Interest Rates Palos Verdes Homes and the Fed

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Interest Rates Palos Verdes Homes

For a long time now buyers and sellers have benefitted by a real estate market which was fueled by some of the lowest mortgage rates in our life time.

Why were interest rates so low?  In large part the reason is simple, the Federal Reserve seeking to stimulate the collapsed economy following the debacle of horrible loan practices and of course other factors, lowered the federal fund rates.

But the days of sub 4% rates may soon disappear.  The Federal Reserve, according to a trade journal article I read today, decided to raise the federal fund rates later this year.  That would be the first bump in rates in almost 10 years.

interest rates palos verdes homes“When the Fed raises short-term interest rates, they’re raising the cost of money, and that impacts the cost of money to consumers, businesses and governments alike,” said Greg McBride, chief financial analyst at Bankrate.com.

Fed Chairwoman Janet L. Yellen said last month that she anticipated the central bank would move slowly on future interest rate boosts once it enacts the first small one — expected to be a 0.25 percentage point increase. That means it will be “several years,” she said, before the rate gets back to a more normal 3.5% to 4% level.

Now let’s put this in perspective before everyone starts screaming that the sky is falling.

ONE – the reason why the Fed would raise the Fed Funds rate is to get a bit ahead of inflation, so that’s a good thing

TWO – the economy is getting better.  That means MORE JOBS and that means a stronger real estate market.

THREE – having served my clients over these last 35 years has given me the perspective to know that even when interest rates were at 8% and higher, prices appreciated for Palos Verdes homes and South Bay real estate.  Why?  Because the economy sustained that price appreciation nothwithstanding higher rates.

I don’t anticipate the appreciation rates of the last 24 months to duplicate in the next 24 months, but I do still anticipate positive appreciation.

Still, all we know for sure is what is happening now.  And for now, interest rates are great, so “now” may be an ideal time for buyers to buy and sellers to sell.

Interest Rates Palos Verdes Homes
In the last 6 months, the median sale price of a home in Palos Verdes was $1,399,000. With most buyers coming in with down payments of around 40%, what would that do to mortgage payments if interest rates were to bump up by a 1/4%?  If you had stellar perfect credit (FICO above 800) and extremely low debt/income ratios, you’d probably be able to get an interest rate around 3.625% today.  That would be a payment of principle and interest of around $3,828/mo.  If that same loan product were a 1/4% higher, your payment would be $3,947/mo.  Would $119/mo dissuade you from buying the house you really want?

What does YOUR crystal ball say about where interest rates will be in a year?

Palos Verdes Homes within 10% of the median sale price (effective 7/7/2015) of $1,399,000

* Separate multiple values with comma.

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10 Diamonte Lane Rancho Palos Verdes, CA 90275

$1,535,000
4 Beds
3.5 Baths
3,135 SqFt
Status Active
MLS # WS16127078
Property Type Single Family Residence
Hard-to-find one-level custom home on almost 30,000 sf of view lot. Come to marvel at the fabulous views of city, harbor and canyon, experience the peace and tranquility of its surroundings, and check out the many features and upgrades this beautiful and comfy home offers. All rooms are located on ground level without a single step and wrap around an 180 degree vista of green canyon and blue water. The home has been renovated throughout recently and is in true move-in condition. Upgrades include dual A/C system, marble floor tiles, wood flooring, vinyl windows and sliding doors, crown molding, interior and exterior paint, new water heater, new cabinetry, new paving stone driveway and remodeled kitchen and bathrooms. Kitchen is outfitted with neutral tone Quartz counter top, white Thermofoil cabinets, Viking 6-burner stove and gas oven, Subzero refrigerator/freezer with black glass panel, matching black-over-stainless steel Miele dishwasher, Jenn-Air microwave and convection oven combo. Other custom features include Koehler main and prep sinks, under-cabinet lighting, and full mosaic back splash. Bathrooms feature marble floor, granite counter top, high-end fixtures, and new shower stalls and tub. Floor plan is efficient and fluent. Family room features a full-size wet bar and a second fireplace.

