An Agent’s Life | Toering and Team - Palos Verdes Homes for Sale

Palos Verdes Street Fair – This weekend Sat 6/8 and Sunday 6/9

June 7, 2013 in An Agent's Life, Front Page, Lifestyle in Palos Verdes, Palos Verdes, Peninsula Center, Rolling Hills Estates

PV Street Fair - Fighter jet parked in the mall

The 26th Annual Palos Verdes Street Fair is this weekend, Saturday June 8th from 10-10 and Sunday June 9th from 10-9. There will be two stages of live music, 200+ local vendors, the largest carnival in the South Bay, free petting zoo & pony rides, international food court and gourmet food trucks. Attendance last year was estimated at over 40,000 people.

This year they have also added a “Best of the Southbay” home brewing competition to go with the baking and chili cook-offs.

PV Street Fair – Event Schedule – Map below

The Palos Verdes Street Fair is located in the heart of the Palos Verdes Peninsula between Peninsula Center shopping center and the Promenade on the Peninsula mall. Extra capacity parking will be available at Peninsula High with free shuttles every 3 minutes.

Admission and parking is free. Carnival ride wristbands will be for sale at the fair.

PV Street Fair 2013
501 Deep Valley Dr‎, Rolling Hills Estates, CA 90274 (Google Map)

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PV Street Fair - Carnival

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Luxury Homes, Beach Homes, Income Property in Los Angeles and Beyond

June 7, 2013 in An Agent's Life, Front Page

Grandkids at PV Beach

Norma Toering & Team specializes in luxury homes, vacation homes and income property. Yesterday was a banner day for our business specialties. We had a strong showing on our luxury home listing in Hermosa Beach, our offer on an eight unit apartment building was accepted (after 30 long days of negotiations, rejection and finally resurrection–I’m tenacious), and we wrote an offer for a second home in a private beach community. I won’t mention the sleep I did not get, as I spent my evening into the night hours negotiating the beach house offer as well as an offer received on vacant land. Ahh yes, it does remind me of the pre-recession housing market and it’s good to have it back.

My real estate niche specialties evolved over time. Gradually more of my clients from years past moved up to larger homes and I became knowledgeable about the luxury home market in Palos Verdes and the beach cities of Manhattan, Hermosa and Redondo. A few years later many of the same clients decided they wanted a weekend or summer place either in the desert, the mountains or most popular, the beach. Their expanding real estate collection often included the addition of income producing properties to their investment portfolio.

My clients are often the catalyst for my expanding real estate horizons and expertise. My knowledge about rent control, cap rate, internal rate of return and so much more was client driven in order to help them make savvy income property investments. I attended a three day luxury home seminar in order to be up to date on marketing luxury homes internationally. When a client wanted to purchase a home in the desert I spent a weekend attending open houses in 110 degree weather–call me crazy, but after studying the comparable sales and listings online, viewing photos and locating them on Google Maps, I still wanted to see the homes with my eyes.

I owe my clients a big thank you for helping me expand my real estate knowledge and business. I’m not sure where this business will take me next, but I’m an adventurer so I’m eagerly anticipating the next new avenue I’ll venture down in real estate land.

– Norma (310) 493-8333

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Terranea Resort Coastal Jewel in Rancho Palos Verdes

May 16, 2013 in An Agent's Life, Buyer Tip, Front Page, Lifestyle in Palos Verdes, Palos Verdes, Palos Verdes Drive South, Rancho Palos Verdes

169 Terranea Best Each time I visit Terranea Resort with its stunning views of the Pacific Ocean, lushly landscaped grounds, stately, yet casual and inviting architecture I’m reminded what a wonderful addition the resort is to the Palos Verdes Peninsula. For starters, and perhaps selfish reasons, I no longer have to book “out-of-town” hotels for my out-of-town clients. Many now begin their introduction to the Palos Verdes Peninsula lifestyle by spending their fist night in PV at Terranea Resort. The ocean, hills and open spaces “The Hill” is noted for are at their fingertips and in plain sight. In short, Terranea Resort helps me sell Palos Verdes without saying a word.

