Like many cities, Palos Verdes Estates is made up of a few different sub-areas in the world of real estate. I covered the beautiful Malaga Cove area a few weeks ago and today will be looking at an adjacent area, Monte Malaga. This area is “up the hill” and offers spectacular views of what is often referred to as the Queen’s Necklace. This includes the coastline, beach cities, LAX, Century City, Los Angeles, and the Hollywood Hills. As a point of reference, the popular wedding or event facility of La Venta is located just before this area when driving up the hill. Homes are typically 3,500 to 4,500 sq ft in size. Lot sizes range from 16,000 sq ft to over 19,000 sq ft. The sales of homes here have followed a pattern common for the South Bay.
Back in 2001, the average selling price for a home here was just under $1.4 M. This average rose steadily until it had doubled to $2.8 M in 2006. In 2007, the average home sold for about $2.3 M and dropped again to just over $2 M last year. This year-to-date has seen a further decline. If one were to use the sales average data at face value, one would conclude that values have dropped up to 28 percent from their peak. I would caution against using just the sales average numbers, but they may illustrate actual trends just fine. Continue reading ‘Monte Malaga Home Sales Trends’ »