Southland housing sales slow

By Andrew Khouri | LA TIMES

Southern California home prices in January posted their smallest year-over-year gain in more than a year, as the housing market showed signs of slowing.

The median home price in the six-county Southland rose 18.4% from a year earlier to $380,000, the smallest increase since November 2012, research firm DataQuick said Wednesday. Sales also fell 9.9% compared to last year.

GRAPHIC: Southern California’s housing recovery

A total of 14,471 new and resale condos and houses changed hands last month — the lowest level for a January since 2011, indicating tight inventory and declining affordability have handcuffed buyers.

“The economy is growing, but Southland home sales have fallen on a year-over-year basis for four consecutive months now and remain well below average. Why? We’re still putting a lot of the blame on the low inventory,” DataQuick President John Walsh said in a statement. “But mortgage availability, the rise in interest rates and higher home prices matter too.”

Compared to December, the median price fell 3.8%. Because the median price is the point at which half the homes sold for more and half for less, such a drop from December isn’t unusual, DataQuick says.

Buyers likely signed a contract around the holidays in order to close a sale in January. Many families back out of the market around the holidays, slowing the market and giving investors a larger role. Since, investors usually target more affordable homes, that can help bring the median price down.

The share of investor purchases inched up last month. Absentee buyers–mostly investors and some second-home purchasers–scooped up 27.5% of all homes sold in January. That’s compared to 27.2% in December.

Sales fell from a year earlier in all six counties: Los Angeles, Orange, San Bernardino, Riverside, Ventura and San Diego. Los Angeles County saw the smallest decline, as buyers purchased 7.4% fewer homes last month.

http://www.latimes.com/business/money/la-fi-mo-home-prices-20140212,0,1262515.story#ixzz2tFMbVggv

4 More PV Schools Nominated for Distinguished Schools Honor

California Distinguished School honorees will be announced in late March.

Posted by Nicole Mooradian (Editor)|Palos Verdes Patch

FILE PHOTO: Palos Verdes Peninsula Unified School District. Photo credit Vickey Kalambakal.

Four more schools in the Palos Verdes Peninsula Unified School District have been invited to apply for the California Distinguished Schools honor, according to a notice on the PVPUSD website.

Lunada Bay, Mira Catalina, Montemalaga and Rancho Vista elementary schools are all eligible for the honor awarded by the California Department of Education, according to the school district.

Previously, the district announced that Cornerstone at Pedregal, Pointe Vicente, Silver Spur and Vista Grande elementary schools were nominees.

Schools “invited to apply for the Distinguished School honors must meet a variety of eligibility criteria, including designated federal and state accountability measures based on the Elementary and Secondary Education Act and the state’s Academic Performance Index requirements,” according to the news release.

The honorees will be announced in late March.

Elementary and secondary schools are honored as Distinguished Schools in alternate years.

http://palosverdes.patch.com/groups/schools/p/4-more-palos-verdes-schools-nominated-for-distinguished-schools-honor

San Pedro streetscape to see some changes in 2014

by Donna Littlejohn, The Daily Breeze

POSTED: 01/04/14

The Korean Friendship Bell in San Pedro is under renovation.

The new year will see some physical changes throughout San Pedro, including the opening this summer of the port’s inlet and downtown plaza just in time to welcome a tall ships festival.

The water cut is part of the ongoing waterfront project and a new harbor for vessel docking and a “modern town square,” featuring landscaping, lighting and promenades just north of the Los Angeles Maritime Museum at Sixth Street and Harbor Boulevard.

The tall ships festival — the Port of Los Angeles is an official stop of the Tall Ships Challenge on Aug. 20-24 — is expected to attract as many as 12 national and international tall ships along with 250,000 visitors to the area over the four-day period.

The plaza being built next to the water is expected to hold 10,000 people for outdoor events and performances.

Costing nearly $40 million, the Downtown Harbor Project is viewed as one of the waterfront’s key connector pieces as designers attempt to better link the historic downtown shopping district to the water just a few blocks east.

The new harbor inlet was among early recommendations made a decade ago by waterfront developers who said the focus should be to bring the water closer to residents and shoppers.

Among other physical changes coming this year:

• An $800,000 skate plaza now under construction is tentatively slated to open around summer in Peck Park, 560 N. Western Ave. The opening is timed to a temporary closure of the Channel Street skate park on the other side of town. That facility has to close for about a year for freeway overpass improvements.