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You’re Going on a Bear Hunt

April 14, 2013 in Active Rain, An Agent's Life, Front Page, Inspiration

Younger Self

I am a long-time player in the daily real estate game, but I try not to spend too much time looking in the rear-view mirror at the roads I’ve traveled. I’m simply too busy keeping my business in the lane(s) I’m cruising down at the moment. If I could have a conversation with my younger self it would go something like this:

Older Self: Hello Younger Self, (but not too young as I was already the mother of four when bitten by the real estate bug), let’s share a hot cup of tea and a long talk about this real estate career you’re about to embark upon.

A real estate career looks glamorous from the outside, especially if you live and work in a high-end location like we do. In reality, it’s so much more than tooling around town and up and down Pacific Coast Highway in a luxury sedan. It can be uplifting; it can also bring you to your knees. Based on my experience, it is 5% glitz and glamour and 95% hard work.

Younger Self: I’m not afraid of hard work.

Older Self: That’s good, because there will be plenty of it required to succeed in this very competitive biz.

Younger Self: I’m pretty good at balancing life–four kids, big house, family, friends–(Older Self interrupts)

Older Self: Wonderful, because real estate is extremely tough to balance. It becomes more about a successful blending on most days. The hours you work will depend more on the day you’re having than the hands on the clock. Some days you leave early–some days you leave late. No two days will ever be the same. Each client and transaction will have their own unique dynamics, and their own energy. Your mission is to unravel the secret to finding your place in the mix in order to bring the transaction to a successful close.

Younger Self: Sounds intriguing. I’m not good with mundane routines anyway.

Older Self: Oh, you won’t be bored. You may be frustrated, challenged and stressed at times, but there will always be a huge element of the unknown. For some agents it is exciting and adventurous not to know when or where the next deal is coming from. For others it is an untenable situation and those agents leave the business in droves. They can’t get out fast enough. It takes a great deal of intestinal fortitude, faith and belief in one’s self to suit up, show up and not give up day after day and year after year.

Younger Self: I think I’m well-prepared for this job. I’ve bought and sold several houses, I’m a former teacher and I look forward to educating consumers rather than be a pushy real estate salesperson.

Older Self: There is no way to prepare for this job, yet everything you’ve ever done will add to your expertise. Those years writing for your high school newspaper will make ad copy easier to write and blogging will be a breeze after all those novels your wrote and never published.

Younger Self: Blogging?

Older Self: No time to explain, you’ll find out if you don’t quit.

Younger Self: I’m not a quitter.

Older Self: Good, because there will times when you question your decision.

Now back to things you’ve done and thought you’d never do again. Yearbook staff, modeling and making commercials? Those past experiences easily translate over to ad layout, and yes, you will be posting videos on Youtube–(Younger Self interrupts)

Younger Self: You what?

Older Self: Never mind, you will find out. So remember your best side and get ready for your close up. Oh, remember that statistics class you took in college and wondered if and when you would ever use it? Wonder no more.

Younger Self: This is sounding harder than I thought. Maybe I’m not ready. Should I take some more classes? Maybe get my MBA in real estate?

Older Self: You can’t learn real estate in a classroom. it simply cannot be taught. it’s learned in the trenches, in the field and at the feet of experience. You have to get out there and do it! You have to want it, work hard and enjoy the journey. Only then will it be worth it.

You’re in for a big adventure!

In closing, think back to your days as a young mother and elementary school teacher. Kids greet each day with a sense of adventure and without fear. That’s a winning approach for handling each day you spend in real estate.

Going On A Bear Hunt

Traditional, adapted by Michael Levine and Eric Litwin

We’re going on a bear hunt!

We’re gonna catch a big one.

What a beautiful day

I’m not scared.

Norma and Yvonne 2013

Older Self celebrating 21 years in real estate and a 21 year friendship. We were newbie agents in 1992!

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I Built a Fairy House at the Beach

April 12, 2013 in An Agent's Life, Front Page, Palos Verdes

Fairy House in Palos Verdes

I am not sure whether my granddaughter’s invitation to help her build a fairy house at the beach stemmed from my endless chatter about real estate or whether she thought I was the perfect choice to assist her with this whimsical task, but we had a memorable time.

