New Listing of Luxury Home in Rolling Hills Estates

3717 Palos Verdes Dr. N, Rolling Hills Estates
$2,350,000
 
Welcome to this warm and inviting estate home, in the desirable community of Rolling Hills Estates! This beautiful home has a dramatic entrance with cobble stoned circular driveway surrounded by lush landscaping. This quality appointed home, extensively remodeled in 2002, is situated on a 23,157 sq. ft. lot featuring approximately 3,501 sq. ft of spacious living space with four bedrooms and four and half baths. Extensively remodeled with meticulous craftsmanship, this special home offers a wonderful mix of comfort and luxury.
The formal entry opens to the living and dining areas featuring custom wood moldings, recessed lighting and distressed hardwood flooring. The open and spacious kitchen and family rooms boast granite counters, stainless steel appliances (all new 2016), custom maple cabinets, heated travertine flooring and a beautiful stone fireplace that is enjoyed from both areas.
The French doors with disappearing screens lead to a huge deck with heated pool, spa, stone waterfall, barbeque and outdoor kitchen, sound system, flat screen TV, gazebo and cozy fire pit. It is truly an extension of the home from all areas. The Master Suite is a luxurious and relaxing retreat featuring its own balcony overlooking the pool, pastoral, downtown LA, city light and snow capped mountain views.
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Click this link for a virtual tour of the property
Click this link for an interactive floor plan with pictures
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Interest rates steady

Interest rates for buying a home on the Palos Verdes Peninsula remained steady this week . The following are excerpts from the newsletter on interest rates published by HSH Associates :

“Mortgage rates continue to meander about, largely rangebound, as financial markets try to figure out where we go from here in terms of both fiscal and monetary policy. On the one side are hoped-for or expected changes in tax and regulatory structure that may help boost business profits and the promise of new fiscal outlays that may further goose growth; On the other side is the Federal Reserve, who is looking out over the landscape and is beginning to judge that their policies of keeping interest rates at rock-bottom levels for years is finally having the desired effect on employment and inflation.

In this view, the central bank sees an economy that may need less, not more, stimulus in order to continue a long-running modest expansion.

The Fed has already overtly stated that it believes that it will be raising the federal funds rate perhaps three times this year. Fed Chair Janet Yellen spoke before Congress this week in her semi-annual testimony on monetary policy, and she gave no indication that her view has changed in this regard. In fact, one of her statements was said to make the March meeting “live” for a policy move, as she noted “Waiting too long to remove accommodation would be unwise.” Although futures markets did put an increased probability of a move by the Fed at the March 14-15 meeting, that likelihood had retreated to about an 18 percent chance by Friday.

Frankly, we think the markets are underestimating this risk, as the economic data continue to be pretty solid. There has been scant evidence to suggest that the Fed’s move in December 2015 had much by way of effect on last year’s growth; it’s too soon yet to say if the December 2016 rate increase will have an effect, but so far, no discernable negative impact is evident. Make the move in March, and the Fed could probably sit and wait until September before considering another. Skip March, and they run the risk of having to cram three hikes into the remaining 9 months of the year. Data due out in the next three weeks will be key, and whether March or beyond, rates will be again increasing before all that much more time has passed.

Taken all together, there doesn’t seem to by much by way of economic weakness to worry about of late. Global growth and turmoil, so important to driving U.S. rates lower in the last few years, seems to be stabilizing, if not improving outright. There are some sore spots we may yet see (Greece debt payments, Italian bank issues, Brexit and more) but markets seem to be taking concerns those in stride, too. Throw in solid consumer spending and any number of whiffs of rising prices, it seems to us that the conditions for higher interest rates are forming, if not already in place.

Perhaps it is simply a case where nominal interest rates moved first (and perhaps too far) in anticipation of data to come, only now the data is beginning to fill in behind them. If that’s the case, then we may not see much by way of upward movement for a period of weeks, but if the data continues to suggest upward momentum for growth and prices, that space will fill fairly rapidly, and we’ll soon be ready for the next move higher.

At the moment, it doesn’t appear that this will start next week. Although underlying interest rates did move up mid-week this week, there was a backpedaling seen on Thursday and Friday, leaving us just a little below where they began the week. With this as a backdrop, we think that the average 30-year fixed-rate mortgage as tracked by Freddie Mac will hold about steady again next week, but it wouldn’t be a surprise to see a basis point or two decline… or increase.

