I just wanted to update you on the amazing rapid clip the Riviera has been on for home sales.  Look back to our May 19th, 2009 blog post and you will see that Kelly reported 10 homes in the sale pending category, with about 45 homes for sale at that time.  As of today, June 24, 2009, I am very pleased to tell you there are 24 homes in the sale pending category with only 27 homes for sale (down sharply from a high earlier this year of about 52 homes for sale)!  What a jump up we have seen lately.  It directly correlates to a lot of positive news the media has reported in the past month, and historically low interest rates.  Buyers perceive this a great time to buy, and perception becomes reality. 

At annual builders’ show, small is in

Among the trends highlighted at the International Builders’ Show, more Americans are saying goodbye to McMansions and are buying ‘right-sized’ homes instead. There’s also high interest in green elements, organization, fewer luxuries and practical appliances.

By MarketWatch

These days, a bigger home isn’t always a better one: Recent research suggests that homes being built today are getting smaller.

The average size of homes started in the third quarter of 2008 was 2,438 square feet, down from 2,629 square feet in the second quarter, according to the U.S. Census Bureau. Similarly, the median size of homes started in the third quarter was 2,090 square feet, down from 2,291. The statistics confirm what the housing industry has suspected for a while.

“We’ve been hearing for a long time ‘Why is the home size not declining?’” said Gopal Ahluwalia, vice president of economic research for the National Association of Home Builders. He spoke about the trend at the International Builders’ Show in Las Vegas this week. Anecdotally, he had heard smaller homes were being built as housing prices tumbled and the economy began to weaken. Still, “we never had data to back it up,” he said.

Gayle Butler, editor-in-chief of Better Homes and Gardens, said that for many homeowners, it is not so much a matter of downsizing as “right-sizing,” giving up big homes with unused space and buying a home that better fits their needs.

According to the Better Homes and Gardens study, top priorities in a new home include an affordable price, natural light and comfortable family gathering places. The era of supersizing may be ending, Butler said, with buyers looking for a home that is “right-sized, organized and economized.”

Other consumer housing trends include:

• Fewer luxuries. Consumers say they need fewer luxuries in their next home, Butler said. In the magazine’s survey, 20% or more of the participants viewed upgraded landscaping, upgraded finishes such as granite countertops and luxurious master suites as less important in their next home, she said. High ceilings in main living areas were less important to 35% of those surveyed. There are also fewer fireplaces in new homes: While 62% of new homes completed in 1991 had at least one fireplace, 51% had a fireplace in 2007, according to Census statistics.
• Green elements. A wide majority — 90% — said they’re planning to have energy-efficient heating and cooling systems in their next home, and 31% would like to have geothermal heat, Butler said. There has also been increased interest in home gardens, with more people wanting to know where their food is grown, said Robin Avni, senior director and consumer strategist for Iconoculture, a cultural-trend research company. “The green theme touches everything in the home, from the food we look to consume, our health concerns in the home, building — even our furnishings in the home,” Avni said.
• Getting organized. With smaller spaces, organization systems are continuing their popularity. More entryways are being outfitted for storage, and homeowners often want more functional use of wall space, Butler said. The magazine found that 69% of survey participants said no-space-wasted design and ample storage will take on more importance in their next home.
• Practical appliances. Although sales of appliances have been down, freezer sales have been up. The reason: More people are shopping for bargains and freezing what they won’t use right away. “Appliance sales have taken a hit … except the freezer. Which is really all about going back to basics, a very practical kind of living,” Avni said. “If you look at your parents and your grandparents, they used to have a freezer — they used to buy stuff on sale and put it in the freezer and use it for later. It wasn’t just run out and buy something that day.”

Your House as Seen By:

Yourself

Your Buyer

Your Lender

Your Appraiser

Your Tax Assessor

Donate Your E-Waste and Help Save Our Schools!  

On Saturday, June 6 from 10 a.m. to 3 p.m. the Torrance Council of PTAs will be hosting an E-Waste donation day. 1-800-GOT JUNK is donating 50% of the profits from this event to the TEF/TUSD Save Our Schools Fund to replenish proposed state budget cuts of $9.4 million for the 2008-09 school year.

Acceptable items include: Computer monitors, CRTs, TVs, projection TVs, CPU, towers, printers, fax machines, all-in-one centers, radios, stereos, speakers, phones, answer machines, kitchen appliances, microwave ovens, small refrigerators, and household appliances.

Drop off location is 2336 Plaza del Amo, Torrance, at the Educational Materials Building (EMB) parking lot.

For more information please visit the Torrance Council of PTAs website at http://www.torrancecouncilofptas.org/ or call Tammy Khan at 310-972-6152 or email her at tkhan@tusd.org.

The Daily Breeze reported on May 21, 2009 the API scores for the entire South Bay.   (The Academic Performance Index measures the academic performance and growth of schools on a variety of academic measures.)  The good news is that 39 local South Bay campuses performed among the top tenth of California schools.  The state’s goal is 800 - 39.9% of elementary schools met or exceeded that goal, 30.1% of our South Bay Middle Schools and 17.1% of South Bay High Schools met or exceeded the 800 API Score….including South & West Torrance High Schools, Mira Costa High, both Peninsula High and Palos Verdes High Schools, Redondo Union High School, & El Segundo High School.  This is great news for our area.  A huge thank you to all the teachers, administrators, PTA and parents of these high achieving schools!   Good luck next year!

