So far my local market (Palos Verdes Peninsula) has evaded the onslaught of short sales and bank owned properties. We currently have 224 single family homes for sale and of that number only 11 are short sales per the MLS, and REOs are rare. The distressed property market is a small one in Palos Verdes.
28 Condos are listed for sale and six are short sales. Townhouse statistics are 16 for sale and one is a short sale.
Posting those relatively healthy numbers should be reason to celebrate Palos Verdes appears to be dodging the short sale bullet and blitz of bank-owned properties for now. It will be interesting to see what develops over the next few months.
Norma Toering & Team RE/MAX Palos Verdes Realty
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Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333
PalosVerdesLifestyle- Norma's award winning site as the best Palos Verdes homes and real estate blog since 2007. Selected by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Awarded 5 out of 5 stars by Lender411 blog review. 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. Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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Palos Verdes is so fortunate, my local market is usually very strong, but the foreclosures and short sales are starting to pop up more regularly and the foreclosures are priced very low.
Yes, I keep checking the numbers and am happily relieved to see them so low.
We haven't seen the huge number of REO's either. If your market is anything like mine, it may be because there wasn't a lot of overbuilding to begin with. The places that are seeing the worst of it are the most overbuilt it would seem.