2108 Via Alamitos Palos Verdes Estates, CA 90274

$1,528,000
4 Beds
2 Baths
2,251 SqFt
Status Active
MLS # PV17112544
Property Type Single Family Residence
The absolutely perfect family home is here. Walk to school, enjoy a large grassy yard, move-in ready and have your friends over for dinner! This picture perfect home has high beamed ceilings, hardwood floors, plus front and back patios that make entertaining a breeze! In addition to the 4 bedrooms, this home has a separate office and separate family room with French doors leading to the outdoor space - so everyone has a place to enjoy. New paint, new landscaping, new granite in kitchen, new fixtures, newer bath, New French doors, new patios! The wait is over.

4300 Miraleste Drive Rancho Palos Verdes, CA 90275

$1,525,000
4 Beds
5 Baths
2,689 SqFt
Status Active Under Contract
MLS # PV17061386
Property Type Single Family Residence
Miraleste Old Spanish with dazzling City Lights & Harbor Views was dramatically remodeled retaining the charm of 1927 with the modern amenities of today.The home is ideally situated on a spacious 11,000SF lot set back below the drive allowing for a private,quiet & tranquil setting.The large backyard is a Family Resort with a new Pool,Spa,Automatic Electric Safety Pool Cover,Pool House with Bath & a Pergola with Flat Screen TV & a gorgeous Fire Pit for cool evenings.Lots of grass for kids & pets to run & romp.The Lorraine Hiking Trail,Pastoral Open Space that runs along the back fence offers convenient walking access to Miraleste Park.The Open Floor Plan featuring 2 Great Rooms, 2 Bedrooms, 2 Baths & Kitchen on the Entry level with 2 Bedrooms & 2 Baths downstairs is family friendly. A New Kitchen is the heart of the upstairs with the Dining & Great Rooms surrounded by Views–Day & Night. Enjoy morning coffee or an evening glass of wine from the large Backyard Deck overlooking Views of the Vincent Thomas Bridge, City Lights & the gorgeous Pool & Yard. Amenities include: Dual Pane Windows & Doors,Recessed Lighting,Hardwood Floors,5 beautiful Baths,Laundry Room,Tankless HW Heater,Tile Roof,AirConditioning,Smooth Coat Stucco & Custom Desk/Workspace in Hall Closet.Conveniently located to FRWYS,Shopping,Award-winning PV Schools,Restaurants,Library & Parks.This property is in pristine move-in condition!Don't Miss It- Offering Everything a family is looking for in a Palos Verdes Home!

2721 Coral Ridge Road Rancho Palos Verdes, CA 90275

$1,499,000
4 Beds
3 Baths
2,993 SqFt
Status Active
MLS # PV17099071
Property Type Single Family Residence
Welcome to this stunning Galeretto Masterpiece View home located on a serene, private street in Rancho Palos Verdes. The attention to detail and craftsmanship is abundant throughout this artistic marvel. As you walk through the front door, your living room with fireplace greets you with large windows and French doors leading to the incredible backyard. Here you find a pool, spa and entertaining space for the whole family and guests accompanied by the most fantastic view of city lights and mountains every single night. Three of the Four amply sized bedrooms all providing roomy closets are located on the first floor, one of them being the spacious, stunning Master Suite. Upstairs offers a large room with closet and bath that can also be used as a master suite, fourth bedroom, office, playroom, man cave, home theatre or for almost anything else you can imagine. Only by seeing this home for yourself, will you truly appreciate all it has to offer.