We gathered driftwood, seaweed and lots of flat rocks for flooring and constructed a multi-level abode for several of the little fairies residing in her backpack–no stairs necessary as fairies fly.

It’s good for the soul to engage in a little make believe every now and then. Do you see the fairies?

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Palos Verdes Lifestyle Selected as a Top 100 Real Estate Blog

April 12, 2013 in An Agent's Life, Front Page, Palos Verdes, Palos Verdes Luxury Homes

Palos Verdes from Torrance Beach

A overloaded work week almost kept me from opening an email announcing my Palos Verdes Lifestyle Real Estate Blog was selected as one of 100 Real Estate Blogs to Follow in 2013 in a nationwide poll. Not a bad list to make considering I blog to a very tiny audience compared to many on the list that blog to the entire nation or at least a major city. Redfin’s national blog ranked number one and I eeked into the top 100 at number 96.

My Palos Verdes Lifestyle Blog targets a very small area of South Bay Los Angeles–Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills and Rolling Hills Estates–the four small cities on the Palos Verdes Peninsula. Our Toering and Team website covers the beach cities of Manhattan Beach, Hermosa Beach and Redondo Beach with a few articles on other areas in the South Bay.

I am delighted my little niche Palos Verdes blog ranked right up there with the big national blogs.

http://www.couponaudit.com/blog/top-100-real-estate-blogs-to-follow-in-2013-infographic/

You can count on me to keep blogging about life on the Palos Verdes Peninsula. Bookmark my blog and visit often–you’re in good company!

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Off Market Sales — Who do They Benefit?

March 26, 2013 in An Agent's Life, Front Page

Whisper secret

Networking has taken on new meaning in the current real estate market. There are “secret” networking groups within larger company networking meetings. ”Closed” networking cliques exist as well as “luxury home” networking systems. Often these networking meetings are by invitation only. The goal is to sell a property before it hits the open market and receives dozens of offers.

In my opinion, this may not be the best route for either the buyer or the seller. I do think it works well for the agents–there I said it. If the purpose of placing a property on the Multiple Listing Service is to expose it to a wide variety of agents and their clients, then keeping it as a “pocket” listing and off the MLS is to do quite the opposite. Yes, I know there can be many reasons for not putting a property on the MLS, but I often wonder if those reasons were truthfully explored with the seller?

When I represent a seller it is my duty to work diligently to obtain the highest price the market will bear. If I only expose the listing to my buyers and agent pals am I really fulfilling my fiduciary duty to my client? Not in my little black book of moral and ethical codes I try to live by.

Likewise, when representing a buyer my duty is to obtain the best deal the market will bear. If there are 20 buyers bidding for a property what the market will bear may be grossly different than if there is only one buyer bidding on a property. This is a difficult market for buyers and their agents, but it is crucial to keep the welfare of our clients first and foremost in mind.

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What’s the Best Tool in a Palos Verdes Listing Agent’s Marketing Toolbox?

March 25, 2013 in An Agent's Life, Front Page, Palos Verdes, Palos Verdes Estates, Palos Verdes Luxury Homes, Palos Verdes Peninsula, Rancho Palos Verdes, Rolling Hills Estates, Seller Tip

blog photo boy with globe
Answer: The Multiple Listing Service and the thousands of agents it reaches. It may be Old School but it is effective. Consider it the early predecessor to Facebook. As members of the same big network agents can see what other agents are listing and selling. We are privy to when a property goes under contract or when it fall out of contract. We know when a listing expires or is canceled. We post our open houses, both public and professional on the network. Although it’s been around for decades the MLS still packs a powerful punch in the business model for real estate.

Last week Norma Toering & Team posted two new listings. Within the hour there were two agent in our office with pen in hand and ready to call their clients. A showing ensued before the MLS Hotsheet of new listings cooled. That’s the chain reaction of an effective MLS. Seller, don’t even consider listing your property with an agent that does not belong to the MLS–your property needs to be there to gain full exposure to the market.