One last note of interest: The Mortgage Bankers Association reported that the share of mortgage applications for refinancing hit their lowest level since June 2009. At that time, the average 30-year FRM was at 5.92 percent, so there is truly nothing left in the potential refi pool when rates just over 4 percent can’t get a rise out of homeowners.”

The following are interest rate quotes from American California Financial:

30 Yr Fixed FHA
Rate APR
3.375 4.506 Details

Conforming 30 Yr Fixed up to $417000
Rate APR
4.000 4.120 Details

Conforming Jumbo 30 Yr Fixed $417001 – $625500
Rate APR
4.250 4.361 Details

Jumbo 30 Yr. to $1.5 Mil
Rate APR
4.250 4.345 Details

Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)
Rate APR
3.625 3.688 Details

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Interest rates move up

Interest rates for buying a home on the Palos Verdes Peninsula moved up this week . The following are excerpts from the newsletter on interest rates published by HSH Associates :
“The uptrend in mortgage rates carried into this week, but certainly with less velocity than we’ve seen since the election was decided two weeks ago. Where rates will go from here depends on a host of factors, not the least of which is incoming economic data and how this will affect any policy decisions by the Federal Reserve.
Minutes from the November 2 central bank get-together were released this week. The discussions and details firmed up the suspicion that a rate hike is coming shortly, as the minutes noted that “Most participants expressed a view that it could well become appropriate to raise the target range for the federal funds rate relatively soon…” and went on to say that “Some participants noted that recent Committee communications were consistent with an increase in the target range for the federal funds rate in the near term and or argued that… such an increase should occur at the next meeting. A few participants advocated an increase at this meeting…”. With this as a backdrop, the collective opinions of “most”, “some” and “a few” all point to a change in policy come December. There was no mention of any concern about any effects of the then-imminent presidential election, so it isn’t clear if they might view the unexpected outcome as disruptive to their policy plans or not.
The recent rise in mortgage rates shouldn’t do much damage to the housing market. Rates are only about at levels we began 2016 at, and not much of a deterrent to the desire to buy a home. That said, it will likely be a few months before we see if there are effects, but at least as far as available data goes, the market is doing fairly well.

Markets are closed for the Thanksgiving holiday on Thursday, and Friday is certain to be a thin day in financial markets, even as the retailer’s Black Friday bonanza (and the poorly-named “cyber mondayy”) give us a sense of how the consumer is feeling about spending money. After that, the usual first week of the month slew of data is due out. As other interest rates edge higher still, mortgage rates are also firming a little bit, but the selloff looks a little tired at this point. We’ll likely see another 5 basis point or so rise in Freddie’s conforming 30-year fixed rate mortgage by the time next week comes to a close.”

The following are interest rate quotes from American California Financial:
30 Yr Fixed FHA
Rate APR
3.500 4.633 Details

Conforming 30 Yr Fixed up to $417000
Rate APR
4.000 4.120 Details

Conforming Jumbo 30 Yr Fixed $417001 – $625500
Rate APR
4.250 4.361 Details

Jumbo 30 Yr. to $1.5 Mil
Rate APR
4.375 4.471Details

Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)
Rate APR
3.375 3.570 Details

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Interest rates Meander this week

Interest rates for buying a home on the Palos Verdes Peninsula firmed up this week . The following are excerpts from the newsletter on interest rates published by HSH Associates :
“Despite continued firming in the influential yields on U.S. Treasury debts, mortgage rates are merely wandering about. It’s not as though these increases in costs of instruments comparable to mortgages credit can be fully ignored, but Treasuries and mortgages can often be pushed or pulled in one direction or the other by different interests and influences.
While underlying or influential interest rates may move up or down, mortgage rates are subject to market conditions, too. With demand for mortgages slackening somewhat in recent weeks, lenders may simply be absorbing some of these price increases in order to help keep business flowing, so rates being offered to the consumer aren’t moving very much. Lenders can also keep the offered interest rate the same, instead adjusting the fees the consumer will pay to attain this rate.
Influences and investors for these instruments are diverse, as well. For one, consider how many investors poured money into the safety and security of U.S.-backed debt at various times of trouble, driving those yields down to record lows. Despite that downdraft, rates for mortgages dipped somewhat, and at times this past summer even approached record lows, but never did quite make it into new record territory. At present, these same investors seem to be feeling a little more comfortable chasing higher returns in other investments, selling some holdings of Treasuries to move cash elsewhere.
That Japan’s central bank is waging a campaign to lift longer-term bond yields from negative levels is no doubt having some influence, too, as is better-than-expected showing by the U.K. economy, and of course there are market preparations underway for any move the Federal Reserve may make. We may learn a bit more about their intentions come next week, when the next FOMC meeting comes to a close; if the Fed has become more inclined to make a change in December, they may relate this at that time.
These and other concerns, including even fading fears of deflation taking hold are aligning to press Treasury yields a bit higher, back where they were in late May and early June. Of course, an improving economy will also tend to firm up interest rates a bit, and the advance estimate of Gross Domestic Product growth in the third quarter showed a fairly strong 2.9 percent growth rate for the quarter, at least so far. This figure will be revised two more times in the coming months, and it seems to us that growth in July was pretty solid, but then petered out somewhat as August and September rolled along, so there may be a slight downward revision or two over the next couple of months. The GDP report showed a deceleration in spending by consumers during the period and a pickup in growth for inventories and investment, but even so, there was a moderating of inflation during the period, as the measure of “core” personal consumption expenditures cooled to a 1.7 percent annual pace (down from 1.8 percent in the second quarter).”

