For years, home buyers have been shying away from the once popular architectural favorite: Mediterranean. This home style was all the rage for Baby Boomers in the 90s and early 2000s, and was a dominant style in Palos Verdes Estates (PVE) new construction over the years. Along with Mediterranean construction, PVE is home to many Spanish, mid-century modern, and contemporary homes, making today’s present day quest for “charm” a tough task for many buyers looking in the area.
Outside of original ranch homes, which tend to be on the smaller side, it can be difficult to find the in-trend styles many buyers are looking for these days. What are some of those styles you ask? Beach Plantation, Colonial, and Cap Cod seem to attract Millennials to discerning wealthy home buyers, alike. These home styles usually include features like dormer windows, white paint, and NO red-tile roofs.
If you are one of those buyers on a hunt for charm, then Lunada Bay and Valmonte are the areas you should check out in PVE.
Lunada Bay Homes
Since 2017, Lunada Bay has produced most of these highly desired home styles. You might think lower Lunada Bay and the Margate area would produce the entirety of inventory, but over the last 18 months, upper Lunada Bay has held its own. Check out these past sales:
800 Via Margate – A Stellar colonial home that sold above asking in only nine days.
2549 Chelsea Road – A rare new construction spec that sold in less than two months.
3020 Via Rivera – A home needing a lot of updates but found a buyer on a small discount.
1620 Via Garfias – Went under contract in one month and is expected to close soon.
2121 Thorley Road – Went on market last year and eventually sold off-market.
Currently, the only offering in Lunada Bay is the charming 1540 Addison Road. The Sellers cut the price to $1.849 million looking to make a deal, however, buyers have been stingy due to the smaller square footage offered than comparable properties, along with the fact that this home has no garage!
Over the past two years, Valmonte has offered some beautiful cape cod and colonial listings.
3309 Via Palomino – Located on one of the area’s most prestigious streets but took a price cut to make a deal.
3629 Navajo Place – Sold for $2.2 million in 2015 and is pending at an asking price of $2.4 million.
3700 Via Palomino – Made a deal in only three days as one of the largest cape cod offerings in the last few years to sell.
3609 Navajo Place – This was a true estate property on a massive 23,248 sq. ft. lot.
Other Sales and Offerings
Areas in Montemalaga and Malaga Cove tend to have very rare offerings of these in-trend homes. Currently, only 1409 Via Arco and 1024 Granvia Altamira have sold as viable options to meet the growing demand of discerning buyers looking to buck the trend of Mediterranean and Spanish home inventory.
If budget is not a concern, then perhaps one of the most iconic homes on the most iconic street of Palos Verdes Estates can be yours. 2120 Paseo Del Mar was built in 2007, with 5,400 sq. ft. on a 18,000 sq. ft. lot. This property has been on and off the market for years, at one point asking $5.6 million. If you are hunting for one of the best cape cods in all of PVE, then this is the one for you.
Now, don’t get me wrong here, the gorgeous Mediterranean and Spanish style homes have their own charm, and those mid-century modern homes possess an air of sophistication that can be unmatched. The moving trend is just the pendulum of taste swinging from one side of the spectrum to another. The market is getting more and more competitive for these so-called “trendy” homes, so if you are a buyer in the area make sure you are ready to pounce!