This could be a real problem for Palos Verdes Home Sales and South Bay real estate transactoins, as this new process will (at best) delay closings for weeks at a time and inevitably kill many transactions.
Nationally syndicated and award winning real estate writer Kenneth Harney is reporting for the LA Times, that Fannie Mae is revamping the way it reviews appraisals.
Essentially Fannie Mae will begin (Jan 27th) re-reviewing every residential appraisal before loan docs can be drawn.
This despite the fact, “Dodd Frank” requires independent 3rd party licensed appraisers to perform appraisals in accordance with Fannie guidelines to begin with.
Editor’s Note: Standard operating procedure for EVERY investor is ALL residential appraisals are always reviewed by a staff “review appraiser”, who is licensed in accordance with national standards.
So the net effect of the new process is Fannie is creating a 3rd step in the appraisal process.
PALOS VERDES HOME SALES EFFECTED BY FANNIE MAE REGS
Appraisers and critics claim the 3rd step:
1) Will lead to slower and costlier appraisals (adding up to $200 per appraisal)
2) Will favor lower value comps, forcing sellers and buyers into needless disputes when appraisals come in below the agreed contract price which won’t happen until the 11th hour before the COE
3) Fannie Mae won’t give appraisers access to the “black box” databases it uses to value homes.
4) The black box will use as many as 20 “alternative comps” not used by the appraiser.
The typical appraisal currently consists of 3-5 comps.
Fannie Mae says appraisers’ concerns are overblown and that if problems arise it “will make adjustments”.
No word from Freddie on this issue.
New Fannie Mae Regulations Could Cause Problems for Palos Verdes Home Sales from bestpalosverdeshomes on Vimeo.
2701 Via Elevado Palos Verdes Estates, CA 90274
$26,680,000
5
Beds
5.5
Baths
8,847
SqFt
Status
Active
MLS #
17200490
Property Type
Single Family Residence
King of the Hill. One of the largest estates ever offered in the heart of Malaga Cove in Palos Verdes Estates with panoramic views of the Queen's Necklace. A royal wrought iron entrance leads you down a long driveway with massive, historic wooden gates followed by a stone and wood bridge to an oversized circular carport replete with waterfalls and gorgeous landscaping. Family-owned for over 40 years, at the end of a cul-de-sac and on approximately 3.5 sweeping acres and 3 parcels of land next to parkland with striking ocean, city and golf course views. This stunning home has abundant character, quality, and detail including a sun-drenched pool overlooking the Pacific Ocean, citrus and flower gardens, and large grassy areas for reception and entertaining. A truly unparalleled and private compound.
705 Via La Cuesta Palos Verdes Estates, CA 90274
$16,999,999
6
Beds
7.5
Baths
10,100
SqFt
Status
Active
MLS #
SB17003283
Property Type
Single Family Residence
A grand Italian Villa on a completely gated compound offers big views and total privacy. This lovely Tuscan estate boasts 10,100 square feet of living space and is situated on an approx. 50,325 SF lot. This is an unprecedented opportunity to step right into your dream Palos Verdes lifestyle. Perfectly suited for indoor/outdoor entertaining, this 6 bedroom, 8 bath home has incredible details, including intricately painted ceilings and a swimming pool inspired by the Bellagio Hotel in Las Vegas -- as well as views from Catalina all the way to Malibu and Beverly Hills. Amenities include multiple balconies, a wine cellar and state of the art home theater. Well-manicured grounds with serene fountains offer the best of outdoor living, including winding pathways, tennis court and koi pond. Experience life above sea level at 705 Via La Cuesta in Palos Verdes
1508 Paseo La Cresta Palos Verdes Estates, CA 90274
$14,900,000
7
Beds
10
Baths
11,000
SqFt
Status
Active
MLS #
SB16754414
Property Type
Single Family Residence
Pre-construction Offering! Gorgeous French Mediterranean Gated Estate, located on prestigious Paseo La Cresta in Palos Verdes Estates, offers over 11,000 sq.ft., and has panoramic, Ocean, Catalina, & City Lights views from almost every room in the house. Grand Entrance yard with circular driveway. Grand foyer w/25’ high ceilings, double circular staircases & decorative glass atrium. Gourmet Kitchen w/top of the line appliances, large center island, & breakfast eating area. Large Family Room & Bar. Huge formal dining room(accommodates 16). Enormous Master Retreat includes sitting area, fireplace, dressing area & 2 expansive walk-in closets, & his/her Master Bath. Basement has a large family room w/fireplace, game area, bar, & large wine cellar. 2 Junior Suites, 2 additional Suites, Library/Office, Music Room, Gym, Maid’s Quarters, Elevator, 6 Car Garage, security alarm system w/surveillance cameras, natural stone & walnut floors throughout, & 10 fireplaces. Large rear yard perfect for entertaining w/lawn, swimming pool, spa, sports court, outdoor kitchen & bar, covered lounge cabana, firepit, & two fireplaces. Water fountains adorn the beautifully landscaped grounds. Another incredible property by Architect Luis de Moraes AIA, EnviroTechno Architecture.