2345 Rue Le Charlene Rancho Palos Verdes, CA 90275

$1,499,000
4 Beds
3 Baths
3,140 SqFt
Status Active Under Contract
MLS # PW16739805
Property Type Single Family Residence
Great coastline views from 6 different rooms. This home has been freshly painted in the kitchen, dining room and living room. Light and bright home with incredible panoramic views of the ocean, coastline, city lights and the harbor from your kitchen, patio, bonus room and balconies at your next home. Desirable Rancho Palos Verdes has four bedrooms, three bathrooms, granite counter tops in your gourmet style kitchen along with a double oven to make your favorite tasty meals. Light and bright kitchen area. Newer carpet in the family room and upstairs bedrooms. If you have guests coming over, there is a downstairs bedroom with a bathroom near bye that they or you can use. Newer flooring in downstairs bedroom and bathroom. On cool evenings, you can enjoy the fireplace in the living room or dine in your formal dining room with a view of the coastline, ocean and city lights. Beautiful. You have views of the ocean and coastline from the kitchen, dining room, living room, master bedroom, bonus room, patio and upstairs balcony. Unbelievable views... Large backyard with a separate area that divides the sparkling pool, spa, diving board and slide from a large greenbelt. Enjoy a game of Basketball on your own half court. Pool level outdoor bar near patio perfect for entertaining friends and family. Solar panels installed to reduce utility bills. Take a few minutes to view all of the photos and imagine living here.

3432 Via La Selva Palos Verdes Estates, CA 90274

$1,499,000
3 Beds
2 Baths
1,904 SqFt
Status Active Under Contract
MLS # SB17106779
Property Type Single Family Residence
Picturesque curb appeal in this mid-century 3 bedroom, 2 bath home located on a quiet street in the Valmonte neighborhood. This property features a Living Room with hardwood floors, bright windows & a fireplace. The Formal Dining room is adjacent to the Kitchen, offering French Doors that lead to a rear yard with Pool & Spa. The well-maintained Kitchen features tile counters, 5-burner stove, double oven, fridge/freezer, dishwasher, & pantry space. Spacious master bedroom with large window, ceiling fan & semi-private bath. This home features a bonus office area with French doors leading to the rear yard and a basement, which is currently being used as a 4th bedroom. Pool & spa are gated for security. 2-car garage with ample driveway parking space. Adjacent to the Via La Selva park & close access to Valmonte Trail.

30051 Knollview Drive Rancho Palos Verdes, CA 90275

$1,495,000
5 Beds
3 Baths
2,844 SqFt
Status Active
MLS # PV17060137
Property Type Single Family Residence
View, Luxury and Privacy This home has ocean views from each window facing east to the Los Angeles Harbor and the Vincent Thomas Bridge. In addition to the views, you can have a home where Pride of Ownership is Understated. Too many upgrades to mention!!! The remodeled kitchen has hardwood floors, granite kitchen tops and new cabinets. Each of the 3 bathrooms has been remodeled. Bedrooms have been specifically painted with a variety of warm decorator colors. 4-bedrooms on the second floor. 1-bedroom on the main floor, close to a bathroom, the kitchen and breakfast room. The living room has high ceilings, a fireplace and wet bar. Double pane windows, Hunter-Douglas window coverings, ceiling fans. CLICK the supplements to obtain floor plan and additional information on remodels and upgrades. Provide proof of funds and pre-approval letter with offer. Seller to select all services.

27681 Eastvale Road Palos Verdes Peninsula, CA 90274

$1,495,000
3 Beds
2 Baths
2,296 SqFt
Status Active
MLS # PV17075852
Property Type Single Family Residence
View, View, View! Come and enjoy PANORAMIC COAST AND CITY LIGHTS VIEWS FROM SANTA MONICA ALL THE WAY TO LONG BEACH. On a clear day, you can also see Ocean too. Custom Post-and-Beam construction with walls of glass, vaulted ceilings and natural wood accents. Sitting on the top of the hill, this One Story, 2,296 square feet house with 3 Bedrooms + Office and 2 bathrooms was built by a famous architect, Albert Sorensen, and was his family's principal residence for many years. The LIVING ROOM has high ceilings and stone flooring. The FAMILY ROOM and DINING ROOM, with great view, has high ceilings, hardwood floors and a cozy wood burning fireplace, which are perfect for family gathering and entertainment. THE MASTER SUITE has great city view, a walk-in closet and master bath. THE TWO OTHER BEDROOMS AND AN OFFICE share a hallway bathroom with shower, bathtub and double sinks. There are plenty of storage along the hallway. The wood floor at the house was installed in 2004. Milgard Windows and Sliding Doors were installed in 2004. A Brand New Roof was installed in 2016. There are many upgrades at the house, but a little more upgrades will make the house even nicer. The property will be sold As Is in its present condition.

