Fourth Quarter 2010 Market Analysis for Palos Verdes Peninsula Condos and Townhomes
The average price per sq. ft. for townhomes and condos on the Palos Verdes Peninsula has fallen about 8-9% the last few years, Prices in a few projects , such as the Palos Verdes Bay Club have fallen more than this, but generally prices for condos and townhomes are now relatively stable. The Price per sq. ft. for condos and townhomes sold over the last nine months has held relatively steady, and showing no signs of additional declines.
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As far as picking up condos in this market for less than construction costs, the average price per sq. ft. paid recently for condos and townhomes in Palos Verdes has been approx. $340 per sq. ft. I would not consider this price to be significantly less than replacement cost including the cost of the land. Homes in this area have fallen much less than other areas because there has been so little new construction here, and much fewer foreclosures than in many other areas. This market is now considered a stable market by loan underwriters.
The following is a chart of condos and townhomes for sale and sold the last two years:
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Over the last 3 months, an average of 9 condo and townhome units have sold each month and as of 12/31/2010 there were 52 units for sale, which is only a 6 month inventory . The number of units for sale is actually down significantly over the last two years from it’s peak of 82 homes for sale in October 2008, but is up compared to this time last year. Because of this, I do not believe that there will be any significant, if any, drop in prices over the near term. With record low interest rates I believe that now is an incredible opportunity to buy in this market.
I have been very involved in the condo and townhome market on the Palos Verdes Peninsula. You can see that by “Googling” the search term ” Palos Verdes Condos” and you will see that my website is the first listing on page one of the search results. To check out the various condo and townhome projects on the Palos Verdes Peninsula, see the following link on my website: PV Condos & Townhomes / Townhouses. Each of these project descriptions have an analysis of recent prices paid for sales in each project. You can also see the latest listings for condos and townhomes in Palos Verdes on my website at the following link: MLS Listings – South Bay and PV
I hope that this Quarterly Real Estate Market update for the South Bay and Palos Verdes Peninsula Condo and Townhome mareket has been useful. If I can be of service , please give me a call.
For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at https://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.
