Red Mediterranean tile roofs, towering cliffs, and sparkling ocean views are hallmarks of the coastal oasis of Palos Verdes Estates. Grand properties perched atop the wild bluffs offer residents privacy and spectacular vistas of the Southern California coastline. Comprising four individual neighborhoods, Palos Verdes Estates real estate includes the affluent residential enclaves of Lunada Bay, Valmonte, Malaga Cove, and Montemalaga. Preserved parkland, rolling hillsides, and quiet, winding roads showcase the idyllic beauty of this posh spot.
This primarily residential area was designed by none other than Frederick Olmsted, Jr., of Central Park fame, and it was created as a haven of serenity. As one of California’s most exclusive areas, Palos Verdes Estates sports an incredible collection of architecturally impressive estates. The aesthetics of the town are closely monitored by an Art Jury, which must approve every proposed change, from fences and sidewalks to additions and landscaping. The result is a seamless cohesion of stunning, resort-style beauty. The unique approach to city design has created an equally unique real estate market.
The current market
Like the rest of the real estate market, Palos Verdes Estates has experienced changes since last year. Prices are down slightly; however, and the number of houses sold has also decreased. As with much of the country, inventory has been an issue, and these numbers often indicate not a lack of interest in the market, but simply a lack of available homes for purchase. If you are in the market for a slice of Palos Verdes Estate heaven, read on to learn how to streamline your buying process and set yourself up for real estate success.
Work with a real estate agent
The benefits of working with a professional real estate agent are countless, and finding an expert agent should be the first step of your real estate journey. Once you have your agent, everything else will fall into place. From tips for staging your home and the importance of curb appeal to providing access to the multiple listing service (MLS), a Realtor® can offer invaluable information and guidance. Agents bring a career’s worth of expertise to each client, along with a commitment to fiduciary duty, and the legal code of ethics, ensuring real estate agents act in their client's best interest. From the first conversation through closing, and often beyond, your agent is the real estate sherpa, unofficial therapist, and negotiation expert who will successfully navigate you to the finish line.
Review your finances
In a market like Palos Verdes Estates, luxury homes are often custom designed, so if you fall in love with one of these special properties, you want to be able to snap it up before anyone else. If you are financing your purchase, a mortgage preapproval is essential. If you plan on paying in full, be prepared to cover the purchase price, closing costs, and extra cash to cover any desired renovations or interior design.
If you are opting for traditional financing for your new Palos Verdes Estates luxury home, there are a few elements to consider. If you work with a financial advisor or money manager, this is the time to discuss what your home-buying budget should look like — be sure to account for everything from the initial purchase price to property taxes and any elevated maintenance costs.
While your down payment generally dictates the amount of your mortgage, there are other factors that can significantly add to the monthly expenditure. Homeowners association fees, insurance, landscaping, and pool service can all affect that monthly number. Once you have an idea of your preapproval amount, begin to build a budget to determine if the numbers work comfortably. You may even want to put this proposed amount into a savings account for a few months before putting any offers in, so you can make sure the amount is indeed reasonable for you and your family.
Even if you plan to pay the full purchase price in cash, an estimated budget is still a financially savvy step. Creating a budget allows you to see if you are comfortable with the proposed amount or if you’d rather adjust your allocation of funds. Are you considering every financial obligation of the new house, like any necessary repairs or renovations? Perhaps you want to redesign the interior, update the amenities, or buy all new furniture. A budget of anticipated expenses provides clarity so you can ensure your new purchase is an exciting endeavor.
Are you interested in Palos Verdes Estates real estate? Contact Diane Stone, Realtor® for Palos Verdes Estates properties, and begin your luxury home search today.
*Header photo courtesy of Shutterstock