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

I'm up early and gearing up for my Wednesday morning warrior workout.  An hour of yoga followed by a five mile power walk.  It's a great way to recharge my energy batteries mid-week.  However, I must admit I combine the workout with a little real estate work too.  I'm always snapping photos and adding them to my collection of Palos Verdes photos. 

Yes, it's true.  I get to walk along the bluffs of the Pacific Ocean as the sun rises over the Palos Verdes Peninsula and attempt to capture the essence of the Palos Verdes lifestyle.  Seriously, this is my work.  It's a tough assignment, but someone has to do it. 

 Time to put on the walking shoes and hit the road!

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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Dear Mr. Recession,

I'm not sure why I think you're of the male persuasion, but I do. However, I must admit I was momentarily stunned by last night's announcement on national news:  80% of economists think the recession is over.  Yep, done, history, over.  Pack your bags, you're leaving the country!

Based on my unscientific poll of one real estate agent (that would be me) I side with the 80% using this week as my guiding North Star.  There's a new listing to post today, an offer to submit and an early email announced an offer is coming in on last week's new listing.  Two prospective buyers called yesterday and asked me to add them to my Active List.  I received three inquires on my raw land and commercial listings on LoopNet last weekend.  An investor called and said he has cash and wants to "go play" while the market is still low.  I really did not need Charles or Katie to tell me Mr. Recession is cycling his way out of the country.

So Mr. Recession, even though I adjusted to your ways, changed my strategy and modus operandi I am not going to miss you.  I will remember the lessons learned, new marketing methods found and continue to benefit from the changes made to survive your brutal ways.  You're arrival forced me to examine the way I run my business (I did not know what a blog was before you arrived), my life and re-evaluate my priorities.  Some of life's best lessons are painful to endure but generate immense growth and positive change. 

The economists have spoken.  Be on your way.  Bon Voyage!

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

Palos Verdes Homes for Sale - Palos Verdes Houses
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Palm Desert Area Lots for Sale - Homes with Views in Palos Verdes
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If you have plans to purchase or sell a Palos Verdes single family home you will find this snapshot of 2009 sales informative.

Single Family Home sales for Palos Verdes Peninsula 2009 YTD:

Sales under $1M:  86

Sales $1M to $1.5M:  105

Sales $1.5M to $2M:  37

Sales $2M to $3M:  21

Sales $3M to $4M:  7

Sales $4M to $5M:  5

Sales $5M to $8M:  1

Sales over $8M:  0

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.

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

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Palos Verdes Peninsula offers a wide variety of homes for sale and a price range to match. 

Single Family Homes currently for sale in Palos Verdes by price range:

$1,000,000 and below: 32 Homes for sale

$1,000,001 to $1.5M: 79 Homes for sale

$1.5 to $2M:  52 Homes for sale

$2 to $3M: 41 Homes for sale

$3M to $4M: 14 Homes for sale

$4M to $5M: 12 Homes for sale

$5M to $8M: 9 Homes for sale

$8M plus: 8 Homes for sale          

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.

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

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We've endured some brutal weather in Southern California during the final days of August.  Yesterday I showed property in 105 degree heat, and the air was tinged with the smell of smoke from the recent wildfires.  I smiled as I opened up the house and waited for my clients to arrive--okay, I also wiped sweat from my brow and sipped lukewarm water as I waited; it takes a dedicated and serious buyer to venture out in triple digit heat. Summer's winding down but the market is heating up.

As summer draws to a close I see:

Continued downward pressure on prices, but sales are on the increase. 

Open house attendance is on the rise. Buyers are curious; they want to know what's available and what their housing dollar will buy in today's new market.

Prospective buyers are beginning to notice yard signs again.  Buyers are driving through neighborhoods of interest.  Does your property capture them from the curb?

I'm no longer wondering whether the battery in my cell phone is dead!  I'm also happy to report the majority of the calls are no longer telemarketers.

Casual lookers are becoming serious house hunters.  Lower prices and pent-up demand are driving entry level sales in my area.

Sellers are aligning asking price with market value. It takes a couple years for the reality of a falling market to work its way through the marketplace. When list price is in line with market value an offer soon follows.

It may be the dog days of summer but I feel a new burst of energy as I negotiate offers, shepherd sales through escrow, show and list property and in general have a to do list of more real estate tasks than I can possibly hope to accomplish in one day. Gosh, my career is fun and rewarding again, and I'm pleased to share good news with buyers and sellers once again.

The fourth quarter of the year is often my best quarter, and given the current market conditions I expect the remainder of 2009 will be no exception. As a matter of fact, I'm really looking forward to making some great things happen as the year winds down and the real estate market heats up.

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.

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

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The Palos Verdes Peninsula possesses a full portfolio of views.  Would you like ocean and island view?  We have it.  How about city lights?  Yes, lots of those available. Are you happy with a peek-a-boo view?  Those are quite common.  If only a panoramic view will do, the price will reflect a big view is included.

