2007 was an unbelievable year for real estate-it grabbed front-page headlines nearly every day. Sub-prime submersion, buyer bailouts, and other notorious stories unfolded with growing concern for both sellers and buyers. These national stories are important and do have an economic impact, but let's go local for what transpired in Palos Verdes in 2007.
Three key factors have cushioned the fall for the cities of the Palos Verdes Peninsula:
- Coastal Location
- Limited New Construction
- Award Winning School District
This golden trio provides the pillars that continue to support real estate values in Palos Verdes. Read them again. 2008 will not see any one of the three change in any significant way. The market will do what the market is going to do, but it will occur on a local basis; it will not be a uniform national phenomenon.
Palos Verdes Single Family Sales Statistics:
2007: 329 Homes Sold for $1,500,000 or Less
2007: 201 Homes Sold for $1,500,000 or More
2007: 29 Homes are Currently in Escrow
2007: 168 Homes are Currently For Sale
The only sensational story about Palos Verdes properties is the coastal location, the uniqueness of the area, and the stellar schools. Those are the reasons buyers will continue to purchase Palos Verdes homes in 2008.
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 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.
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