one of my children had severe asthma.  A new neighbor told me not to worry as, "Palos Verdes doesn't have any pollution.  The smog doesn't come up here."  That was probably an exaggeration, and for a moment I thought she was kidding, but she was dead serious.

I often thought of my neighbor's words when I gazed out my living room window and saw a layer of brown haze hanging above the flat land below.  The higher altitude and coastal location certainly does have its advantages when it comes to air quality, but by no means does it offer complete immunity from man-made problems or forces of nature. 

I wondered if the magical location would offer the same immunity from the housing crisis.  Would short sales and and foreclosures dare to enter the exulted air space where pollution dare not go?  I checked the MLS statistics this morning and breathed a sigh of relief.  Yes, we have a few cases of distressed properties throughout the Palos Verdes Peninsula, but by no means is it epidemic.  Standard sales far outnumber distressed sales, and that's good news for the Palos Verdes Peninsula housing market.

As of November 1, 2011  MLS Inventory of Single Family Homes for sale in Palos Verdes:

Single Family Homes: 

Standard Sale:  224 

Short Sale:  15

Bank Owned Foreclosure:  3

In Foreclosure/Notice of Default:  2

Those are some pretty healthy numbers considering the depth and breadth of the housing crisis.  Homeowners, congratulations on making a wise decision to live and own property on the Palos Verdes Peninsula. 

Sell Smart, Buy Wise and Live Well.