4204 Via Nivel Palos Verdes Estates, CA 90274

$1,450,000
4 Beds
2 Baths
2,114 SqFt
Status Active
MLS # SB17070690
Property Type Single Family Residence
~ Don't miss out at this new price, its going to go fast... This charming Valmonte home is ready now- carpets have been pulled, home has been cleaned... its ready for you to make it your own... Come see for yourself the views of city lights and snowy mountain tops... overlooking a small grassy park across the street with a private breezy patio & backyard including spa- this 4 bed, 2 bath home in the heart of Valmonte is waiting for you... Located in the highly desired Valmonte neighborhood on one of the most beautiful tree-lined streets. This home features some of the best views on the block being across from the park & trail giving you open views of the mountain-tops & city lights from the glass faced family room & front of the home. Charming open kitchen with cesar stone countertops. The home has a breezy open feel from the front entry leading to the double door opening into the private backyard with mature landscaping and blue skies, trex decking and stamped concrete leading to eco-friendly grass and spa surrounded by a privacy gazebo. All four bedrooms are on the same floor and the master suite has a good sized bathroom as well as a walk-in closet. Double sinks in the hallway bathroom. Laundry is in the garage. Hardwood flooring throughout. Driveway is large and flat allowing for play or plenty of parking. Home is equipped with forced air heat and also has AC. Get cozy in the spacious family room with the gas or wood-burning fireplace... ~

4132 Via Solano Palos Verdes Estates, CA 90274

$1,449,000
3 Beds
2.5 Baths
1,730 SqFt
Status Active Under Contract
MLS # PV17055107
Property Type Single Family Residence
Great Street, Great Home! A delightful single story California Ranch style home in wonderful Valmonte with a sensational open floor plan. Large dining area off living room that includes a PV-Stone fireplace with a unique geometric aesthetic and French doors leading to a finished back yard featuring a built-in barbecue and bricked patio. Beautiful gourmet kitchen with maple cabinets, granite counter-tops and stainless steel appliances. Lovely Master bedroom steps into gorgeous bathroom with marble shower and floors. Recessed lighting, vaulted ceilings and even efficient air conditioning system – what a terrific value!

3329 Palos Verdes Drive N Palos Verdes Estates, CA 90274

$1,440,000
3 Beds
2 Baths
1,527 SqFt
Status Active
MLS # SB17093547
Property Type Single Family Residence
This completely remodeled 1,550 square feet home situated on 8,500 square feet of land is located in the prestigious neighborhood of Palos Verdes Estates. Functionally perfect floorplan. It has 3 bedrooms, 2 bathrooms, and a 2-car parking garage. Remodeling completed in 2017 and includes new roof, driveway, smooth stucco, all interior doors and windows (except sliding doors), closets, electric panel, recess lighting throughout the house, outside lighting, upgraded electrical, outside sewer system, front and back sprinkler system, kitchen cabinets, wood floor in bedrooms and porcelain flooring, large area of natural stone in the backyard, master bathroom and second bathroom, insulation all around the house and in the attic, heating and air conditioning system, garage door, bar cabinets in living room, drywall in garage, and all walls in the house.

28971 Palos Verdes Drive E Rancho Palos Verdes, CA 90275

$1,428,888
5 Beds
3 Baths
3,375 SqFt
Status Active Under Contract
MLS # PV17088245
Property Type Single Family Residence
Excellent location! Entrance to home is gated and on a quiet private road with only 17 homes - not directly on PV Dr. East. A peaceful waterfall and koi pond greet you at the entrance to this beautiful ranch-style home on nearly a 1/2 acre flat lot. Fantastic great room with open floor plan concept, vaulted ceilings, skylights and a fireplace to cozy up to. Gourmet kitchen with slate floors and granite counter tops opens to the great room. Master bathroom has his/her sinks and over-sized jacuzzi tub. Office/library close to the master. Children's wing with three bedrooms on the opposite side of the home. The backyard is an entertainer's delight with a spa that waterfalls to the pool and a BBQ area with built-in counter, sink, and gas burner. Also, on the side of the home is a sports court for skating, roller hockey, or basketball--children of all ages will love it! Large separate fenced grass area as well. Conveniently, a walking path to the Jr. High (away from the main drive) is nearby. Partial harbor views from great room and pool area. Fantastic opportunity for a family who will enjoy all aspects of this gorgeous and handsome home!