All indications are that mortgage rates will be rising a bit as the Fed meets. Underlying secondary market yields have edged higher over the last few days, as have influential Treasury yields. At present, odds favor a 6-8 basis point lift or so in the conforming 30-year FRM reported by Freddie Mac; a strong employment report on Friday would tend to continue the uptick. With both a Fed meeting and the first-week-of-the-month spate of critical new economic data, it’s certain to be a busy, perhaps volatile week in the markets..”

The following are interest rate quotes from American California Financial:
30 Yr Fixed FHA
Rate APR
3.000 4.126 Details

Conforming 30 Yr Fixed up to $417000
Rate APR
3.500 3.617 Details

Conforming Jumbo 30 Yr Fixed $417001 – $625500
Rate APR
3.7503.857 Details

Jumbo 30 Yr. to $1.5 Mil
Rate APR
3.875 3.968Details

Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)
Rate APR
3.375 3.570 Details

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

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Feds may may make move on Interest rates soon

Interest rates for buying a home on the Palos Verdes Peninsula remained level this week . The following are excerpts from the newsletter on interest rates published by HSH Associates :

“There wasn’t a great probability of the Federal Reserve raising interest rates at its September meeting, but the freshest economic data may have diminished those odds somewhat.

As we enter the final month of the third quarter, it would seem that the economic momentum that showed itself in the first half of the period has tailed off a bit, leaving behind a less-than-clear outlook as to when short-term interest rates will again be raised. Despite the Fed’s hopes, the economy continues to plod along, sometimes a bit more quickly, sometimes a bit more slowly but never seeming to sustain one trend or the other long enough as to require action in one form or another.

That said, the economy does seem strong enough as to not be able to completely remove the prospect for a near-term rate hike, nor weak enough as to completely rule it out, either. Futures markets now put the chance of a hike at about one in five, down from about one in three in recent days.

What does this mean for mortgage rates? Most probably, a continuation of the very flat summer pattern for at least a while longer. Without a quickly moving economy, the Fed may prefer to wait for a longer accumulation of modest news before pulling the trigger.

.

Claims for new unemployment benefits remain in a tranquil pattern. In the week ending August 30, some 263,000 new applications for assistance were filed across the country, a figure that is literally the average seen over the last four weeks. With September now getting under way, we’ll have to see if a change in the pattern for better or worse emerges, or whether we’re entering a period of more trend-like employment gains.

Given all the above, and with more August data still to come before the next meeting, we’re not yet convinced that the Fed will remain on the sidelines this month. It’s a well-established tenet that the Fed prefers not to make a move on the cusp of a presidential election, so if not September, they would need to wait until December. That being the case, how would markets react if August’s modest employment gains prove temporary, and the Fed sits idly by while hiring or inflation measures for September, October and November all come in above expectations? This could see the Fed need to make a more aggressive move in raising rates, and that would go against the expectations for a modest, long-running upward trend for policy tightening. It’s not quite a box the Fed is in, but we may be at a bit of a pinch point of sorts for them.

That’s not going to be much of a concern for next week, at least. With a U.S. Labor Day holiday on Monday, markets will get a bit of a respite, but a brief one. The report from the ISM covering service business activity is due on Tuesday, and if the largest sector of the economy is still doing well or has legged up a bit this could give the Fed some reassurance about the underlying strength of the economy. We’ll also get reviews of regional progress in the form of the Fed’s “Beige Book”, and a few other items. With expectations for middling-to-good reports, our take is that mortgage rates may firm up a couple of basis points by the time the week comes to a close.”