Coming in at second position, in my opinion, is the Internet and all the wonderful sub-tools this gigantic global network folds under its wings. As listing agents, our new listings fly through the sky at the speed of light. Our website IDX is waiting stealthily for a new contact request 24/7. If the thought of a new request from some distant shore will not roll you out of bed in the wee hours of the morning I don’t know what will. I confess I’m already a morning person, but I love the thrill of a new inquiry on one of my listings, or any listing, and I’m elated to see it morning, noon, or night. It’s my signal my marketing is working–I’m reaching people all over the world with news of property for sale in my local communities.

Sellers, make sure the agent you select to list you property is connected to Internet marketing in a very strong way. That’s where your buyer will most likely begin his search for a new home. Let Norma Toering & Team help you find your buyer.

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35 Offers? How Long Can This Last?

March 20, 2013 in An Agent's Life, Buyer Tip, Front Page, Income Property, Real Estate News, Seller Tip

The rush to buy golden investment properties is on!

Yes, Norma Toering & Team’s most recent offer was one of 35 offers on a fourplex in Redondo Beach–one happy buyer and 34 disappointed and still searching for inventory that is simply not there.

What’s a buyer to do? Expand your search area and lower your expectations a notch or two. It’s tough love advice that may be hard to heed but the reward will come later. That smoking deal and steal you’re hoping to find will most likely remain elusive as long as current market conditions prevail.

The 180 degree turn from a buyer’s to seller’s market in Southern California caught many people off-guard. Although lack of inventory (low supply and high demand) favors sellers, low interest rates still favor buyers. These conditions translate to buyers paying a higher price, often over list price, but leveraging the property with historically low financing. Thereby adding a dose of balance to the market.

This market favors the cash buyer, the quick close and “buy and hold” investors with an eye on future values. If you have a solid 10 to 15 year investment plan it’s a great time to go “all in” and add select properties to your multifamily investment portfolio.

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Buyers Unleashed

March 8, 2013 in An Agent's Life, Buyer Tip, Front Page, Income Property, Seller Tip

Low housing inventory is becoming old but persistent news. Today, we will snake along the Southern California coastal cities and show property from Palos Verdes to Manhattan Beach. Last night we disappointed clients by informing them the house they were scheduled to see today sold. Three days on the market and it’s in escrow. The husband was traveling or we would have looked at it day one. Timing is crucial in a tight market, and as he was boarding a plane the listing was hitting the Multiple Listing Service.

Price are edging upward and inventory levels continue to fall. Buyers are getting frustrated and agents are getting nervous. The market turned with the speed and determination of a Black Mamba, catching buyers by surprise. This strong seller’s market sailed into town unannounced, and once again buyers are sidelined, not because the market is falling but because there are so few homes to purchase.

Who is thriving in this market? Sellers, of course, and after years of falling or stagnant values the return of lost equity is long-awaited. Although many are still hesitant to rush to market unless life circumstances dictate they must. From their point of view, if a stagnant or falling asset begins to increase in value why not hold it a bit longer? I have several clients holding fast to this approach.

Although the majority of the local housing market is enjoying a seller’s market there are always pockets of opportunity for buyers. In my opinion, the luxury market still offers some excellent opportunities. Inventory of luxury homes is much higher, and the demand is lower, than in the lower price points. These buyers can be assured of a plentiful pool of buyer for their current home, and luxury home sellers will still consider accepting an offer contingent upon the sale of the buyer’s current residence. I see continued strong opportunities in the luxury market.

I recommended purchasing income property in my January 2012 letter to current and past clients. Last year was a great year to invest in multifamily units and 2013 will continue to offer opportunities with prices still lower than at the height of the market, coupled with low interest rates allowing income properties to show positive cash flow at a lower break even point.

“When will we catch a break?” One frustrated buyer lamented when his offer was rejected for one a hundred thousand dollars over asking price. It’s a question that deserves an answer, but one that can only be answered by the holders of the inventory. Sellers, it is up to you.