Buyer Tip | Toering and Team - Palos Verdes Homes for Sale

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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Income Property in Palos Verdes and the Beach Cities

May 15, 2013 in Beach Cities, Buyer Tip, Income Property, Palos Verdes, Redondo Beach

Elena Photo
If you’re searching for ways to take advantage of the low interest rates still available and add monthly income to your portfolio, investing in income properties is worth your consideration. However, know you will not be alone. Multiple offers are the norm and recently one attractive offering in Redondo Beach had 35 offers! Yes, Norma Toering & Team had one of the offers.

The four unit building pictured above is located in Redondo Beach and was recently sold by Norma Toering & Team. The seven offers were narrowed to three during the counter offer stage. I’m happy to report my client’s offer was strong and today he is pleased with the purchase.

The most attractive interest rates are offered on 1-4 unit buildings. Unlike larger buildings that fall under commercial lending guidelines, the smaller buildings are considered similar to single family homes by the lending community.

If you are interested in purchasing income property we have a Finance MBA consultant on staff to help identify and access buildings of value. For more information about income property in Palos Verdes, Manhattan Beach, Hermosa Beach and Redondo Beach contact Norma Toering & Team at 310.493.8333.

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The Market Changed. Have You?

May 1, 2013 in Beach Cities, Buyer Tip, Front Page, Hermosa Beach, Manhattan Beach, Palos Verdes, Palos Verdes Estates, Palos Verdes Peninsula, Rancho Palos Verdes, Real Estate News, Redondo Beach, Rolling Hills, Seller Tip

The Housing Market Came Roaring Back

Real estate is back in the news with leading stories to whet a viewer’s appetite for more details, and this time it’s not falling prices, foreclosures or strategic defaults. What began as a whisper last fall turned into a raging roar with the arrival of 2013. Last night a national news story flashed a map showing a one-year increase in prices of 14% from February 2012 to February 2013 for the greater Los Angeles housing market.

Indeed, the housing market has changed. Have you and your plans? If you were waiting for the bottom, you missed it. If you were waiting for the market to improve before selling, it has. Are there still good buys? Yes, but the definition of “good buy” is very fluid these days. Prices have not yet reached the dizzying heights of 2007 but predictions are prices will continue to rise throughout the year.

In my observations of the housing market behavior, the decline can be slow and painful and occur over several years, but there is a big bounce off the bottom giving the market a momentum to reclaim lost ground with astonishing speed. Yesterday, as I toured new listings, I noted properties sporting price tags higher than my expectations, and realized, I too, must adjust the value calculator in my head to the new market conditions.

If you are a buyer in this market you will most likely need to lower your expectations of what your budget will buy. It may be time to expand your search area and your “must have” criteria. If you are a seller and your life was on hold during the housing crash, it’s time to dust off your delayed plans and move forward with selling your property.

In a perfect world, the market ascent would be slow and predictable. The only thing I can promise is I can’t predict when the current climb will stall or when the market will take another fall. There is undoubtedly enough pent-up demand to drive the market for some time. An increase in interest rates will slow an over-heated market. The addition of inventory will slow the market and reduce the frenzy of bidding wars and multiple offers.

I dream of working in a balanced market, but if I’ve learned one thing in over 20 years in the business, a balanced market comes and goes in the blink of an eye. It is never here to stay.

Tags: Tips for Buying a Home
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Little Luxuries of the Palos Verdes Lifestyle

March 27, 2013 in Buyer Tip, Favorite Photos - Palos Verdes, Front Page, Lifestyle in Palos Verdes, Palos Verdes, Palos Verdes Estates, Palos Verdes Luxury Homes, Palos Verdes Peninsula, Palos Verdes View Homes, Rancho Palos Verdes, Rolling Hills

170 Lighthouse distant

Whenever people ask me where I’m from, when traveling outside California, they most often have a quizzical look on their face after my reply. I know what’s coming next. “Palos Verdes? Where’s that?”

Of course, if I want to avoid the long explanation I simply say, “Los Angeles,” and leave it at that. The truth is, the anonymity of the locale is a luxurious aspect of life on the Palos Verdes Peninsula. This is not Hollywood, nor Beverly Hills or even Malibu. The world has heard of those glittering places; not so Palos Verdes.