33 Hillcrest Meadows Rolling Hills Estates, CA 90274

$1,425,000
4 Beds
4 Baths
2,700 SqFt
Status Active
MLS # PV17023554
Property Type Single Family Residence
Reduced to $1,425,000! Sellers are motivated! Located in a serene cul-de-sac of a great development. Light and bright with a lot of windows. High ceilings with a living room, formal dining room, wet bar and family room, creating a great entertainment environment for anyone. Spacious bedrooms and amenities, with 1 bedroom downstairs. Close to shopping, and beautiful Highridge Park.

30 Silver Saddle Lane Rolling Hills Estates, CA 90274

$1,425,000
3 Beds
3 Baths
2,595 SqFt
Status Active
MLS # OC17103023
Property Type Single Family Residence
Meticulously maintained 3 bedroom, 3 bathroom, single level home with over 13,000 s/f of usable lot size located in the gorgeous and quiet neighborhood of Rolling Hills Estates. Open concept floor plan includes a newly remodeled kitchen with a breakfast nook. Separate large formal dining room features sky-lit ceilings creating tons of natural light. The over sized living room with fireplace leads into a bonus 625 s/f permitted den with full bar and vaulted ceilings. Spacious bedrooms with newly updated secondary bathrooms . The Large master bedroom leads into a covered outdoor patio overlooking the backyard. The backyard is terraced with beautiful green landscaping and large open outdoor seating areas perfect for entertaining. Within close proximity to award winning Palos Verdes Peninsula schools, horse & hiking trails, nearby malls, restaurants, entertainment, and more.

29135 Warnick Rd Rancho Palos Verdes, CA 90275

$1,400,000
5 Beds
3 Baths
2,482 SqFt
Status Active
MLS # WS17101715
Property Type Single Family Residence
This beautiful home will enrich you with endless and unobstructed Sunsets & Ocean Views!!! The two-story home has it all starting with the elegant courtyard at its entry with its serene landscaping. Spacious, comfortable, open living room with a brick fireplace and large dining area open to the back yard through French doors. Adjacent is a large kitchen with a serving counter & lots of windows open to the manicured back yard. The family room is steps from the kitchen and and has a wet bar. All five bedrooms are located upstairs along with 2 specious bathrooms. The rear yard brings inside entertaining outside with its large patio, ample grass area & amazing open views. Minutes walking distance to Hesse park and short drive from shops and schools. Ocean views from living room, kitchen, master bedroom, a bedroom and backyard. This property is unique. Must see to appreciate. A perfect spot to call home and have family and friends enjoy and relax.

5900 Mossbank Drive Rancho Palos Verdes, CA 90275

$1,399,000
4 Beds
3.5 Baths
2,966 SqFt
Status Active Under Contract
MLS # PV17062594
Property Type Single Family Residence
FANTASTIC QUEEN'S NECKLACE VIEW! Perch on top of the hill with an unobstructed Queen's necklace coastline, city lights, and gorgeous mountains view. Huge living room with full size windows facing the ocean, custom fireplace; gourmet kitchen with granite counters & cabinets; master suite with walk in closet & private spa tub and shower. 2 car attached garage w/ plenty of storage area. A sun deck with breathtaking views. Situated on a quiet cul-de-sac street. Walk to Corner Stone elementary, Ridgecrest Middle School and Peninsula high. Convenient location. A rare opportunity to find this magnificent home with queen's necklace view in this price range.PRICED TO SELL!

