I completely agree with what Maureen said. Having been born and raised on the Peninsula I know there is no place like it. With interest rates at an all time low and with real estate prices where they are now is the optimal time to get into a sfr in Palos Verdes. We are already experiencing multiple offers on properties. It won't be long before this window of opportunity closes. I suggest studying the market trends for the past five years for the particular pocket of P.V. you are interested in. Let me know if you would like me to send you this info via email. Have a great day!
Generally, prices have come down about 15% Peninsula wide over the last couple of years . I believe that single family homes on the Palos Verdes Peninsula remain an excellent long term investment. Prices appear to have stabalized and interest rates are back down to historical lows.
I have had numerous clients that were considering job transfers to the Los Angeles area, and after considering many different possible locations in the Los Angeles area decided to buy a home on the Palos Verdes Peninsula. The following are the key reasons in their decisions:
1. Quality of Local School System :The Palos Verdes Unified School System is one of the best in the State, and our schools consistently rank among the top in standardized test scores. These can be verified at the following link on my seb site : PV School Info . People recognize the value of having strong local public schools and the cost savings that can be achieved when they don't have to send their kids to private schools.
2. Rural Atmosphere : The foresight of the city planners of the 4 cities on the Palos Verdes Peninsula to insure the preservation of open space has made the Palos Verdes Peninsula an island of tranquility in the urban jungle that is Los Angeles County. In additon, the maintenance of equestrian oiented trails and rights of way have preserved this rural way of life for all of us.
3. Larger Lot Sizes and Set back Requirements: Compared to most of the local beach communities, our city governments on the hill have maintained building standards to limit the "mansionation" of homes here. Most of our cities have limitations on the size of the foundation of a home as well as strict neighborhood compatability regulations to make sure that new homes do not sit on top of each other and give all of us breathing room.
4. Our Beautiful Views and Proximity to the Ocean: We are so fortunate to enjoy the spectacular views along our coastline, as well as the magnificent city views that we also have. People who are looking to relocate here are absolutely blown away by the beauty and spectacular views that many of the homes here have. Even if you do not have a view from your home, we all enjoy the spectacular setting that we live in just when we are driving around the Peninsula. I have lived here for 24 years, and have never taken the beauty of this area for granted.
5. The Weather: Because of the moderating influence of the ocean, our weather varies very little from month to month compared to most areas of the Los Angeles basin. The cool ocean breezes cool us during the summer, and the ocean also tends to moderate cold temperatures in the winter. I live in Lunada Bay and I don't think that our high tempertures vary by more than about 10 degrees for most of the year. Most of the older homes on the Peninsula that are near the ocean do not even have air conditioning.
6. Our Sense of Community: My husband and I have raised 3 boys in the Lunada Bay area of Palos Verdes Estates, and we have made so many friends over the years through other parents participation with their children in their school programs and sports programs. Our boys played for many years in the baseball leagues, basketball leagues, and soccer programs on the Hill, and we have found most of the people that we have met to be friendly and non-pretentious. We have had some relocation clients comment to us that in the well off areas that they are moving from that people tend to treat their homes as status symbols, but I believe that most of the residents on the Hill see their houses as truly their homes.
As you can seee, I believe that the single family outlook on the PV Peninsula is excellent.