Eastview Area of Rancho Palos Verdes 2nd Quarter 2009 Real Estate Market Report

The Eastview area of Rancho Palos Verdes ( area 177 in map below) had the following real estate market activity during the 2nd Quarter of 2009 :

Properties Sold: 7

Address Sales Price BR BA Sq.ft.$/Sq.ft Yr.Blt. MLS# Sold Date Days on Mkt.

1947 W Macarthur ST $615,000 4 2.00 1,409 $436 1955 S09011852 6/16/09 89

2026 Mendon DR $675,000 3 2.00 1,627 $415 1955 S08134789 4/8/09 144

2007 Avenida Aprenda $675,000 4 2.00 2,084 $324 1964 S09035544 5/26/09 22

1837 Redondela DR $700,000 4 2.00 1,790 $391 1960 N08128728 6/2/09 131

27945 Pontevedra DR $710,000 4 2.00 2,032 $349 1959 S09008152 4/29/09 82

1849 Avenida Aprenda $785,000 4 2.00 1,790 $439 1960 V09008033 4/29/09 56

2144 Van Karajan DR $860,000 4 3.00 2,637 $326 1963 S09041228 6/10/09 60

Properties for Sale as of 6/30/09: 8

Average List Price at 6/30/09: $ ,8 million

Average Sales Price of homes sold during 2nd quarter: $ .7 million

Average Price per Sq. Ft. for Properties Sold during 2nd Qtr: $ 383 per sq. ft.

Properties sold at an average of 97% of List Price

Students in this area generallyattend school at Palos Verdes Peninsula High School (located in Rolling Hills Estates) , Ridgecrest Intermediate School and Miraleste Intermediate School, and several local elementary schools, all part of the Palos Verdes Unified School System. There is an additional high school located in Palos Verdes Estates, Palos Verdes High, and both high schools are California Distinquished Schools, with open enrollment to students on the Peninsula (they do not have enrollment boundaries). Palos Verdes High has a unique class scheduling structure, called block scheduling, where students attend three extended periods each day, alternating with their other three classes each day. Peninsula High has a more traditional structure of the same periods for all classes each day. Palos Verdes Unified School District has some of the highest test scores in the state. Click Here for elementary and intermediate school attendance boundaries. For local school test scores, Click Here. There are also a number of excellent private schools on the Palos Verdes Peninsula.

Taxes
Property Taxes: The property tax rate for the fiscal year 2008-2009 is 1.053393% (computed by the standard 1.0% of the property’s assessed valuation (in accordance with Proposition 13, a property’s assessed valuation is the original purchase price, plus the cost of improvements, based on the value of permits pulled, plus an increase in valuation of 2% per year) plus additional tax rates for voted bonded indebtedness) plus direct assessments of approx. $700-$800 per parcel for such items as school parcel taxes, etc. and a storm drain user fee which is based on the amount of runoff to the sewer system that a property generates, that for an average size lot is approx. $86 per year.

Taxes are assessed for the fiscal year running from July 1st through June 30th, with property tax bills payable in two installments on December 10th and April 10th. If a property changes ownership during the year, a supplemental tax bill will be prepared prorating the tax increase due to a change in valuation over the remainder of the fiscal year. If a change in ownership occurs between January 1 and May 31 this will result in two supplemental assessments and two supplemental tax bills. The first supplemental bill is for the remainder of the fiscal year in which the event occurred. The second supplemental bill is for the subsequent fiscal year.

Utility Tax: The City charges a utility tax on all utility bills (water, gas, electric and telephone bills) of 3%.

Property Transfer Tax: The County of Los Angeles levies a transfer tax upon the sale of a property of $1.10 per thousand dollars of the sale price.

For more information on buying or selling real estate in the Eastview area of Rancho Palos Verdes visit my website at https://www.maureenmegowan.com