A recent Los Angeles Times article discussed the number of all cash home sales in the LA area but did not mention Palos Verdes homes sales. I researched Palos Verdes all cash home sales and found that we did not experience the significant dip that other LA areas experienced.
The LA Times article pointed out that in some areas, “Multimillion-dollar mansions, once snapped up by wealthy Chinese buyers, are now sitting empty.” As China has tightened their regulations regarding Chinese yuan leaving their country, Chinese buyers have found themselves struggling to pay for homes here as many lenders will not give loans to borrowers without U.S. credit and necessary immigration documents. In 2016, all cash homes sales fell 37.5% in Alhambra, 16% in San Marino and 25% in Arcadia.
Palos Verdes homes all cash single family home sales have not experienced those sharp declines in 2016. As a matter of fact, there was only a .2% decline in 2016 – 177 all cash sales out of 699 total homes sold compared to 2015 all cash sales of 182 out of 713 sales. Going back 10 years, percentages of all cash Palos Verdes homes sales are: 2016/25.3%, 2015/25.5%, 2014/30.1%, 2013/23.5%, 2012/20.8%, 2011/17%, 2010/20.3%, 2009/16.5%, 2008/16.8% and 2007/12.5%. 2017 year to date, 33 Palos Verdes homes sold all cash out of 103 homes sold which is 32%.
To view my prior article on 2016 Palos Verdes homes sales, click here.
Originally posted to Elaine Carlson's real estate blog PalosVerdesSource.com.
Palos Verdes lighthouse at Point Vicente courtesy of Arvin Design
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