Many buyers want to know what a view will cost.  Sellers want to know what their view is worth. Pricing a view is one of the most subjective things an agent must do when listing a view property. History and experience helps us with this subjective and opinion filled task.

Last week my business partner and I decided to approach pricing view properties based on a more scientific approach.  Using the sales from a recent 30 day period, we compared the price ratios of homes that sold with no view, any view, ocean views and panoramic views.  We placed all single family sales in the most appropriate view slot.  We then calculated the price per square foot for averages for each type of sale.  The ratios of each category revealed rough estimates of the premium buyers place on each type of view.

The results: 

Homes with a small view sold for an average of 10% more than homes with no view.

Homes with any view sold for an average of 17% more than homes with no view.

Homes with ocean views sold for an average of 25% more than homes with no view.

Homes with panoramic views sold for an average of 40% more than homes with no view.

There are many variables in this calculation (which means it still remains very subjective) and the percentage will vary with the number of homes sold and the type of view those properties possessed.  Pricing a view home is best done by a knowledgeable and experienced agent because certain views are considered more valuable than others even though they may both be deemed panoramic.

We had fun compiling the list and assigning a value to our Palos Verdes views, but please remember the true value of view is determined by what buyers are willing to pay for view properties.

Previous Palos Verdes and San Pedro Market Reports

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

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.

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

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I gave a prospective buyer some information regarding zoning on raw land I have listed for sale.  He politely listened and said he wanted to verify my statement with the city.  He's my kind of buyer.  I work the same way.

At the time of the listing the seller gave me the pertinent information regarding the lot.  When I inquired about the zoning, he gave it to me.  Since it was not stated on the tax assessor's records I called the planning department to verify the seller's information prior to listing the property on the MLS.  The seller was correct, but by personally speaking with a city official I was able to proceed with the confidence and knowledge the information represented was correct.  Trust, but verify is an excellent way to build consumer confidence and trust in the real estate industry.

The days of glib conversation and unverifiable statements in the real estate industry are over, or at least they should be a thing of the past.  Consumer confidence is at an all time low.  They simply don't believe what we tell them. 

It takes time to build trust; but today when that prospective buyer walks into city hall and finds the zoning is exactly as I represented it to be, I believe his trust factor in me, my industry and my word will edge upward.  The offer we discussed will also edge closer to fruition.

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

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.

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

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Needles RV Park, Motel and Land for Sale - Indio Lots for Sale

Last night as I listened to the local news I heard a reporter make two errors as he spoke about the housing market.  First, he reported you need 3% down when obtaining your FHA loan.  Wrong, it is now 3.5%.  Secondly, he said the $10,000 tax credit restricts income to $75,000 for an individual or $150,000 for a married couple and it only applies to 1^st time homebuyers.  Actually, the $10,000 credit applies to California new construction and is not restricted by income or to 1^st time buyers.  Time limits and other restrictions do apply.

In California, there are two separate tax credits available.  The $8000 tax credit and the $10,000 new construction tax credit.  It is possible for the same buyer to qualify for a total of $18,000 in tax credits.  However, certain requirements must be met to qualify.

Bottom line; don't take the news as gospel.  It is a compilation of information truncated into sound bytes.  Sometimes the facts get a little twisted and the truth is laced with misinformation.

 Consult a professional to determine your eligibility for the aforementioned tax credits.

More Buyer's Tips from Norma!

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

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.

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

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Needles RV Park, Motel, Lots and Land for Sale - Indio Horse and Equestrian Luxury Estate Lots for Sale

Today's online headlines scream Unemployment Hits 8.1%, and US Prepares for Big Bank Failures.  Last week I sent a market update to my past clients showing a 2-year supply of luxury homes are currently for sale on the Palos Verdes Peninsula, an upscale area in Southern California.  So my question is, are the luxury buyers hunkering down for hard times too?

Real estate agents view a cross-section of life in their community on a daily basis.  We see the one-bedroom condo and we see the 7-bedroom mansion with pool, view and guesthouse.  We also see the tell-tale signs of financial woe.  It runs the gamut, and is not restricted to the people who live paycheck to paycheck.

The way we live is shifting.  This new tilt throws us off balance for the short term, but in the long run it may be more beneficial than we ever imagined.  As I drove through one of the many high-end neighborhood in my area, I did a double-take.  Yes, it was a family washing their SUV.  What's so unusual about that, you may ask?  In this neighborhood cars are not often washed on the driveway.  They are dropped off, detailed and returned. The owner does not get his hands wet.

What I saw was worth a second look.  It was a dad sudsing up the car with his pre-teen son and what appeared to be mom and another child washing the interior windows.  It was a family spending time together and accomplishing a task rather than paying for it.  If this is part of the new shift, I do not think it is all bad. 

Although, I am taking my car to the carwash this morning, I have some great memories of splishing and splashing with my sisters while we washed the family car.  In my opinion, that's living well.

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

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.

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

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Palos Verdes Real Estate Search - More information on Palos Verdes

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