The new 7,600-square-foot outdoor skate plaza is undergoing construction along the western border of the park, across the street from Rancho Palos Verdes, and will include elements that skateboarders enjoy using on the streets, such as banks, ledges and railings, along with a swimming pool-style bowl.

• If the Los Angeles City Council gives a downsized Ponte Vista housing plan the go-ahead in coming weeks, demolition on the long-vacant Navy houses along Western Avenue could finally begin in 2014.

Late last year, the plan received unanimous approvals from the Los Angeles City Planning Commission and the council’s Planning, Land Use and Management Committee. If the full council follows suit, it will end what has been nearly a decade of controversy over plans to redevelop the 61.5-acre former Navy property at 26900 S. Western Ave.

The latest proposal calls for building no more than 700 for-sale homes, down from the original proposal of 2,300 homes initially presented by a previous developer in 2005.

Along with demolition of the vacant Navy homes, early work on the project, if approved, will include building infrastructure on the site.

Construction in San Pero next to the Maritime Museum where a ship cutout has been built.

• San Pedro’s newly restored Korean Friendship Bell will be unveiled at a ceremony at 9:30 a.m. Friday. The 17-ton bronze bell, protected by a decorative concrete pavilion overlooking the ocean in Angels Gate Park, 3601 S. Gaffey St., was a gift to the people of America 38 years ago, marking the United States’ bicentennial year.

But the harsh elements of its location has created maintenance challenges, leading to the $365,000 project — provided through private funds raised by the Korean Friendship Bell Preservation Committee — that has included a number of phases in restoring the gift to its original luster.

The final phase included resurfacing the bell and repairing and repainting the pavilion, with work that began in September. Bell masters from South Korea traveled to San Pedro to do much of the detailed work through the fall months, ensuring it would be authentic.

Removal of the scaffolding is expected to begin Monday.

• Hope Chapel San Pedro has sold its 27,951-square-foot building at 461 W. Ninth St., with escrow expected to close by mid-January. The asking price was $3.4 million and the name of the buyer has not been made public. Among those who had looked at the property was a developer interested in putting in a grocery store.

Hope Chapel bought the 1923 building in 1996, restored it to its original facade with the help of Community Redevelopment funds and used the indoor space for worship services.

The building began as the home of the Clark Cook Lincoln Ford car dealership, where a young salesman named Frank Smolar reportedly sold the first Model A on the West Coast. Smolar, who died in 2002, sold the building to Hope Chapel.

After the car dealership, the structure became home to DiCarlo’s Bakery, with family members adding living quarters upstairs in the 1940s.

In the late 1950s, it became the San Pedro Bowling and Recreation Center, which closed in 1991.

Hope Chapel now meets at Rolling Hills Preparatory School, 1 Rolling Hills Prep Way, San Pedro.

• A long-vacant parcel at 1490 W. Seventh St. — on the northeast corner of Weymouth Avenue and Seventh Street, next door to Trinity Lutheran Church — is finally being developed. It will be the new office for San Pedro dentist Nicholas Jaksic, whose offices are now on Sixth Street. The new building should be completed and open sometime this summer. After the gas station that was on the corner was closed, the property sat vacant for the past few years.

Old Hope Chapel (former bowling alley) at 461 W. 9th St., San Pedro, which is now in escrow.

http://www.dailybreeze.com/government-and-politics/20140104/san-pedro-streetscape-to-see-some-changes-in-2014

Foolproof Ways To Sell Your Home Quickly

After you’ve decided to sell your home, you want to get it sold and sold quickly. But exactly how do you go about selling your home quickly and for top dollar? Well, there are several things you must do if you want your home to sell quickly.

2 Buggy Whip- 3 Pool at sunset

1. Find a sellers agent you’re comfortable with and trust. Then you must do exactly what your agent tells you to do. A seller’s stubbornness on certain key issues can delay the sales process and could cost you thousands of dollars in profit. You have to trust that your agent’s experience and know how will get the job done and that he’s doing everything in your best interest. Remember, your agent doesn’t get paid until your home sells; therefore, he’s as motivated as you are to get your home sold.

2. You must keep the price of your home in line with the current market. Otherwise, your listing will become stale and buyers will begin to think there’s something wrong with your home and this may keep you from getting top dollar. Another great strategic marketing method is to price your home below market value to attract multiple offers and in essence create a bidding war. Many times you’ll get an above market offer because each buyer will try to outbid the other.

3. Don’t skimp on your online marketing. Most buyers will begin their home search online before they even contact a Realtor for the first time. That means you’ll need lots of top quality photos, an attention grabbing headline and a description that stands out from the same old type of descriptions everyone else is using to describe their homes. If you don’t have all of the above, the buyer will skip your ad and move on to one that’s more appealing.

