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The Best Value in South Bay Real Estate: Palos Verdes

The title of this post is a matter of opinion but it is tough to argue to the contrary.

Armed with single-family homes, large lots, and some of the best schools in Southern California, Palos Verdes homes are offering an incredible bang for your buck today.

If you know where to look and have some patience, you can land yourself a fabulous deal relative to the beach city markets. And in some cases, a better value compared to inland real estate markets too.

This blog will break down some really fantastic deals that are tough to beat anywhere else in the South Bay. I will also highlight some current listings that have the potential to be great deals if you are patient and negotiate like a boss.

Recent P.V. Sales at a Great Price

Lunada Bay

If you want to live in Lunada Bay at a great price and don’t mind Espinosa Circle’s peacocks, then this was your deal. Not only is it one of the lowest single-family home sales in years for the Lunada Bay area, but the home sold at one of the lowest price per square foot in years.

At $500 a square foot and almost 2,200 square feet of living space, the new owners have room for a remodel budget that will certainly give them some nice equity on the day of completion. It is tough to find a better starter home/fixer deal in Palos Verdes Estates year-to-date.

Rolling Hills Estates/ P.V. Drive North

  • 14 Peacock Lane
    • 5 bed, 4 bath, 3,731 sq. ft., 17,893 sq. ft. lot
    • Sold Price: $1,850,000

If you could not tell by the street name, this was another peacock property that was sold at an ultra-low $495 price per square foot. Where else can you find a 17,000 square foot lot, 3,700 square foot home, and a pool for under $1.9 million in the South Bay?

This home has curb appeal, great bones, and an elementary school, Dapplegray Elementary, that is ranked as the 5th best public elementary school in the Los Angeles area per Niche.com. With a reasonable budget, this home will shine and offer an incredible amount of value for the home and location to its new owners.

Valmonte

  • 3633 Via La Selva
    • 3 bed, 3 bath, 2,733 sq. ft., 15,573 sq. ft. lot
    • Sold Price: $1,500,000

This is likely the deal of the year for red-hot Valmonte. Originally over-priced asking $2.35 million, it took multiple price drops and failed escrows to get this one done. The patient and opportunistic buyer was able to take advantage of “seller fatigue” and steal a 2,700 square foot classic home on a 15,000 square foot lot for only $1.5 million.

With a $500,000 remodel budget, this home can be brought back to its original glory and will be worth well over the $2 million invested for sure. Located on one of the most coveted streets in Valmonte and within the Silver Spur School district, this one was a can’t miss.

Over the long-term, with a lot of work, there is potential to split the lot and deliver two new homes in Valmonte which would both command over $3 million at today’s comparable sales prices.

Rancho Palos Verdes/ Malaga Cove

This home offered one of the best views and lot plays in Rancho Palos Verdes in recent memory. There were unobstructed views of the Queen’s Necklace and Palos Verdes Golf Course, the home sat on a 45,000 square foot lot…and, the buyer was able to snag it for only $2.1 million.

Why is $2.1 million so good? Although located in the city of Rancho Palos Verdes (RPV), this property sits in a very small section of the Malaga Cove area that feels a bit like Valmonte as well. You can build under RPV building codes rather than through restrictive Palos Verdes Estates (PVE).

Additionally, its neighboring home at 3290 Via Campesina was a 2005-built, 6,300 square foot home that sold for $5.725 million back in 2015. One can build a similar-sized home for $3 million with ease and have equity. The best part of this buy is that the home is relatively livable if you want to just enjoy the views and wait.

Rolling Hills

It is not often that a home Behind the Gates sells below $2 million. In the case of 70 Portuguese Bend, it sold for just $1.335 million.

Now, the home happens to sit in the Flying Triangle Land Slide area. Yikes! So no wonder there was such a large discount. That said, just rehab the existing 3,100 square foot home that was acquired at only $427 a square foot and enjoy your 2-acre Rolling Hills estate.

This home has so much opportunity in the usage of land. One can plant an epic vineyard, fruit orchard, horse stables…the list goes on to enjoy this estate.

