Norma Toering's Palos Verdes Blog

If you are not watching for it, you will drive right past the entrance to the Portuguese Bend Beach Club on Palos Verdes Drive South in Rancho Palos Verdes.  The guard house is small and set back from the street, but once inside the gates amazing ocean views unfold and you find yourself at the ocean's edge.

An eclectic mix of modern mansions, chic cottages and beach shacks hug the soaring bluffs above the ocean in the upper area of the club, and homes on the lower level are close enough to be kissed by the salty mist. Their backyard is sand and the Pacific Ocean.  There are palapa umbrellas shading an abundance of picnic tables, fire-pits (yes, you can build a bonfire at this beach) and a playground scattered about the private beach.  If it sounds like a mini resort and an ideal vacation spot, it is, but a few fortunate Rancho Palos Verdes residents also call it home.

There are a few Portuguese Bend Beach Club homes for sale.  Prices ranges from approximately $1M (that's a starter shack with a great ocean view) to multi-million dollar homes.  The last home I sold in the Portuguese Bend Beach Club sold in the $1.5M price range.  It was a remodeled 2-bedroom with a fantastic deck to enjoy the sights and sounds of beach living.

Located next to Trump National Golf Course and just minutes from Terranea Resort, the Portuguese Bend Beach Club enjoys a private location, great climate and the perks of living in a beach community on the Palos Verdes Peninsula.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses 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. Information is deemed reliable but not guaranteed.

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Yes, you can have an ocean view and horses in Palos Verdes.  You can also live in a gated community surrounded by stunning natural beauty and enjoy one of the best climates on the Palos Verdes Peninsula.  Located just off Palos Verdes Dr. South, the Portuguese Bend Club equestrian neighborhood is smaller than the gated city of Rolling Hills (and less expensive) but it, too, is graced with abundant open spaces, horse and hiking trails and spectacular views of the Pacific Ocean.

I am watching the neighborhood for a client who has kids and horses.  We're hoping a four bedroom with stables and a view will come on the market in the next few months.  Portuguese Bend home prices range from just under $1,000,000 to multi-million dollar equestrian compounds. 

The Portuguese Bend Club has a neighborhood stable for boarding horses, riding rings and exercise areas plus miles of riding trails.  The Portuguese Bend Club Horse Show is an annual event in the neighborhood.

Located on Palos Verdes Drive South between Donald Trump's golf course and Terranea Resort the Portuguese Bend neighborhood is a few minutes from recreational and fine dining options.  Upon entering the gates you will find it hard to believe you are in Los Angeles County.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses 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. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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Bad markets are good for some people.  Several of my clients are making the recession and housing slump work for them after being worked over by loss of money in the stock market, loss of a lucrative paycheck, business downturns and yes, even loss of their home.  The secret to surviving unfortunate events along our path in this life, is to release the past, accept the present and prepare for the future.

If Plan A goes awry, move on to Plan B, C or D.  Holding on to unrealistic hope that things will change is an optimistic approach than may have a very pessimistic outcome.   Years ago a seasoned real estate agent passed by my desk as I was making a notation in my daily planner in ink.  He paused long enough to offer a bit of life advice, "I always plan in pencil.  Plans and life are subject to change."  Ahh yes, change is constant and it should be expected rather than a surprise.  The real estate cycle moves from high to low and back again with predictable regularity.  Buy low, sell high is good advice, but takes courage laced with abundant knowledge to execute.

 Several of my clients recently purchased income property.  The drop in real estate prices reflects positively on cash flow for income property.  It takes some research to find the right properties and a combination of elbow grease, time and good management are required.  However, often the building can carry the mortgage, taxes, insurance and monthly expenses with little to no cash infusion from the owner.  If equity builds during the ensuing ownership years that's an added perk, but for now it may not be a cash cow, but it is paying its own way. 

A tough economy forces us to take stock of not only our financial picture, but to examine our lifestyle as well.  Clients are downsizing, moving closer to employment and finding creative ways to survive and thrive during challenging times. There are opportunites at every stage of the real estate cycle. Waiting for the experts to declare the bottom is here, may mean you've missed opportunities that will not show themselves again until the next ride down.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses 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. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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Sit down, because this may surprise you, but a bank owned fixer or stripped down short sale may not give you the best bang for your buck.  Sometimes it's wiser to swim against the current than drift along with the crowd.  It's Warren Buffet's approach to mass mentality and it might work for you too.

The bank owned property is usually priced close to market value or just below in my area.  That's enticing, but this is where it pays to read the fine print.  The bank will make no repairs including termite work, and that can cost thousands of dollars if fumigation and extensive repairs are needed.  If you want a home warranty to cover appliances and home systems the first year, be prepared to write a check to cover the cost because the seller will ignore your request for this little perk.

