About Palos Verdes Estates' Malaga Cove

Malaga Cove neighborhood real estate and home sales report for Palos Verdes Estates, CA in January 2010.

Active listings: 10 Homes are currently for sale priced from $1,060,000 to $9,995,000.

Pending listing: 5 Houses are in escrow in Malaga Cove priced from $1,525,000 to $3,690,000.

January sales: One home sold in January 2010:

• Via Arriba $2,125,000
  

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Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

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Malaga Cove Home Sales in 2009

Single family homes in the Malaga Cove area within Palos Verdes Estates have enjoyed a solid run over this past decade from a pricing standpoint. The financial crisis of a few years ago has had an impact here, as it has in all sub-areas of the South Bay, but current pricing mirrors that of years since 2005. The majority of areas in this region appear to be seeing prices that are commensurate with sales back in 2004. The number of sales in Malaga Cove increased by a significant percentage over 2008, however, are still less than half of the peak sales years of 2002 and 2003. In 2008, sales had dropped to one fourth of peak rates with only 10 sales of single family homes the entire year. The median sales price here, however, dropped by 14 percent from sales prices in 2008.

In other areas of the South Bay, the drop in median sales prices is partially the result of a drop in the number of newly built homes sold. This is not the case with Malaga Cove homes as there have not been any new home sales reported here since 2007, when there were only two. Back in 2000, the median sales price was just under $1,000,000. Last year this number was just below $1,900,000. Twice within the past five years, the median price surpassed the $2,200,000 mark.

There are very encouraging signs in the new sales data from 2010. Though only one home sale has closed escrow thus far this year, there are five homes in the escrow process. Three of these have been in escrow for over a month and so the number of sales is off to a relatively good start here this year. Another number worthy of note is the current inventory of unsold homes in Malaga Cove, which now stands at 11, or about eight month’s worth. There are a number of areas in the South Bay where active listings have dropped to unusually low levels, which will impact future sales numbers. This is not necessarily the case here.

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The Malaga Cove area of Palos Verdes Estates ) area 163 in map below )had the following real estate activity for single family residences during the 4th Quarter of 2009:

Properties Sold: 5

Address Sales Price BR BA Sq.ft. $/Sq.ft Yr.Blt. MLS# Sold Date Days on Mkt.

376 W Palos Verdes DR $1,200,000 4 3.00 1,946 $617 1952 S08114966 10/14/09 433

1701 Via Arriba $1,200,000 3 0.00 2,117 $567 1955 V08152844 10/19/09 345

777 Via Somonte $1,855,000 3 2.00 2,750 $675 1936 V09083783 11/24/09 83

529 Via Media $2,100,000 4 3.00 2,750 $764 1952 S09089033 11/17/09 64

1820 Paseo Del Sol $3,750,000 5 4.00 5,139 $730 1956 S09002803 12/22/09 306

Properties for Sale as of 12/31/09: 10

Average List Price at 12/31/09: $2.4 million

Average Sales Price of homes sold during 4th quarter: $2.0 million

Average Price per Sq. Ft. for Properties Sold during 4th Qtr: $ 670 per sq. ft.

Properties sold at an average of 93% of List Price

For more information about Malaga Cove and Properties for Sale on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com

Malaga Cove neighborhood real estate and home sales report for Palos Verdes Estates, CA in December 2009.

Active listings: 9 Homes are currently for sale priced from $1,499,000 to $3,950,000.

Pending sales: 6 Houses are in escrow in Malaga Cove priced from $975,000 to $2,195,000.

December sales: One house sold in December 2009:

• Paseo Del Sol $3,750,000
  

All Malaga Cove, Palos Verdes Estates real estate and home sales reports.

Previous Palos Verdes and San Pedro Market Reports

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

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Palos Verdes Photography

The Palos Verdes neighborhood of Malaga Cove has spectacular"Queen's Necklace Views". You can see white water, the beaches of Redondo, Hermosa and Manhattan Beach, the coastline all the way around to Malibu, city lights at night and the ocean during the day. It is one of my favorite views (above).

The Malaga Cove area is .66 square miles and has approximately 1500 residents. Lower Malaga Cove (west of Palos Verdes Drive West) is within walking distance from the bluffs and trails down to the water and is home to the former MalagaCove School which is currently being renovated to house the school district's offices, Palos Verdes Beach & Athletic Club (310-375-8777), The Neighborhood Church and St. Francis Episcopal Church. Malaga Cove also has a commercial center (photo below) with banks, real estate offices, restuarants, a market, post office and other stores and offices. Palos Verdes Estates City Offices and the Library are also located in Malage Cove. Upper Malaga Cove (above Palos Verdes Drive West has many homes with even grander views and is the location of LaVenta Inn (events only), Palos Verdes Golf Club and Palos Verdes Tennis Club.

Currently, there are 11 single family homes for sale in the Malaga Cove area of Palos Verdes Estates ranging in price from $1,275,000 (3 br, 2 ba, 1878 sq ft) to $3,950,000 (3 br, 3 ba, 2228 sq ft). There are 4 homes in escrow. 15 homes have sold in Malaga Cove since the first of the year ranging in price from $1,200,000 (4 br, 3 ba, 1946 sq ft) to $4,700,000 (6 br, 7 ba, 9884 sq ft). Malaga Cove also has townhomes/condos and apartments. Currently there is one 2 bedroom, 3 bath condo for sale in Malaga Cove for $661,000.

Malaga Cove homes are custom built and most have red-tile roofs. Originally, all homes in this area that could be seen from the water had to have red tile roofs as the original developers wanted it to look like the French/Italian Riviera.