The majesty and length of our scenic coastline is another luxurious perk of life on the Palos Verdes Peninsula. Eons ago, this land was an island, and as the name implies, it is surrounded on three sides by glorious cliffs meeting the regal Pacific Ocean. The end of land and the beginning of water is a dramatic transition. Palos Verdes is known for its cliffs and hills, not its sandy beaches–those can be found in the adjoining beach cities of Redondo, Hermosa and Manhattan.

There is room to roam (miles and miles of hiking trails) and plenty of open space to stroll and enjoy the geological wonders of the area. It’s easy to leave the urban sprawl of LA in the flatlands below and exhale as you enter the Palos Verdes area. Whether your home is an equestrian estate in Rolling Hills, a villa by the sea in Malaga Cove or an ocean view home high in the hills of Rancho Palos Verdes it does not take long to realize you are a part of something very special.

Those are a few of the quiet little luxuries of life on the Palos Verdes Peninsula.

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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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Palos Verdes Luxury Leases

March 15, 2013 in Buyer Tip, Front Page, Lifestyle in Palos Verdes, Palos Verdes, Palos Verdes Homes for Rent, Palos Verdes Luxury Homes

Nightime pool at a luxury home

The high season for luxury leases is here. Spring unleashes new demand for luxury home leases in Palos Verdes. It’s true the purchase market picks up this time of year but so does the lease market. Most families plan to move during summer vacation as well as new residents transferring in from colder climates.

There are currently 16 Palos Verdes homes for lease priced over $5,000 per month. Lease rates for luxury homes range from $5000 for a three bedroom, three bath home in Valmonte to $20,000 per month for an ocean view estate in Palos Verdes Estates.

For more information on luxury leases in Palos Verdes contact Norma Toering & Team at 310.493.8333.

Homes/Condos for Lease in Palos Verdes:

Showing properties 1 - 32 of 32. See more Palos Verdes Homes for Lease.
(all data current as of 5/24/2013)