4. Remodeling and upgrading doesn’t always help you sell your home. If your upgrades are going to drive up the price you must get for your home in order to break even, then you may have just priced yourself out of the market. Remember, buyers generally aren’t going to pay more than the current value of the other homes in the neighborhood. Therefore, you have just wasted your time and money on an investment that will not give you a good return value. That doesn’t mean that some upgrades won’t help sell your home, because if you choose the right upgrades they will. Talk to your Realtor about which upgrades would benefit your home and which ones won’t.

5. Take Professional Photos of you home, the photos make a huge difference. Just check out the above photo, this is one of our listings that sold for more than $6,000,000, with the help of that amazing picture we were able to attract buyers to see what this home is all about.

6. Have your home staged, de-cluttered, and thoroughly cleaned. This will make a HUGE difference when a potential buyers comes to see your house. Just imagine a buyer coming in and seeing children’s toys everywhere or dog hair all over the floors, how can they envision their lives in your home when your life and clutter is still there. Try to make the home as clean and simple as possible, allowing the visitor to envision themselves in your home.

There are many different tips and tricks you could use to help sell your home quickly. Contact your Realtor for a complimentary assessment of your home and a list of market comparables in your area.

Southern California home prices stay flat in November; sales fall

The regional median home price, $385,000, has been about the same since June after a rapid run-up earlier in the year. But prices are expected to start rising again next year.

Southern California home sales

 

By Andrew KhouriDecember 17, 2013

Southern California home sales plunged in November as prices stayed flat, continuing a cooling trend that started this summer.

But experts expect a jolt in prices soon.

Home prices “will start rising again in the spring, because that’s when demand heats up,” said Christopher Thornberg, founding partner at Beacon Economics.

The regional median home price, $385,000 in November, has stayed essentially the same since June after a rapid run-up in prices in the first half of this year, according to San Diego research firm DataQuick. Most economists expect prices to rise again next year, though at a slower pace. Mortgage rates are also expected to rise next year, especially if the Federal Reserve pulls back on its stimulus program.

Both trends could add up to higher costs for home buyers, who already have been priced out of many local markets. Higher interest rates could temper prices slightly, but aren’t likely to curtail demand much, said Leslie Appleton-Young, chief economist for the California Assn. of Realtors.

“People are kind of used to it and expecting it,” she said.

A recent string of positive national economic data has also boosted optimism that the housing market will move toward a more sustainable recovery. Many economists now forecast that the nation’s economic growth rate will rise to 3% in 2014, compared with a 2% average annual pace for the last 41/2 years.

“A stronger economy equals more jobs, which equals more household formation, which equals more potential home buyers,” Appleton-Young said.

For now, the housing market is muddling through the traditionally slower fall season. Many buyers put off their home search around the holidays.

November prices remained essentially flat for the fifth straight month, inching up just 0.3% from October, DataQuick said Monday. But the median is still 19.9% higher than last year because of rapid price gains last winter and spring, driven by low supply and high demand, particularly from investors.

The current slowdown has been partly seasonal. Buyers scooped up 17,283 new and resale condos and houses in November, down 14.2% from October. But sales were also 10.4% below November 2012.

Sales were 19.8% below average for November, DataQuick said.

Sales were held back by waning investor demand and a continuing shortage of homes for sale, particularly at the lower end of the market. The partial government shutdown in October may have also hurt November real estate closings, the research firm said.

Absentee buyers — mostly investors as well as some second-home buyers — purchased 26.1% of Southland homes last month, down from 27.1% in October and 28.7% in November 2012. Higher prices have made those investments less attractive. The declining availability of distressed properties has also given investors fewer options.

Foreclosed-on homes constituted 6.3% of resales in November, down from 15.4% last year, DataQuick said. Short sales — or sales for less than the amount owed on the home — also declined.

Even if prices start to rise again next spring, the market will be more tame than last spring, with fewer cash buyers and bidding wars, economists said.

“It will be a calmer experience for buyers, but of course a more expensive one,” said Jed Kolko, chief economist with real estate firm Trulia.

The California Assn. of Realtors forecasts that the number of listings will expand next year. An increasing number of owners will list homes for sale because they no longer owe more on their mortgages than their homes are worth, the trade group said.

The increasing supply is one reason that the group expects the statewide median price, based on its data, to rise 6% next year, compared with 28% in 2013.

