About Palos Verdes Estates' Lunada Bay

Lunada Bay neighborhood real estate and home sales report for Palos Verdes Estates, CA in January 2012.

Homes for sale: 22 Homes are listed for sale priced from $975,000 to $5,800,000.

Pending sales: 7 Houses are in escrow in Lunada Bay priced from $1,095,000 to $2,895,000.

January sales: 4 Homes sold in Jan. 2012:

Address	Sale Price	Bed/Bath	Sq. Feet.	Lot	Year Built	Days Listed
1632 Dalton Rd	$1,755,000	4/5	2624	8734	2003	96
2120 Via Estudillo	$1,860,000	3/4	3346	11528	1972	62
2824 Via Neve	$1,985,000	5/3	2913	20447	1964	146
1512 Paseo Del Mar	$2,000,000	5/3	3081	10849	1969	0

Mortgage Payment Relief May be Available on Fannie Mae and Freddie Mac Loans. Huge news for people who are temporarily unemployed. Fannie and Freddie will begin implementing "forbearance" programs beginning March 1st and Feb.1st (respectively).

The following information was published in the LA TIMES by Kenneth R. Harney http://www.latimes.com/ January 22, 2012

On loans they own or have securitized, Fannie and Freddie are now directing servicers to forbear when a borrower can show a job loss.

Unlike the companies' earlier rules, servicers can grant half a year of reduced or suspended payments without getting permission in advance.

If unemployment continues beyond six months, and if the servicer believes additional forbearance for up to another six months would be appropriate, it can ask Fannie or Freddie for approval to do so.

During any unemployment forbearance period under the rule revision, borrowers will not be subject to foreclosure, even if they had fallen behind on payments before the forbearance began.

Fannie Mae's policy becomes mandatory for all loan servicers March 1. Freddie Mac's policy takes effect Feb. 1.

Though no estimates were available on how many borrowers could be assisted under the new guidelines, the numbers are likely to be substantial at a time when the national unemployment rate is at 8.5%.

Forbearance, it should be noted, does not mean a forgiveness or reduction of the principal balance on the mortgage.

Whatever amounts go uncollected during the forbearance period must eventually be repaid. Typically missed payments are "put at the back of the loan" or repaid in increments over the up coming payments.

Not everybody owning a home with a Fannie or Freddie mortgage will be eligible for the expanded job-loss relief.

The house must be a principal residence, not a second home or investment property.

Fannie's guidance to servicers specifically rules out assistance when the home was financed with an FHA, VA or Rural Housing mortgage.

Most important, there must be a documented "financial hardship"caused by the employment loss, and there must be a reasonable chance that without forbearance the borrowers could sink into default and eventually lose the house.

In cases in which borrowers are being considered for an extension of an existing forbearance plan, borrowers will also have to document that they don't have cash reserves - bank accounts or other liquid assets -that exceed 12 months' worth of their monthly housing expenses

To determine if Fannie Mae owns your loan just click here.

To determine if Freddie Mac owns your loan just click here.

I wanted to let you know that one of my favorite restaurants, Lunada Bayhouse Restaurant, located at the Lunada Bay Plaza, is now opening for lunch. It is a wonderful place for lunch or dinner. It has great appetizers, great steaks and seafood ( love their sauces ), and wonderful pasta dishes. I think that it is important to support our local businesses.

OUR LUNCH MENU
JOIN US JANUARY 24TH 11:30 ~ 2:30
MAKE YOUR RESERVATIONS NOW

The Lunada Bay area of Palos Verdes Estates ( area 160 in map below )had the following real estate market activity for single family residences during the 4th Quarter of 2011:

Properties Sold: 15

Address Price BR BA Sq.ft. $/Sq.ft Date Blt MLS # Closing Date Days on Market

801 Via Coronel $725,000 3 2.00 1,790 $405.03 1956 P787342 12/23/11 71

2305 Via Rivera $780,000 2 2.00 1,593 $489.64 1953 V11129793 12/15/11 64

1517 Palos Verdes Dr.W $875,000 3 2.00 1,600 $546.88 1954 V11106900 11/22/11 9

1636 Espinosa CR $875,000 3 2.00 1,389 $629.95 1954 V11025172 10/07/11 223

2809 Via De La Guerra $960,000 4 2.00 1,860 $516.13 1956 V11130910 11/23/11 36

2505 Via Rivera $975,000 3 3.00 2,387 $408.46 1954 V10076701 10/28/11 468

612 Yarmouth RD $1,051,000 3 2.00 1,661 $632.75 1955 P794279 11/08/11 11

1015 Via Palestra $1,076,000 3 2.00 2,034 $529.01 1958 V11098638 10/28/11 83

1917 Dalton RD $1,085,000 4 3.00 2,435 $445.59 1947 V11115485 11/30/11 61

2621 Via Valdez $1,280,000 5 3.00 3,357 $381.29 1973 S11087187 10/07/11 75

841 Rivera PL $1,375,000 4 4.00 4,149 $331.41 1965 V11110476 11/17/11 63

1340 Palos Verdes Dr.W $1,450,000 4 3.00 2,306 $628.79 1955 V11133189 12/28/11 70

1377 Via Romero $1,550,000 4 4.00 4,579 $338.50 1978 V11064594 10/07/11 121

2333 Via Olivera $1,680,000 4 5.00 3,432 $489.51 1971 V11109253 11/03/11 77

261 Rocky Point RD $2,950,000 5 4.00 3,500 $842.86 1956 S11115742 10/14/11 6

Average Sales Price of homes sold during 4th quarter: $1.2 million

Sales remained the same as the prior quarter

Properties for Sale as of 12/31/11: 20 ( A decreae of 11 from the end of the 3rd quarter, and a 42% decrease from the end of the prior year , and equal to an approx. 4 month inventory based upon average monthly sales of 5 for the quarter)

Average List Price at 12/31/11: $2.1 million

Average Price per Sq. Ft. for Properties Sold during 4th Qtr: $ 508 per sq. ft. ( an approx. 12% decrease from the comparable period last year )

Properties sold at an average of 96% of List Price

The number of homes listed for sale in the City of Palos Verdes Estates during 2011 has been relatively steady, averaging 78 homes., however the number of homes for sale as of the end of 2011 dropped dramatically to only 41 homes on the market, a 48% decrease from the same time last year The average number of homes sold per month during this same period has also been very steady, averaging 15 sales per month, however the average monthly number of homes sold during the last quarter was down to 12. This equates to less than 4 months of inventory.

The average price per square foot over the last 3 months has been $499 per sq. ft., a decrease of 12% over the comparable period last year. This decrease is primarily due to a drop in price per sq. ft. for homes sold in November, however prices for homes in December rebounded higher. The overall market appears to have stabilized. This market has not been nearly as impacted by the foreclosure sales which have severely affected inland markets.