$3,600 : 4957 Delacroix Road, Rancho Palos Verdes

4 beds, 2 full, 1 part baths

Home size: 2,254 sq ft

Lot size: 6,994 sqft

Year built: 1966

Parking spots: 4

Days on market: 8
$3,850 : 6924 Purple Ridge Drive, Rancho Palos Verdes

4 beds, 1 full, 1 part baths

Home size: 2,080 sq ft

Lot size: 7,158 sqft

Year built: 1963

Parking spots: 4

Days on market: 8
$7,000 : 18 Avenida De Camelia, Rancho Palos Verdes

4 beds, 3 full, 1 part baths

Home size: 3,927 sq ft

Lot size: 34,939 sqft

Year built: 1989

Parking spots: 6

Days on market: 9
$3,700 : 3308 Deluna, Rancho Palos Verdes

4 beds, 1 full, 1 part baths

Home size: 1,992 sq ft

Lot size: 14,322 sqft

Year built: 1961

Parking spots: 4

Days on market: 10
$3,850 : 1732 Palos Verdes Drive, Palos Verdes Estates

3 beds, 2 full baths

Home size: 1,873 sq ft

Lot size: 8,026 sqft

Year built: 1955

Parking spots: 4

Days on market: 11
$15,000 : 6061 Woodfern Drive, Rancho Palos Verdes

6 beds, 4 full, 1 part baths

Home size: 4,616 sq ft

Lot size: 16,149 sqft

Year built: 1975

Parking spots: 6

Days on market: 12
$3,600 : 30906 Ganado Drive, Rancho Palos Verdes

4 beds, 2 full baths

Home size: 1,869 sq ft

Lot size: 9,082 sqft

Year built: 1972

Parking spots: 2

Days on market: 15
$4,000 : 27844 Longhill Drive, Rancho Palos Verdes

4 beds, 2 full, 1 part baths

Home size: 2,160 sq ft

Lot size: 7,107 sqft

Year built: 1966

Parking spots: 6

Days on market: 15
$3,595 : 1017 Via Zumaya, Palos Verdes Estates

3 beds, 2 full baths

Home size: 1,703 sq ft

Lot size: 9,914 sqft

Year built: 1957

Parking spots: 4

Days on market: 19
$4,700 : 27841 Palos Verdes Drive, Rancho Palos Verdes

4 beds, 1 full, 2 part baths

Home size: 2,728 sq ft

Lot size: 22,386 sqft

Year built: 1954

Parking spots: 6

Days on market: 21
$13,000 : 6914 Alta Vista Drive, Rancho Palos Verdes

5 beds, 6 full, 1 part baths

Home size: 6,678 sq ft

Lot size: 22,180 sqft

Year built: 2001

Parking spots: 6

Days on market: 21
$3,900 : 3932 Via Nivel, Palos Verdes Estates

3 beds, 2 full baths

Home size: 1,712 sq ft

Lot size: 6,098 sqft

Year built: 1949

Parking spots: 4

Days on market: 25
$3,400 : 28804 Doverridge Drive, Rancho Palos Verdes

3 beds, 1 full, 1 part baths

Home size: 1,874 sq ft

Lot size: 9,845 sqft

Year built: 1969

Parking spots: 4

Days on market: 26
$3,600 : 26710 Fond Du Lac Road, Rancho Palos Verdes

4 beds, 1 full, 1 part baths

Home size: 1,715 sq ft

Lot size: 12,180 sqft

Year built: 1957

Parking spots: 4

Days on market: 30
$4,000 : 30043 Knoll View Drive, Rancho Palos Verdes

3 beds, 1 full, 2 part baths

Home size: 2,105 sq ft

Lot size: 15,950 sqft

Year built: 1968

Parking spots: 4

Days on market: 39
$2,400 : 1934 Trudie Drive, Rancho Palos Verdes

3 beds, 1 full bath

Home size: 1,048 sq ft

Lot size: 11,467 sqft

Year built: 1950

Parking spots: 1

Days on market: 49
$5,195 : 7 Cinnamon Lane, Rancho Palos Verdes

3 beds, 2 full baths

Home size: 2,600 sq ft

Lot size: 25,346 sqft

Year built: 1950

Parking spots: 10

Days on market: 50
$10,000 : 25 Chuckwagon Road, Rolling Hills

5 beds, 2 full, 4 part baths

Home size: 5,487 sq ft

Lot size: 1.14 ac

Year built: 1988

Parking spots: 4

Days on market: 53
$7,000 : 6857 Crest Road, Rancho Palos Verdes

4 beds, 3 full baths

Home size: 3,307 sq ft

Lot size: 37,549 sqft

Year built: 1978

Parking spots: 6

Days on market: 59
$5,500 : 7416 Via Lorado, Palos Verdes Peninsula

3 beds, 2 full baths

Home size: 2,264 sq ft

Lot size: 17,322 sqft

Year built: 1962

Parking spots: 4

Days on market: 60
$3,000 : 6909 Lofty Grove Drive, Rancho Palos Verdes

3 beds, 2 full baths

Home size: 1,434 sq ft

Lot size: 7,177 sqft

Year built: 1962

Parking spots: 4

Days on market: 67
$4,000 : 28614 Coveridge Drive, Rancho Palos Verdes

3 beds, 3 full baths

Home size: 2,000 sq ft

Lot size: 7,063 sqft

Year built: 1972

Parking spots: 4

Days on market: 67
$5,000 : 32245 Phantom Drive, Rancho Palos Verdes

3 beds, 2 full baths

Home size: 1,784 sq ft

Lot size: 10,987 sqft

Year built: 1963

Parking spots: 4

Days on market: 67
$3,100 : 1635 TOSCANINI Drive, Rancho Palos Verdes

4 beds, 1 full, 1 part baths

Home size: 1,624 sq ft

Lot size: 6,425 sqft

Year built: 1974

Parking spots: 4

Days on market: 74
$3,995 : 30731 Tarapaca RD, Rancho Palos Verdes

3 beds, 2 full baths

Home size: 2,170 sq ft

Lot size: 29,198 sqft

Year built: 1961

Parking spots: 4

Days on market: 74
$5,900 : 4 West Ringbit Road, Rolling Hills

4 beds, 1 full, 1 part baths

Home size: 2,730 sq ft

Lot size: 3.01 ac

Year built: 1953

Parking spots: 4

Days on market: 74
$5,000 : 4312 Via Alondra, Palos Verdes Estates

3 beds, 2 full, 1 part baths

Home size: 2,670 sq ft

Lot size: 11,426 sqft

Year built: 1955

Parking spots: 6

Days on market: 84
$5,100 : 30543 Camino Porvenir, Rancho Palos Verdes

5 beds, 4 full baths

Home size: 2,960 sq ft

Lot size: 11,257 sqft

Year built: 1974

Parking spots: 6

Days on market: 125
$20,000 : 844 Rincon Lane, Palos Verdes Estates

5 beds, 5 full, 1 part baths

Home size: 6,000 sq ft

Lot size: 15,947 sqft

Year built: 2008

Parking spots: 6

Days on market: 162
$17,999 : 605 Paseo Del Mar, Palos Verdes Estates

6 beds, 4 full, 5 part baths

Home size: 6,872 sq ft

Lot size: 32,670 sqft