“It’s going to be a slower price appreciation,” Thornberg said. “That is a good thing.”

andrew.khouri@latimes.com

Twitter: @khouriandrew

Times staff writer Shan Li contributed to this report.

Copyright © 2013, Los Angeles Times

http://www.latimes.com/business/la-fi-home-prices-20131217,0,7343379.story#ixzz2nm1ksuQu

The Early Years -The Planning & Development of Rolling Hills

Displaying Rolling Hills Early years- hills view.jpg

Mankind is motivated by wanting something, or needing something. And when you have a piece of land that families both want and need, the world is your oyster.

For Rolling Hills I selected an area just South of Palos Verdes Drive, three miles from the intersection of Palos Verdes Drive and Gaffey. The area selected contained 600 acres. Day after day, when the fog would roll over the hills from Point Vicente to Redondo and flood all of the Los Angeles Basin with fog, then sweep in from Point Fermi—Rolling Hills would be in sunshine. The climate was ideal.

I wanted to build a village – I wanted to build a community. It was going to take other skills besides mine to take care of the people’s needs and wants.

I contacted Harry Cheney with whom I had worked in the development of Palos Verdes Drive North, after Labor Day, 1935, we spent hours and hours in the living room of Rancho Elastico, where no one could disturb us, planning Rolling Hills. I explained to Harry Cheney what I knew to be on market – that some buyers would want a piece as small as an acre, but a large majority would want a larger parcel – five acres or so.

The 600 acres would be used for two classes of single family homes. The flatter area, immediately to the south of Palos Verdes Drive, would be for one-acre home sites. Because it was flat, it would be 100% usable. It was at an elevation of 474 feet. The balance of the road rose gradually to Crest Road at an elevation of 1,200 feet.

After we had the fundamental idea pretty well worked out in our mind, we contacted George Martinson, who was also my Attorney as General Manager of the Palos Verdes Corporation.

the early years 001

Check out more of Rolling Hills by requesting for our Rolling Hills Newsletter, delivered to your door directly.

Excerpt From:

Hanson, A. E. Rolling Hills: The Early Years, February 1930 through December 7, 1941. Rolling Hills, CA: City of Rolling Hills, 1978. Print.

San Pedro, California

 Amazing Sights & Views around San Pedro, California VIA Tumblr. http://theinmanteam.tumblr.com/

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Cabrillo Beach

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Vincent Thomas Bridge

To See More posts by The Inman Team…view our Tumblr

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San Pedro High students to be offered Marymount classes for college credit

Students at San Pedro High will soon be able to take advanced classes that offer college credit honored by nearby Marymount California University at no cost.

The arrangement, which is scheduled to start by mid-September, is the first time high school students within the Los Angeles Unified School District can earn college credits from a four-year, private university, LAUSD officials said in a statement last week.

“I’m really excited for this partnership and the great opportunity it is for our kids,” LAUSD board President Richard Vladovic said. “It will allow them to be a step ahead when they graduate high school.”

The two institutions first began discussing the arrangement about a year and a half ago, when Marymount College, a liberal arts university, was looking for more classroom space.

San Pedro High, which was then close to opening a second campus to relieve overcrowding of its own, caught the college’s attention.

Marymount hoped to use district classrooms for teaching college students at night. In return, the university offered to train and mentor San Pedro teachers — about 20 signed up — who will become adjunct professors and receive a stipend. Then, students who excel on required tests can take Marymount classes, typically during daytime hours, for college credit.

 

http://www.dailybreeze.com/social-affairs/20130828/san-pedro-high-students-to-be-offered-marymount-classes-for-college-credit

San Pedro Waterfront Enhancemenet

The San Pedro Waterfront Enhancements Project Consist of:

  • The Improvement of existing and construction of new pedestrian walks and plazas (4 acres)
  • Green Public Open Spaces (10 acres)
  • Associated Parking (approx. 11 acres)
  • Two upland pedestrian linkages
  • Landscaping between port waterfront attractions
  • Streetscape and street intersection improvements
  • installation of a pedestrian rail crossing

Planning for the revitalization of San Pedro’s waterfront has been ongoing for many years. Most recently, LAHD has proposed the San Pedro Waterfront and Promenade Master Development Plan from the Bridge to the Breakwater (Bridge to Breakwater Plan), which the Los Angeles Board of Harbor Commissioners (Board) received for consideration in September 2004. The Bridge to Breakwater Plan encompasses 7 miles of San Pedro’s waterfront, from the Vincent Thomas Bridge to the Federal Breakwater at Cabrillo Beach.