    
      (Photo care of the PVStreetFair Website)

Want some fun in June?  Come on out to the 22nd Annual PV Street Fair - up at the Peninsula Center off of Crossfield - Click here for directions.   If live entertainment, arts & crafts, carnival rides, great food and fun are of interest, then the PV Street Fair is for you.  They have a Top Dogs  event as well as a Kiddie Area for the little ones, so there is something for everyone.  Come on up and bring the family!  Saturday & Sunday June 6th & 7th.  Check the website for special discounts such as $25 all day unlimited rides wristband.    https://www.pvstreetfair.com/Home.html 

May 19th already - the first half of 2009 is coming to a close soon.  As of today, there are 49 houses for sale - a large inventory.  It seems that since the spring has started the inventory has been increasing and this is the most inventory in this area we’ve had in a long time….it’s been going between 48 - 51 over the last couple of weeks.   Click here to see the current inventory of homes for sale.  The least expensive homes are $625,000.  One of which has been for sale forever on PCH but it now has some competition on Greenmeadows.  A nice little original at the end of a cul-de-sac.  Bring your hammer and paint brushes for this one.  There is a new one on Calle de Arboles that’s only $765,000 for a 4 bedroom, 2 bathroom - also in original condition.  A great price and I’mm guessing this one won’t last long.   Click here for the direct link to this good deal.  There are actually 12 houses for sale in the Hollywood Riviera area under $800,000 - now that’s a lot of good choices.  With the FHA limit up to $729,750 that could make one of these beauties a lot easier to qualify for.  Here’s the link to the 12 Hollywood Riviera real estate choices under $800K.

As for what’s in escrow here in the Hollywood Riviera - there are currently 10 houses pending sale - click here.  That number has increased over the past month so that is good news. 

Year over year sales are still lower than this time last year.  Since January 1st, 2009 there have been 16 homes SOLD with an average sales price of $971K.   Same period in 2008 shows that 22 houses sold with an average price of $1,175K. 

We had the good fortune of going on a private behind the scenes tour of the new Lowes resort, La Terranea, in its completion phase of building here in Rancho Palos Verdes last week!  What a jewel of a place to be added to the already beautiful Palos Verdes coastline - and just 20 miles south of Los Angeles Airport!  For those of us who live here it is a real treat to see all the public spaces the Lowes Resort owners have created - hiking trails, a sandy beach, restaurtants with outdoor fireplaces and firepits all on the rugged coastline with some of the most amazing ocean, Catalina/Channel Islands & coastline views ever!  Pelican Rock sits right below the La Terranea peninsula….it’s magical.  Featuring the Point Bar and Signature Restaurant - can’t wait for the next special event!

(photo care of the La Terranea Website - Point Bar)
102 acres make up this magnificent place - brand new construction - gorgeous landscaping - coastline, ocean and sunset views rivaled by few!  They are scheduled to open in June 2009 and will offer meeting spaces for corporate events as well as regal weddings and amazing  family reunions.  The grounds include include rolling lawns and gardens all designed to bring the magical ocean views into every event.

(photo care of La Terranea Website - wedding concept photo)

The pools - yes pools with an “s.”  There are some amazing spots to enjoy while at La Terranea - the pool at the “Spa” as well as the amazing slide pool, several hot tubs, a fun kids play area with the water dancing - you can bring the whole family to La Terranea.

 Best Deal in Palos Verdes Estates Right Now!

Check out this deal on Cinco de Mayo - Tuesday May 5th, 2009 - we had our broker’s opens today in Palos Verdes Estates - as we do every Tuesday.  It’s always fun to go out and see the new listings and figure out which ones are well priced and which ones “would you buy?”  Well, today there was a clear cut winner (in my mind anyway.)  4049 Via Solano is on one the best loved streets in Valmonte, a quaint neighborhood in Palos Verdes Estates.  This home sits right behind the walking trail and the gardens are so well tended.  There are nice city lights views - if you like sparkling lights at night you would like this one.  The house is small and in original, well-cared-for 1941 condition - pretty cool actually.  They don’t build houses with neat cove ceilings like they used to.  It’s the least expensive house for sale in Palos Verdes Estates right now to boot!  Super cute.  Click here to check it out!  The street is so ambient with lots of mature trees and quite a nice mix of old and new.  It’s truly lovely.

May 2nd, 2009 - there are 45 homes for sale here in the Hollywood Riviera along with 2 condos and 6 townhouses.  Prices for the single family homes range from $625,000 - $2,799,000.  As you can see the range is huge.  Click here to the single family homes available for sale currently. 

The condo/townhouses range in price from $489,000 - $799,000.  Click here to see the condos/townhouses currently for sale.

April brought us a few pending sales (6 in total) - a good thing.   Prior to that the sales pace has been slow going.  This should help bring us a bit more on track for the solds year-to-date.  As of now there have been 14 homes to close escrow since January 1st, 2009.  This time last year for comparison purposes 20 homes had closed escrow.  That represents a 30% decrease in the number of sales this year over last year.   Click here to see the Hollywood Riviera homes that have sold so far in 2009.