It is up to parents to decide which type of education is right for their child, and it is perfectly acceptable and even common for residents of Palos Verdes to blend both Private and Public Education. For instance, you might decide that private elementary school is a good way for children to better prepare for public high school. Conversely, you may want your child in public school for their early years until it is time to buckle down and do college preparatory work. Regardless of your decision to go public or private, living on the Palos Verdes Peninsula will guarantee that your child will receive a superior education.
Some weeks, there is nothing to see on Brokers’ Open — it sometimes starts to seem like all the houses are cookie-cutter clones of each other. But this week, there were some unusual (and fantastic) homes in Manhattan Beach! My favorites are as follows:
Newly listed, 625 13th street is a fantastic deal for the $1.5M price point. Technically in the tree section, but feeling much more like a sand section house (and within terrific short walking distance to the beach), this home has 3 spacious bedrooms, each with it’s own contemporary, remodeled bathroom. Ocean views and a killer open living area make this a wonderful choice — a quiet street with all the benefits of sand section living. I loved the vibe in this home and think you might too!
Another great option this week was 576 33rd. This fantastic open, airy, and remodeled tree section one-level really had the wonderful feeling of indoor/outdoor California living. Also in the $1.5M range (actually at $1.475M), the home flows between indoor and outdoor spaces. With exposed rafters and terrific floorplan, this one really hits it out of the park.
There were some other properties on that were also pretty nice, but these two were so special they are truly the “Top Picks” for the week of 9/9/11.
At this morning’s sales team meeting, Grant Norris from RPM Mortgage talked about new loan programs that can get loans of about 5 percent with 5 percent down, and in some cases even lower, more like about 4.5 percent. They have some programs for Jumbo loans up to $979,750 that require only 10 percent down, which is usually unheard of for jumbos. They can do these 5 percent down loans even for attached condos and townhouses, which is a big deal because the low down payment FHA loans required that condos and townhouses either be completely freestanding or that the complex already be on the approved list, which is small in our area.
Grant had some worrisome news, however. There is a draft bill in Congress that will increase FHA downpayment requirements from the current 3.5% to 5 %. Worse, other provisions of this same bill will reduce GSE loans from the current high in Los Angeles of $729,750 all the way down to $412,500 — even lower than the low limit we now have of $417,000. This means that if someone were buying a home for $750,000 with an FHA loan, whereas today they would pay 4.5% plus Mortgage Insurance, in the future they would have to pay 5 1/8 percent, which would for most people kill the affordability — the payment would go from $3667 a month to $3940 a month, almost $300 different.
With the current “cut the deficit” cries in Congress, they almost certainly will do SOMETHING to muck up the interest rates for loans. If you are thinking about buying, NOW IS THE TIME while interest rates are still at historic lows, along with very low prices.
The market is getting to it’s typical “Spring Heat” earlier than usual this year, we think it’s primarily due the same factors we talked about last month: expiration of the home buyer’s credit on April 30th, expiration of the Fed’s guarantee on Fannie/Freddie Loans in March, fear of rising interest rates and lack of inventory.
We’ve been seeing many prime properties in the Beach Cities being sold BEFORE they hit the MLS as “pocket” listings. To snag one of these, you need to work with a Realtor like us who networks with other Realtors to find out about these great deals before they become common knowledge.
We are also seeing the return of multiple offers and bidding wars. One property in Redondo Beach recently received 20 offers — and this was NOT a short sale. Similarly, a recent FabulousSouthBay listing went in 2 days with multiple offers.
If you want a piece of the South Bay (or want to sell one you own), now is the time. Give us a call!