29129 Warnick Road Rancho Palos Verdes, CA 90275

$1,399,000
5 Beds
2.5 Baths
2,482 SqFt
Status Active Under Contract
MLS # PV17102415
Property Type Single Family Residence
Great opportunity for a family to move right into this well maintained 5 bedroom ocean VIEW home. Located on a great street with lots of curb appeal. On the main level is the large living room with a custom stone fireplace, formal dining area with wet bar, family room, guest bath, and the kitchen with windows overlooking the back yard and the beautiful ocean VIEWS. Upstairs the spacious master bedroom with ensuite, ocean views and a huge mirrored closet. Freshly painted with all smooth ceilings , double-pane windows, and new carpet. Direct access to attached two car garage, entire driveway and back patio is all redone in custom pavers. The backyard with ocean views is great for relaxation, family entertaining, and for children to play. The property is located in the proximity of Hesse Park, schools and shopping.

5224 Middlecrest Road Rancho Palos Verdes, CA 90275

$1,399,000
3 Beds
2 Baths
1,894 SqFt
Status Active
MLS # PV17079670
Property Type Single Family Residence
The home is designed to entertain! Open floor plan with views to the pool and spa which is very private, built-in bar-b-cue and a large dining entertaining/area. Two bedrooms overlook the pool. From the other side of the home look out at the mountains and city lights, view snow topped Mt. Baldy. A fully equipped kitchen with large center island, family room, living room with a shared double sided fireplace also enjoy this view. Master bedroom, kitchen,family room, living room and dining area all overlook the city/mountain view. The two car garage is attached with direct access to the large foyer where the pool view greats you. There is ample parking for 10 to 12 cars. Entrance to this home is through double door entry with leaded glass doors into a spacious foyer. The lot is well over a half acre, large flat area with many fruit trees; orange, lemon, lime, guava, tangerines, apple and a bay leaf. This home is located in a very desirable area of Palos Verdes as affords good access to the freeways, close to restaurants and schools yet is tucked away in a secluded location.

5026 Silver Arrow Drive Rancho Palos Verdes, CA 90275

$1,399,000
4 Beds
3 Baths
2,389 SqFt
Status Active
MLS # SB17112282
Property Type Single Family Residence
Amazing opportunity for whoever gets this turn-key home in Rancho Palos Verdes, near Peninsula High School (recently ranked the 6th best high school in California)! Enjoy the breathtaking views that show an unobstructed look from the Santa Monica Coastline, to Downtown LA, to the Long Beach Port, from this well-designed 4 bed 3 bath executive home! This bright and airy home boasts class and sophistication. Next we flow into the ultimate command central kitchen with magnificent granite counters, stainless appliances, and with a built-in subzero refrigerator. This is a true chefs delight that invites you and your guests to relax, entertain, and/or enjoy family dinners! A spacious dining area provides access right to the relaxing backyard with ample seating overlooking the huge sparkling pool. This gem offers an incredible master suite with walk-in closets and a luxurious bathroom. Which then compliments nicely to the two amply sized bedrooms upstairs and the bathroom at the end of the hall. Downstairs you have the huge family room (with city view), another bedroom, and bathroom. Right next to that you have the two-car garage with direct access into the home. The home is walking distance to Peninsula Shopping Center, the Promenade Outdoor Mall, Movie Theater, and Peninsula High School. Not to mention you're a small drive away from Terranea Resort, Los Verdes Gold Club, Trump Golf Course, etc. Enjoy Palos Verdes living at it's best! You don't want to miss this one!!

6781 Verde Ridge Road Rancho Palos Verdes, CA 90275

$1,398,000
5 Beds
3.5 Baths
2,788 SqFt
Status Active Under Contract
MLS # PV17094182
Property Type Single Family Residence
Panoramic ocean and coastline views. This is an Investors Delight. This property is in a great location, you can walk to local park and is convenient to elementary school. This great view home has a formal living room & dining room, family room, an extra large 2 car garage. Views from most of the rooms. Most bedrooms have walk-in closets. Nice flat backyard to enjoy the wonderful views.

 


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