The market is in a constant state of change, but the methods for determining value are still the same. I wrote this post over two years ago. It came to mind when I received a call from a past client asking me to give them a market analysis of their custom home in the same neighborhood. They are not going to sell in the immediate future, but they do need to know the value of their home for estate planning purposes.
Yesterday a fellow agent invited me to see an upcoming listing. She wanted an opinion on what the price should be. It is a custom one-of-a-kind, although dated, house. In other words, there are no comparable sales in the neighborhood, and no comparable actives currently on the market.
Hmmm, this was no easy call. She said she gave the sellers (two siblings from out of the area) a list price, but she was beginning to second guess herself, and wanted an opinion from someone she could trust. Okay, flattery is a good way to get me to give up a couple of hours of my time to keep my name on the short list of agents she can trust. Besides, she did not give me the list price she suggested, and being a competitive character I accepted the challenge.
Know the Neighborhood: In an area with 19 homes on the market I've seen 17 of them. This helps--no, this is essential.
Know the Recent Sales: Out of 18 sales in 2007, only four properties could be considered as possible comparisons, and they all varied significantly from the subject property. Fortunately, I saw or showed all four of those houses and sold one of them.
Know the Local Market: This particular area is weathering the market slow down well. The number of days on the market is increasing, but the prices are holding with only minor fluctuations. A quick visit to Trend Graphics confirmed and updated me on the ups and downs of the local real estate scene.
Explain the Anomalies of the Market: There was a recent price reduction of gigantic proportions. Fortunately, I knew this had nothing to do with the market, but was a personal situation and not a true indicator of a future price slide.
Know the Seller's Motivation: The agent offered up this information in our initial conversation. They're heirs. They're motivated. They want to property to sell in the next 90 days.
The other agent is good. She should not have doubted herself. Our suggested listing prices were less than 2% apart. She left the property feeling more confident, and I couldn't wait to get back to my database to search for a possible buyer.
I always find something to love about my listings. 2017 Suana, Rancho Palos Verdes is no exception. Here are a few of her many lovable attributes:
1) She's a Mid-CenturyModern Gal with floor to ceiling windows
2) With all those windows it is easy to enjoy the view from San Pedro to Long Beach and beyond
3) She's light and bright thanks to three skylights and windows everywhere
4) It is difficult to ignore her price of $849,000 for a Mid-Century view home
5) She is located within the Palos Verdes School District one of the top districts in California
2017 Suana will be open Sunday, September 5, 2010 from 1:00 to 4:00 PM. Stop by for a tour, enjoy the view and a great example of 1950s Modern Style Architecture.
If you love horses and the Southern California Desert, Boitano Palms may be your perfect match. There are twenty-two 2-acre lots--all zoned for equestrian use. With polo fields nearby and the winter HITS horse shows and events fast approaching, now is a smart time to shop for an equestrian-friendly gated community. with stables for your polo ponies or hunter/jumper horses.
Construction is underway on one lot. The property is currently listed with Norma Toering & Team for $995,000. Plans are in the works to install additional infrastructure in the near future. The project is fully entitled, recorded and ready!
If you're looking for a captivating gated retreat in Southern California's desert playground it's time to see what Boitano Palms has to offer:
1) Stunning Mountain Views
2) Two-Acre Equestrian Lots
3) Located in the Heart of the Desert Horse Country
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.
You do not have to give up your dream house; you may simply need to adjust the dream. This week's smart buy on the Palos Verdes Peninsula offers all this and more:
1) Coastal View
2) Private Setting
3) Pool
4) Gorgeous Grounds
5) Gated Estate
6) Income
7) Easy Freeway Access
8) Timeless Design
Offered at $2,500,000 this Mediterranean beauty offers a pool house, a second single family house on the property, lush landscaping, several patios and balconies overlooking views of the Pacific Ocean. It isNorma Toering and Team's choice for this week's Smart Buy in Palos Verdes. Call to arrange your private tour.
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.
Real estate is complicated.The time required to nurture a new relationship to past client status can takeyears. Yes, I said years. A tumultuous housing market and an unsteady economy add to seller uncertainties and buyers' hesitation to take the purchase plunge. What's a real estate agent to do in this situation? Give what you would like to receive if the tables were turned.
I've worn seller's shoes and buyer's hats more than once. I've purchased at the height of the market (Hello California in 1989) and I've sold homes when interest rates were high and the market depressed (Think Moline, IL in 1975). Some of my real estate agents were unforgettable, others I can't recall their name. Some provided information and statistics I didn't know I needed; other never delivered what I requested.
I think the easiest way to simply this often overwhelming and demanding job is to make every effort every day to give our clients what we would like to receive if we were selling or buying in this market.
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.
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.
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.
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.
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.
Join me at my open house August 28 & 29, 2010 at 2017 Suana Drive, Rancho Palos Verdes. The property will be open each day from 1:00 to 4:00 PM.
It is a brand new listing and this is the first open house; don't miss seeing this Mid-Century Modern with a view extending from San Pedro to Long Beach and beyond.
The home has three bedrooms, two baths and a view from nearly every room!
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.
Tune in for Best Buys in Palos Verdes; Market Updates; Buy & Sell Signals; Advice to Buyers & Sellers and other real estate related topics of interest. Updates will be posted on all four cities on the Palos Verdes Peninsula, PV School District and other happenings on The Hill.
South Bay Los Angeles cities I sell real estate 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.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Silver Spur neighborhood real estate and home sales report for the Rancho Palos Verdes & Rolling Hills Estates, CA in July 2010.
Peninsula Center neighborhood real estate and home sales report for the Rancho Palos Verdes & Rolling Hills Estates, CA in July 2010.
Crest neighborhood real estate and home sales report for the Rancho Palos Verdes, CA in July 2010.
Los Verdes neighborhood real estate and home sales report for the Rancho Palos Verdes, CA in July 2010.
;)
;)