Year built: 1970

Parking spots: 6

Days on market: 186
$20,000 : 11 East Packsaddle, Rolling Hills

3 beds, 1 full, 4 part baths

Home size: 7,200 sq ft

Lot size: 5.31 ac

Year built: 1993

Parking spots: 3

Days on market: 266
$4,500 : 28039 Ella Road, Rancho Palos Verdes

4 beds, 2 full baths

Home size: 2,100 sq ft

Lot size: 9,500 sqft

Year built: 1970

Parking spots: 4

Days on market: 522

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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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.

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Buying a Home – Tips from Norma Toering

March 5, 2013 in Buyer Tip, Front Page, Los Angeles Luxury Homes

Buying a Home

Tips from Norma Toering (310) 493-8333

The home buying process can take months to complete, but I’ve taken a bold step by attempting to condense the process into a four minute video.

It is more important to have a professional you trust guiding you through the process than totally understanding the sequence of events that must occur from looking to acutally living in your dream home. However, it’s always a good idea to have an understanding of the process.

If you have additional questions after watching the video, we are always available to assist you.

- Toering and Team – (310) 493-8333

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3 Secrets to Keeping Your Cool in a Crazy Market

February 14, 2013 in An Agent's Life, Beach Cities, Buyer Tip, Front Page, Inspiration, Palos Verdes, Palos Verdes Peninsula

Running in circles and still can’t find a home?

This week Norma Toering & Team once again found ourselves in a real estate feeding frenzy when a new listing hit the market. The early signs were evident with agents jockeying for parking spaces at the broker open house tour. I arrived with a client in tow and was back later the same day with the rest of the family. Everything about the property was perfect for them except the number of others buyers obviously having the same thoughts dancing in their heads.

Competition is good for the market and reflects capitalism at work. However, when eight buyers write offers on the same property it is obvious the supply and demand is out of balance. When choices are limited the scarcity fear factor rears its head and makes sensible people overbid, remove protective contingencies from the contract and throw budgets and caution to the wind.

Calm down. Gather your wits and patience and remove yourself from the fray unless you are absolutely positive your life will not be worth living unless you win the bidding war at any cost. Sacrifices are sometimes worthwhile if it’s “the one” but if it’s not, know there will be a trickle of new listings added to the inventory each day.

1) Track inventory daily and shop 5% to 10% below your top price. This will leave a comfort zone if the property receives multiple offers and bids over the asking price.

2) Write a clean offer leaving no question unanswered. Loan pre-approval, proof of down payment and sufficient funds to close escrow should accompany your offer. Do not give the seller and his agent a reason to toss your offer in the rejected pile.

3) Expand your options. Do you really need 4 bedrooms or will 3 suffice? Is there another neighborhood, home style or location you can add to your search? Review your criteria and see where you can tweak it to increase the number of homes available.

It takes sellers longer than buyers to react to a change in the market. Buyers can enter the market immediately. Sellers must prepare their property for sale (this can often take weeks if not months), make life decisions about where they will move as well as consider financial ramifications of the sale.

Inhale, exhale. Your future home may be receiving a fresh coat of paint and a landscaping facelift along with being staged for a successful sale. Patience is definitely a virtue in this market.

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Home Improvement Tip: 10% or $1,000 Whichever Is Less

February 2, 2013 in An Agent's Life, Beach Cities, Buyer Tip, Front Page, Seller Tip

CA law limits the down payment amount for home improvements.

As I drive around the Palos Verdes Peninsula and through the coastal beach cities of Manhattan, Hermosa and Redondo I am seeing lots of home improvement trucks parked along the streets. It appears the spring sprucing up season arrived early! From major construction to landscaping and painting the home improvement movement is alive and well in the South Bay of Los Angeles.

A word of caution before you sign on the dotted line and make a deposit on work to be completed. In California it is illegal for a contractor to ask for or accept a down payment of more than 10 percent of the total home improvement contract price or $1,000, whichever is less. Never pay for materials before they are delivered to the property. In addition, make sure the written contract contains a progress payment schedule that outlines project phases with all costs and estimated completion dates.

Information from California Association of Realtors per The Contractors State License Board (CSLB). More helpful tips on hiring contractors can be found on the CSLB website: cslb.cal.gov.