The following are interest rate quotes from American California Financial:

30 Yr Fixed FHA
Rate APR
2.750 3.872 Details

Conforming 30 Yr Fixed up to $417000
Rate APR
3.375 3.491 Details

Conforming Jumbo 30 Yr Fixed $417001 – $625500
Rate APR
3.750 3.857 Details

Jumbo 30 Yr. to $1.5 Mil
Rate APR
3.750 3.842 Details

Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)
Rate APR
3.125 3.454 Details

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For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

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Palos Verdes Peninsula June 2016 single family real estate market report

Summary: The number of homes listed for sale on the Palos Verdes Peninsula surged significantly higher in June with the number of homes sold only marginally higher compared to the prior year, leading to an increase in unsold inventory to a bit over 3 months supply. Prices have also only increased marginally compared to the prior year. Lower priced homes are also moving faster than the upper end of the market. Houses have also been taking approx. 2 months to sell.

The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of June of 242 properties is 22% higher than the same time last year, and the average number of homes sold per month of 74 over the last 3 months is 2% higher than the comparable period last year. There are 73 homes in escrow at the end of June.

The average price per sq. ft. for homes sold over the last 3 months of $604 per sq. ft. is up 2% compared to the comparable period last year.
Based on the average monthly sales of 74 homes over the last 3 months, the current inventory of 242 home for sale equates to about 3 months inventory. The chart below is based upon the most recent months sales.s for

The average price of the homes sold on the Palos Verdes Peninsula during the last 3 months averaged $1.7 million, down about 2% compared to the average price of homes sold in the comparable period last year. The average listing price for homes during the last 3 months of $3.1 million is 15% higher than the comparable period last year. These statistics show that lower priced homes are selling faster than the higher priced homes.

 

Days on Market to sell a property has been averaging about 2 months, and properties are selling at approx. 97% of original list price.

For other market reports for the Palos Verdes Peninsula, go to Market Reports on
my web site.
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Interest rates edge up this week

Interest rates for buying a home on the Palos Verdes Peninsula edged slighly up this week . The following are excerpts from the newsletter on interest rates published by HSH Associates :

“Without new pressure from abroad, mortgage and other interest rates have climbed off their recent bottoms and settled into a mostly directionless pattern, at least for the moment. It’s not clear whether this is a posture that indicates that the initial fallout from the Brexit vote last month has been completely assessed by markets and judged to be of little immediate consequent or whether it’s more a case of waiting for the other shoe to drop.

Arguably, it’s the former: As least so far, evidence of any damage is limited, at best, and the U.S. economy at least seems to still be plodding along, if at perhaps a faster pace in the second quarter than it achieved in the first. How much faster is a matter of speculation at the moment, but we’ll get at least the initial answer to that next week.

To the extend that the U.S. economy isn’t diminished, and if there are few global implications of Britain’s decision to leave the European Union, we would again begin to consider whether or not the Federal Reserve will resume its campaign of gradually lifting short-term interest rates. For the moment, it’s wait and see, with new economic data trickling out as time passes. Even an accumulation of modest data in the context of stable financial markets could be sufficient for the Fed to make a move, but until that accumulation of data happens, mortgage and other interest rates can’t really move much.

At the moment, market seems to have found a bit of stability, and mortgage rates have firmed by just a whisper off Brexit-induced bottoms. That said, there are likely still plenty of unknown repercussions and market events we’ll yet see in time. The improving tenor of at least U.S. economic data has helped to calm restive markets. Fed meeting this coming week not withstanding, markets almost have a feel akin to the summer doldrums. Given all the recent events, that’s actually a welcome change.

A somewhat heavier calendar of economic data is out next week, a period bisected by the Fed meeting. New information on consumer confidence, sales of new homes, durable goods orders and the initial reading of second quarter GDP growth are all on tap. It seems to us that the warmer tone for data will be evident again next week, and the statement closing the Fed meeting will probably be one of cautious optimism.

With warmer data and optimistic messages expected, we think there’s a good chance that we’ll see another uptick for mortgage rates of a couple of basis points (perhaps three), continuing a gradual move away from recent Brexit bottoms.”

The following are interest rate quotes from American California Financial:

30 Yr Fixed FHA
Rate APR
2.875 3.999 Details

Conforming 30 Yr Fixed up to $417000
Rate APR
3.375 3.491 Details

Conforming Jumbo 30 Yr Fixed $417001 – $625500
Rate APR
3.625 3.732 Details

Jumbo 30 Yr. to $1.5 Mil
Rate APR
3.875 3.968 Details

Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)
Rate APR
3.375 3.570 Details

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