If a short sale sounds appealing be prepared to bid over the asking price and muster up the patience of Job.  Your offer may be one of many on an artificially underpriced property, and if selected as the one offer that is submitted to the bank you will most likely be required to wait weeks for the bank to accept or decline your offer.  If you enjoy a bidding war free-for-all then by all means throw an offer in the pile.  Don't expect the owner/seller to make needed repairs--he's broke.  A short sale is only approved by the lender if the owner demonstrate financial hardship.  Trust me, there's no money for deferred maintenance or cosmetic beautification.  That will come from the buyer's bank account.

On the other hand, there are a few sleeper properties on every MLS.  They don't have all the latest bells and whistles, they are often short on improvements, but well maintained by long term owners.  The bank is not nipping at their heels, but the retirement home beckons. A Palos Verdes property I showed last week comes to mind.  It has a great view, lots of space and a prime location.  It also has a 1960s kitchen, similar bathrooms but nothing a little nip/tuck could not fix.  It's important to buy the amenities you can not add later:  location, view and land. 

 Sometimes the asking price is just the beginning of what the property will cost you.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses 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. Information is deemed reliable but not guaranteed.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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So far my local market (Palos Verdes Peninsula) has evaded the onslaught of short sales and bank owned properties.  We currently have 224 single family homes for sale and of that number only 11 are short sales per the MLS, and REOs are rare.  The distressed property market is a small one in Palos Verdes.

28 Condos are listed for sale and six are short sales.   Townhouse statistics are 16 for sale and one is a short sale. 

 Posting those relatively healthy numbers should be reason to celebrate Palos Verdes appears to be dodging the short sale bullet and blitz of bank-owned properties for now.  It will be interesting to see what develops over the next few months.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses 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.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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 Few days pass without a contact from a hopeful buyer wanting a single family home in Palos Verdes at a price that simply does not exist, even in a real estate market that has slipped from the lofty pinnacle of 2006 prices. 

So what does constitute a hot deal in Palos Verdes?  Here are a few things I look for in this market:

Properties priced below $1,000,000 in Palos Verdes Estates:  It does not happen often, but when it does it is always worth the time to investigate the property.  I saw one yesterday and my guess is it will be in escrow within a week---maybe sooner.

Houses with hidden views: It is surprising the number of times a stunning view is hiding behind a wall without sufficient windows, a chimney or overgrown shrubbery. 

Homely houses with head-turner views:  Yes, the kitchen and baths may be original, the wallpaper, shag carpeting and acoustical ceiling tiles may make you shudder, but you can change those features.  The view cannot be added later. 

Small house on big lot:  Palos Verdes is full of canyons and rolling hills. You may love the three bedroom ranch just as it is, but your future buyer sees a master bedroom addition, swimming pool and guesthouse potential when they gaze at your expansive lawn.

If you're looking for a home in Rolling Hills under $2M there are several to choose from, but if you're looking for a home under $1M there are none to show.  If you want a home in Rancho Palos Verdes under $900K we can show you several (Eastview with the option of PV Schools has several under $700K), but the coastal location, top rated schools, spectacular topography and accompanying views provide a strong foundation to support the value of real estate on the Palos Verdes Peninsula.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses 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.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma

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The competition is keen for entry level homes in Palos Verdes.  It is not surprising parents want top-rated schools for their children, and year after year the Palos Verdes Unified Schools appear on a variety of "best" lists.  There is not doubt about it---the demand for the PV schools keeps steady pressure on the supply of entry-level homes in Palos Verdes.

Location plays a lead role in determining real estate value, and the stunning hilltop coastal location of the Palos Verdes Peninsula is often breathtaking and always valuable.  This makes the land underneath the entry-level homes pricey. A three bedroom house often has a million dollar price tag. 

Yesterday I showed Palos Verdes homes priced under $900,000 and was impressed with the variety and availability.  However, from an original show list of seven homes, two went under contract before my buyer could tour them. 

There are dozens of multi-million dollar homes to choose from, but only a few under one million dollars.  The competition can be fierce so be prepared to change your approach when buying a home in an area and price range where the supply is limited and the demand is high. 

 A few small changes in your offer may increase your success rate.  If you have identified the house you want to purchase make sure the offer you write reflects cooperation, flexibility and consideration for the seller's needs.  If you want to close in 30 days, but the sellers need 60 days, that's an easy way to score cooperation points and still win the prize.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses 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.

Find Norma on: Facebook - Twitter - LinkedIn - Email Norma