There is risk of losing the home in another land shift, but for buyers focused on land at a major discount, this one was probably worth rolling the dice.

Silver Spur

  • 26526 Mazur Drive
    • 5 bed, 3 bath, 3,245 sq. ft., 7,839 sq. ft. lot
    • Sold Price: $1,475,000

Last but not least, the $454 price per square foot turnkey home on Mazur Drive in Silver Spur is another nice purchase. There is a lot to love about this cul-de-sac property when you land a 3,200+ square foot turnkey home with 5 bedrooms for under $1.5 million in the Silver Spur school district.

Potential P.V. Deals on the Market

If you think you missed out on some great Palos Verdes real estates purchases and are still in the market looking, I’ve got you covered. Take a look at the current listings below that have a chance to get snagged at a great deal and that I think could be some of the “best values in the South Bay” if acquired at the right price.

Rolling Hills Estates/ P.V. Drive North

This property feels a lot like 14 Peakcock Lane, except with a bigger home, bigger backyard, and what could have even greater potential down the road.

Shoot to get this one for below the price of the Peacock Lane sale and it will be hard to miss out on this investment.

Valmonte

  • 112 Via Las Vegas
    • 5 bed, 4 bath, 3,478 sq. ft., 10,940 sq. ft. lot
    • Asking Price: $1,850,000

Did you like the above deal at 3633 Via La Selva? Then, this is your next shot.

If you are patient and a good negotiator, then this almost 3,500 square foot home has the chance to be had for well under $500 a square foot. That would be an incredible deal for Valmonte.

Be sure to bring your rehab budget, but the result will be a large, updated home at a fraction of the cost to other comparable homes in the area.

Montemalaga

  • 980 Via Rincon
    • 5 bed, 6 bath, 6,539 sq. ft., 16,708 sq. ft. lot
    • Asking Price: $4,248,000

This new construction home has an interesting history.

Purchased off-market in 2013 for $1.5 million as a lot sale, a developer built a new 6,500 square foot home and came to the market asking $5 million.

After almost two and a half years of no buyers, the home finally sold for $3.9 million at the end of 2018 which was likely a break-even sale for the developer.

Now, only nine months later, the buyers want to sell the property. Asking $4.248 million, it looks like the owners are trying to cover their selling costs and small upgrades normally made when moving into a new home (like expensive window coverings, etc.).

If this property sits, perhaps it can be negotiated down even below what the developer had put into the lot and home. There could be an opportunity here on this highly-desired Monetemalaga street if you can get it below their $3.9 million purchase price.

Palos Verdes Peninsula/ Westfield

A few weeks ago, I wrote a blog post about the best summer deals in the South Bay. If you missed it, you can click here to read it.

I covered 26819 Westvale Road that sold for $1.25 million.

This listing has the same square footage and sits on a similar-sized lot. If you are able to get this one below the $1.25 million “summer deal” comp need I say more about why it is a nice purchase?

Silver Spur

  • 5422 Elmbank Road
    • 4 bed, 3 bath, 2,249 sq. ft., 9,134 sq. ft. lot
    • Asking Price: $1,290,000

This property above is affordable and bigger than your average starter home. The home is also located north of Montemalaga Drive and walking distance to Silver Spur Elementary.

If you remodel the left hand side of the property and rehab the right hand side, you are looking at a home worth over $1.5 million. If you can get this property for any number below $1.2 million, then this is a solid deal in this very hot pocket of the Silver Spur area.

Conclusion

In Hermosa, Manhattan, and Redondo Beach, it is almost impossible to find single-family homes in the $500 a square foot range or lower.

In Palos Verdes, you can find ultra-low price per square foot homes, big open lots, and land yourself in the 2nd best school district in all of Los Angeles according to Niche.com. On a relative basis, this area delivers the best bang for your buck in today’s expensive South Bay market.

And, if you negotiate like crazy and wait for the right spot, some of these deals could land you a profit sooner than you think!

DRE: 01779425

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