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Maureen Megowan

Now is the Time to Buy a Home in Palos Verdes and the South Bay

More and more of the signs are pointing the way to the fact that now may be the best time in a generation to buy a home on the Palos Verdes Peninsula and the South Bay of Los Angeles. As noted in my post below, home prices in the area appear to have stabilized, and in most areas are increasing on a month to month basis compared to the prior month.

Today,, it was reported that interest rates have dropped to an historical low. The average rate on a 30 year fixed rate mortgage dropped to 4.78% in the week that ended Wednesday , tying a record set in April, home loan buyer Freddie Mac said. This is based on a survey of borrowers who have good credit and at least a 20% down payment. Points were an average 0.7%.

Bankrate.com also reported that the average rate for conventional mortgages offered by large lenders surveyed by the firm drooped this week to 5% last week, a record low for the 24 year old survey.

Buyers looking to buy a home at this time of the year will find that sellers tend to be very serious about negotiating a deal or they would not be attempting to sell their home during the holidays. Sellers also recognize that buyers looking to buy a home now are also serious buyers or they too would not be in the market at this time.

The combination of record low interest rates and motivated sellers make this the ideal time to purchase a home. The extension of the Federal home buyers tax credit for sales contracts signed prior to April 30th of next year also provides a strong motivation to buy a home today.

I look forward to helping you find your ideal home.

South Bay Home Prices Stabilized

The median price of all local homes sold in October in the South Bay of Los Angeles- excluding the Palos Verdes Peninsula and Carson - was $519,500, up 0.9 percent from the same month a year earlier, according to a report released Wednesday by the Los Angeles-based California Association of Realtors.

The Palos Verdes Peninsula also saw an annual rise in October, up 0.5 percent to a median of $955,000.

The median home price for most of the other beach communities in the South Bay decreased over the prior year, but all appear to have stabilized. "The South Bay housing market appears relatively stable, despite ongoing reduced prices in some submarkets," said Sheri Fejeran, president of the South Bay Association of Realtors, in a statement. "Inventories are way down compared to last year, and properties for sale are spending less time on the market. Condominiums under contract are up significantly, suggesting a recent increase in sales activity."

South bay home prices

"Home sales historically trail off during the fall and winter months as we move to the off-peak season for the housing market," CAR President and Manhattan Beach Realtor Steve Goddard said. "However, with affordable home prices, mortgage rates hovering around 5 percent, and the extension and expansion of the federal tax credit, we expect first-time and move-up home buyers to drive home sales through the end of this year and into early 2010."

Happy Thanksgiving

HAPPY THANKSGIVING !!!

I HOPE THAT YOU AND YOUR FAMILY HAVE A WONDERFUL THANKSGIVING DAY

Thanksgiving day is a wonderful opportunity for all of us to step back and be thankful for the truly important things in our life such as family and friends. I am thankful that I live in a country where my children can make of themselves what they will. I am thankful that we live in a country where we can worship freely in our own way without the fear of reprisal or attack. I am thankful that I live in a country where people respect other peoples right to their opinions and thoughts. i am thankful to be an American.

Partitioning of the Original Rancho de los Palos Verdes Land grant

For approx. 49 years, the Dominquez and Sepulveda families fought over the ownership rights to the Palos Verdes Peninsula. Final title was conveyed in an 1858 land patent, signed by then-President James Buchanan settling the long running dispute between the Dominquez and Sepulveda families. This land patent ceded the Rancho San Pedro totaling approx. 43,000 acres to the Dominguez family, and 31,000 acres of the Palos Verdes Peninsula to the two oldest Sepulveda brothers as the Rancho de los Palos Verdes.

The Partitioning of Rancho Los Palos Verdes

Beginning in 1840, the Sepulveda family began to sell or mortgage a large portion of their interest in Rancho de los Palos Verdes.

Watercolor of Don Diego Sepulveda Home



Watercolor of Jose Diego Sepulveda home by John Victor Carson., courtesy of CSU Dominquez Hills Archives

During the ten year period from 1855 to 1865, the Sepulvedas incurred significant financial difficulties, including a severe drought in 1862-1864 which wiped out most of their cattle herd. During this time, the Sepulvedas began to incur significant debt. On May 11, 1855, Juan Capistrano Sepulveda mortgaged his share of the Rancho for a loan of $2,962 at an interest rate of 6% per month! In 1856, he then sold his interest in the Rancho to a man named Lamalfa, who then mortgaged the property, which then went into foreclosure, which was then purchased by Jose Diego Sepulveda, Juan's brother, for $3,000 in 1858. Jose Diego Sepulveda then deeded 12 acres of land to his brother Juan Capistrano Sepulveda, upon which Juan's house stood.

in 1869, Jose Diego Sepulveda died, and left his interest in the Rancho to his sons, Aurelio, Roman, and Rudecinda. Parts of the Rancho were sold or encumbered by loans, with Jotham Bixby involved in many of them. Numerous additional lawsuits were filed in the mid-1870's disputing ownership of the land making up the Rancho de los Palos Verdes and requesting partitioning of the land, and from 1878-1882 the land was held in receivership, even though an additional land patent was issued to the Sepulvedas on June 23, 1880, signed by Rutherford B. Hayes. Sadly, Jose Loreto Sepulveda (who had sold or mortgaged his entire interest in the Rancho) died in 1881, a broken man. Numerous parties claimed an interest in the Rancho, based upon the transactions discussed above, many of them with conflicting claims, sometimes buying or selling the same claimed interest in the Rancho. During the period from 1865 to 1880, the Sepulvedas were engaged in 78 lawsuits, six land partitions suits, and12 suits over eviction of squatters.

At the conclusion of these complicated law suits on September 25, 1882, Rancho de los Palos Verdes was partitioned into seventeen portions . The largest share, the 17,031 acres which constituted the Palos Verdes Peninsula, was awarded to Jotham Bixby, with only about 12 acres awarded to Juan Capistrano Sepulveda (who died in 1896), and approx. 4,399 acres (most of the town of San Pedro)awarded to the family of Jose Diego Sepulveda (A.W.Sepulveda), his brother.

Rancho de los Palos Verdes Partition
Partition Map of the Rancho Los Palos Verdes, September 25, 1882---Courtesy of John G. Nordin



Jotham Bixby 1905

The Bixby family retained ownership of the Palos Verdes Peninsula until they sold the property to Frank Vanderlip in 1913,

For more information about the HISTORY OF THE SOUTH BAY OF LOS ANGELES , visit my website at http://www.maureenmegowan.com

Palos Verdes High Wins Two CIF Southern Section Championships

Palos Verdes High School recently won two different CIF Southern Section Championships .

The Palos Verdes boys won the Division III title with 52 points, St. John Bosco of Bellflower was second with 62 and Golden Valley of Santa Clarita was third with 124. South Pasadena junior Samuel Pons won in 14:57, Palos Verdes had sophomore Jonah Diaz (14:58) and senior Chase Zukerman (15:00) finish second and third, respectively.

Palos Verdw High Sea Kings also captured their first Division IV CIF water polo title with a 6-5 victory over Mira Costa High of Manhattan Beach at William Woollett Jr. Aquatic Center in Irvine. This was the fourth time that Palos Verdes had beaten its Bay League rivals.

Chris Richardson, from left, Paul Mitre and Connor Virjee are three of Palos Verdes four All-CIF returners from last season. They are all seniors. (Brad Graverson, Daily Breeze Staff Photographer)

Congratulations to Palos Verdes High on its great achievement