609 Paseo Del Mar Palos Verdes Estates, CA 90274
$10,500,000
5
Beds
6
Baths
7,590
SqFt
Status
Active
MLS #
PV17034020
Property Type
Single Family Residence
This exquisite Malaga Cove Bluff-Top Estate Villa Sul Mar is perched high above the Pacific Ocean and offers an unbelievable ocean view. Inspired by a famous villa along the shores of Lake Como in Italy the property was designed by a highly noted local architect using only the top quality materials. The detail of the interior finish work is apparent the moment you enter the dramatic entry with massive ceilings. The stunning master suite comes complete with a sitting area and cozy fireplace, marble encased soaking tub and covered ocean view terrace. The gourmet kitchen has professional grade appliances, breakfast nook and huge center island. There is also a spacious circular wine room with tasting table and rustic Italian wall mural, great room with bar, large jacuzzi with fountain, massive 6 car show piece garage with additional covered parking and a three stop elevator. Home sits on over a half acre of lush land, lighted pathways, stone fountains and dual stone rotundas. Sitting high on the ocean bluffs of lower Malaga Cove, the magnificent view is from the beach cities to Malibu and beyond. Convenient location to ocean, hiking trails, Malaga Cove Plaza and Palos Verdes school system. This gated estate is a dream come true.
999 Paseo La Cresta Palos Verdes Estates, CA 90274
$9,999,000
7
Beds
7.5
Baths
10,484
SqFt
Status
Active
MLS #
PV17031680
Property Type
Single Family Residence
Extraordinary Mediterranean inspired estate on nearly an acre of land with no expense spared! The floor plan of this home provides you with the modern lifestyle and all of your entertaining needs. With 6 en-suites, plus a separate maid's quarters, gym, library, formal living and dining, family room that opens to the fabulous gourmet kitchen, movie theater, music room, billiards room, wine cellar, service/tech room-brain of the home (approx. 500 sq not included in sq footage), and multiple storage rooms throughout. The master retreat is everything you imagined with a spa like bathroom, and a separate room is used as a closet with floor-to-ceiling custom designed cabinets with glass doors. Additional amenities include a full sized elevator, 4 custom designed marble fireplaces, and a smart house with a sophisticated security system. There are over-sized French doors that open to multiple terraces, creating an easy indoor/outdoor feel enhanced by panoramic Catalina, Ocean, Malibu to Santa Monica Mountains views. Escape to the private resort-like backyard that will make you feel like your away on vacation and offers endless entertaining options from intimate gatherings to grand events ! Complete with a salt-water pool, fountains, spa, European statue, tennis/basketball court, and a built-in grill, all encompassed by a lush grassy yard. This property exudes elegance from top to bottom and is a timeless showpiece. Please see supplement for recent improvements.
2228 Via Cerritos Palos Verdes Estates, CA 90274
$9,999,000
7
Beds
11
Baths
18,227
SqFt
Status
Active
MLS #
SB17021071
Property Type
Single Family Residence
Majestically situated atop of Palos Verdes Estates highest points, this extraordinary private gated estate overlooks a breathtaking panoramic ocean, city and Queen’s Necklace view. Built on approx 1.45 acres, this home is perfect for living & entertaining, encompassing 18,277 sq. ft. of luxurious living space. Drive through the gate and up the long driveway to the grand motor court with ample guest parking. Step inside and feel the open, spacious floor plan with the beautiful marble entry, high ceilings & abundance of natural light. This amazing home boasts 7 bedrooms, 11 baths, and has been beautifully updated with elegant oak wood floors, carpet, trim and greenery. Entertain your friends and guests with your private two lane bowling alley, or a night at the movies with the fully equipped home theater. French doors throughout open to multiple patios & balconies with beautiful sconce lighting, creating an easy indoor/outdoor lifestyle. Enjoy the newly redone regulation sized Tennis Court with viewing pavilion, large pool & spa, and beautiful new landscaping, complete with custom planters. Other grand features include a gym, office, maid’s quarters & laundry facility, dumbwaiter, sauna, 5-car garage. Welcome home. Available for lease as well.
1816 Paseo Del Mar Palos Verdes Estates, CA 90274
$9,500,000
6
Beds
8.5
Baths
7,800
SqFt
Status
Active
MLS #
WS17088848
Property Type
Single Family Residence
Rare opportunity to build your own stunning Mediterranean Villa at the highest quality, located in one of the most sought after streets Paseo Del Mar in Palos Verdes Estates. Large flat lot has field size yard, grand entrance yard with circular driveway. This grand home is 7,800SF with 1,000SF covered patio space, steps away from the bluff, including dramatic soaring two-story foyer and double circular staircases. Expansive living, dining and great room, gracious gourmet kitchen, spectacular glass wall wine cellar, wet bar, elevator and screening room. Private master retreat with panoramic ocean view, private sitting area, fireplace, private balcony, huge his/hers closet & spa/bath. 4 additional bedrooms up all with ensuite bath, and 1st floor guest suite. Enjoy this private oasis complete with sparkling pool/spa, built-in barbecue, outdoor fire place and gated motor court.
702 Via La Cuesta Palos Verdes Estates, CA 90274
$9,450,000
6
Beds
6.5
Baths
9,932
SqFt
Status
Active
MLS #
PV17108725
Property Type
Single Family Residence
SMASHING QUEEN'S NECKLACE VIEW! LET THE VIEW SPEAK FOR ITSELF! Panoramic queen’s necklace view from Santa Monica, downtown LA, to PV Golf Course. GATED PROPERTY. Huge living room and dining room with vaulted ceiling for formal entertaining. Contemporary kitchen with a well-designed wet bar and conversation areas to enjoy the view. The exterior boasts many large decks, pool, spa, waterfall and north –south facing TENNIS COURT. An aesthetic balance of comfort and design is found in every room of this house. STOP WISHING START EXPERIENCING! PV LIFESTYLE AT ITS BEST!
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