Distressed sales are beginning to creep up the Palos Verdes Peninsula. We were fortunate for several years and had only a handful of short sales and even fewer foreclosures. The tide is beginning to shift and even our coastal location and top rated schools cannot offer immunity. Distressed sales are showing up more frequently among the standard (and still majority) sales in the four cities of the Palos Verdes Peninsula.
Current listings for distressed property on the Palos Verdes Peninsula:
Palos Verdes Estates: 10 Properties currently for sale are designated as "distressed" sales.
Rancho Palos Verdes: 25 Properties are listed for sale as distressed sales (short sale, foreclosure, notice of default, auction).
Rolling Hills Estates: 5 Properties are currently for sale and designated as "distressed" sales.
Rolling Hills: No distressed properties listed for sale at this time, however one short sale property sold in 2011 for over $2,000,000.
Total number of properties listed for sale on the MLS: 316 (includes homes, townhouses and condos). Nearly 13% of total listings are distressed properties. Many areas have much higher numbers, but we are no longer unaffected by the lingering depressed housing market.
Comments(0)