What’s Hot in the Palos Verdes Estates Market

Alright, let’s talk turkey. Or in this case, let’s talk cold, hard real estate facts. The market in Palos Verdes Estates is hotter than a Malibu beach in August, and it’s showing no signs of cooling down.

The Numbers Don’t Lie (But They Might Make You Dizzy)

Hold onto your designer hats, folks, because these figures are not for the faint of heart. As of October 2024, the median home sold price in Palos Verdes Estates was a cool $2,800,000. That’s right, we’re talking seven figures here, and it’s up 12.3% from last year. If that doesn’t scream invest now, I don’t know what does.

But here’s where it gets interesting. According to Redfin, the median sale price in November 2024 actually dipped to $2.8M, down 11.8% compared to the previous year. Now, before you start panicking and calling your financial advisor, remember – in the world of luxury real estate, these fluctuations are like waves in the ocean. Sometimes you’re riding high, sometimes you’re in a trough, but overall, you’re still in the freaking ocean, and that’s what counts.

Let’s break down some more numbers:

• Median Price per Square Foot: $1,019 (as of October 2024)
• Average Days on Market: 110 (up from 55 days last year)
• Homes Sold Above List Price: 38%
• Homes Sold Below List Price: 63%

These stats paint a picture of a dynamic market where savvy buyers can still find opportunities, despite the overall trend of rising prices.

Playing the Waiting Game (Or Not)

Here’s a fun fact for you: homes in Palos Verdes Estates are playing hard to get. They’re spending an average of 110 days on the market – that’s twice as long as last year. But don’t let that fool you into thinking you can drag your feet. When the right property comes along, you need to be ready to pounce like a cat on a laser pointer.

And get this – while average homes are selling for about 3% below list price, the hot properties are going for 1% above. It’s like a real estate version of The Hunger Games, and may the odds be ever in your favor.

George Fotion, a prominent realtor in the area with over $653 million in career sales, notes, You could buy at just about any point and make money if you held for 10 years. This long-term value proposition is what makes Palos Verdes Estates a stable and attractive investment for many high-net-worth individuals.

The Crème de la Crème of Palos Verdes Estates Listings

Now, let’s get to the good stuff. The properties that make you want to sell your firstborn (just kidding, maybe). These aren’t just houses; they’re works of art with roofs.

Mediterranean Dreams on Via Martinez

Imagine this: You’re strolling through your 5,862 square foot Mediterranean-style villa, martini in hand (it’s 5 o’clock somewhere, right?). With 6 bedrooms and 7 bathrooms, you’ll never have to wait for the shower again. And at $5,390,000, it’s practically a steal. I mean, can you really put a price on never having to share a bathroom?

This property at 1548 Via Martinez is a prime example of the luxury real estate market in Palos Verdes Estates. Features include:

• Panoramic ocean views
• Gourmet kitchen with top-of-the-line appliances
• Private pool and spa
• Home theater
• Wine cellar

Modern Masterpiece on Rocky Point Road

If you’re more into the modern aesthetic (and have a few extra millions lying around), feast your eyes on the 7-bedroom, 11-bathroom behemoth on Rocky Point Road. At 12,472 square feet, it’s less of a house and more of a small country. And for just $29,750,000, you can be the ruler of this very chic, very exclusive domain.

The property at 245 Rocky Point Road boasts:

• Floor-to-ceiling windows with unobstructed ocean views
• Smart home technology throughout
• Infinity pool overlooking the Pacific
• Private gym and spa
• Helipad (because why not?)

Making Your Move in Palos Verdes Estates

So, you’re sold on the Palos Verdes Estates dream. Now what? Well, buckle up, buttercup, because buying a home here is not for the faint of heart (or light of wallet).

The Art of the Deal (Palos Verdes Style)

Remember when you thought negotiating for that vintage leather jacket was tough? Welcome to the big leagues. In Palos Verdes Estates, negotiation is an art form, and you’re going to need to channel your inner Picasso.

First tip: Get yourself a realtor who knows the area like the back of their hand. We’re talking someone who can tell you the history of every palm tree on the peninsula. Trust me, in this market, local knowledge is worth its weight in gold-plated avocado toast.

Gerard Bisignano, a top agent in the Palos Verdes Peninsula area, advises, Working with an agent who knows the nuances of the local market is crucial to navigate buying or selling a home in Palos Verdes Estates effectively. This local expertise can be the difference between a good deal and a great one.

Timing Is Everything (Except When It’s Not)

Here’s a little insider secret: in Palos Verdes Estates, the best time to buy is when you find a house you love. Waiting for the perfect market conditions is like waiting for LA traffic to clear up – it’s a nice dream, but let’s be realistic.

That being said, if you’re a numbers nerd (no judgment), keep an eye on those market trends. Remember that 11.8% dip we mentioned earlier? That could be your golden ticket to negotiation town.

Steve and Ceci of Watts & Associates, with 37 years of experience in the area, emphasize the importance of strategic upgrades, cleaning, and staging to get top dollar for your home. They suggest listing on a Friday and limiting showings to generate excellent offers.