The San Pedro Waterfront Enhancements Project is a continuation of LAHD’s effort to improve existing pedestrian corridors along the waterfront, increase waterfront access from upland areas, create more open space, and improve vehicular safety.

Downtown Plaza 

The overall goal of the improvements at the Downtown Plaza is to create a revitalized, attractive, and easily accessible pedestrian-oriented plaza in front of the Maritime Museum and to enhance the pedestrian connectivity throughout the area. The plaza would create a town-square feel in front of and adjacent to the Maritime Museum. Sidewalks would be widened by approximately 5 feet along Sampson Way between 5th Street and 7th Street. Existing pedestrian walkways in the downtown area would be improved with new concrete treatments, and the surrounding hardscape would be removed and replaced with new landscaping.

Other related improvements along the waters’ edge include replacing the existing railing and shrubs next to the waterline with a fence design that would reflect the character of the Port. A portion of the pathway in this area may be made of decomposed granite to enhance the attractiveness of the area and encourage foot

traffic to areas offering view opportunities. Additional project elements in this portion of the project area include painting the existing topsail building, upgrading portions of the surrounding fence, re-grading surrounding hardscape, and installing a graphic display.

Ports O’ Call 

Enhancements within and near the Ports O’ Call area are designed to improve  pedestrian access and the attractiveness of the area. One project element includes formalizing the existing trail near Bloch Field on the

bluff across 13th Street and Sampson Way, as well as expanding the existing park area at the south end of Ports O’ Call. All project components are intended to increase public access to the waterfront, Red Car lines, viewing opportunities, and passive recreation areas. Enhancements in this area would require the

relocation of 275 parking spaces from Ports O’ Call. Other project components in the Ports O’ Call Village area include the removal of the bus pad, undergrounding of existing overhead utility lines within the

Fishermen’s Park area, and removal of the low wall that surrounds the Ports O’ Call Village parking lot.

Approximately 2,275 parking spaces serve the Ports O’ Call area. A total of approximately 275 of these spaces would be relocated. Removal and relocation of parking is needed due to the realignment of Nagoya Way, the Fishermen’s Park expansion, and the extension of 13th Street through the Ports O’ Call parking

lot to Red Car Station No. 3. The parking spaces would be relocated to a currently dirt and gravel parking area at Sampson Way and 22nd Street that is used for event parking. The unimproved lot would be upgraded and would provide approximately 700 parking spaces. The additional 425 spaces included in the parking area would serve as available event parking and would accommodate Ports O’ Call patrons on weekends, when parking demand is high.

Paseo

The Paseo, a multi-surfaced pedestrian pathway, would be extended on the west side of the existing shops within Ports O’ Call Village. The Paseo would require removal of approximately 187,000 square feet of asphalt and concrete to a depth of 4 inches. Landscaping themes along the Paseo would be consistent with other Ports O’ Call Village improvements and other planting patterns along the promenade.

To facilitate the Paseo, Nagoya Way would be relocated and realigned 20 to 40 feet west into the existing parking lot. The street would be re-striped and would require the removal of approximately 75 parking spaces (the first portion of the 275 spaces to be relocated as noted above). The surface would not require

substantial grinding or repaving. Storm drains would be relocated to the new Nagoya Way and curbs may be replaced. The existing north restroom building would be remodeled and upgraded, and the southern restroom would be removed and replaced by four additional restroom buildings along the Paseo.

Top 10 Fastest Real Estate Markets in 2013

Redfin has come out with an interesting new metric for analyzing how fast moving real estate markets in the country. They have captured the flash sales, those homes that have gone to contract in under 24 hours after the initial listing, in major markets across the country.

As inventories tighten and buyers have returned to the market, we are seeing the days of people pouncing on homes the minute they are listed, very reminiscent of the early parts of the 2000′s. Over the past 5 months, Phoenix was by far the leader in this category with 540 flash sales, followed by Chicago with 261. Portland, Oregon brought up the rear of the list at 115.

Numbers like these have to make real estate agents salivate and start beating the bushes for listings. It is a profitable storm, homes that move quickly with no marketing costs. A few months of these hitting the market and agents will forget their abject fear of taking a listing that they experienced over the past few years.

Rank    City            # Flash Sales
1       Phoenix, AZ             540
2       Chicago, IL             261
3       Houston, TX             188
4       Dallas, TX              184
5       Austin, TX              163
6       San Diego, CA           135
7       Los Angeles, CA         132
8       Sacramento, CA          128
9       Denver, CO              115
10      Portland, OR            115