One may think that with advances in infrastructure and healthcare, lead poisoning is a thing of the past. That’s not quite true, especially given the potential age of some homes. Lead-based paint was quite popular prior to 1978, and may still be present in homes built before then. That was less than fifty years ago, and homes can last quite some time, so there are still a lot of homes built before 1978.
That’s why there are regulations in place. Federal law mandates three specific actions when selling a home built before 1978. One is disclosure obligations. The seller must provide any information they are aware of regarding the use of lead-based paint in their home, including any test result and abatement efforts. The second is a required form in the contract that outlines information about lead-based paint. Finally, buyers will have up to ten days to conduct a lead inspection or risk assessment. In anything is found, this will be necessary for their repair or mitigation negotiations.
You may also be wondering what exactly lead poisoning looks like. The symptoms can differ between children and adults, and are much more severe for children. In either case, they occur due to exposure over a period of months or years. In children, lead poisoning can affect brain development, leading to slowed growth, learning disabilities, or behavioral issues. It can also cause hearing problems. In adults, lead poisoning can result in high blood pressure, muscle and joint pain, digestive issues, and problems with memory or concentration.
Andy & Renee accompanied by Marty Rifkin on the pedal steel perform at this annual event. In addition to the music, and the typical buffet, there will be generous helpings of Renee’s homemade cookies!
Sunday, Dec 1 @ 5:00pm at the home of Renee Safier & Patrick Summar, 516 N. Francisca Ave., Unit C, Redondo Beach, CA 90277
Tickets available soon!
New Year’s Eve Party with Hard Rain
You don’t want to miss Andy & Renee and the Hard Rain Band for this New Year’s Eve extravaganza. An evening of music and merriment at the Grand Annex with champagne for all!
Tuesday,, Dec 31 @ 8:00pm at The Grand Annex, 434 W. 6th St., San Pedro, CA 90731.
The most important part of purchasing a home is closing day, when the official transfer of ownership takes place. If you are prepared, it should go smoothly. However, one missing document means a failed or postponed closing, so review your closing documents ahead of time. Closing day will involve executing the paperwork, paying any required fees, and ultimately getting the keys to your new home. Plan on having your ID, evidence of homeowner’s insurance and your closing cost funds. If you are not sure about anything, ask your agent or make a call to the closing office.
There are also a few things you should make sure to do ahead of time that don’t involve bringing a physical object. Confirm the closing fees before you arrive, and have any questions for your lender answered. Prior to the closing meeting, review the seller’s responsibilities and make sure they have been satisfied. Your agent can provide you with the final completion documentation for any seller obligations. If you pay attention to these details and all is in order, you should be able to walk away with keys in hand.
At the end of the third quarter for the real estate market in the Los Angeles South Bay, 4,958 homes have sold, compared to 4,959 sold during the same period in 2023. Essentially, that is 0% growth. Median prices, however, have climbed over 5%, despite the high interest rates.
Sales activity across the South Bay was mixed, though in a narrow range. The Inland area saw 2% fewer home sales on a year to date basis than last year. At the same time, the Palos Verdes Peninsula gained 2% over 2023. The Beach area was up 1%, while the Harbor area came in flat.
Median prices during the first nine months of the year recovered the losses of the same period in 2023. Last year, median prices fell nearly every month from January through September, only beginning to recover growth in September. This year the median price has shown a strong increase since the beginning, ranging from 4% for the Inland area to 8% for the homes on the Hill. The Beach and Harbor areas rose with 7% and 6% respectively.
It looks like this winter is going to continue the wild ride. The Federal Reserve lowered the prime interest rate by half a point in September. Then, after a positive employment report for September, mortgage lenders raised their advertised rates back up to where they were in mid-August! The national election will undoubtedly have it’s own impact, even here in our relatively placid part of the world.
Among the early market indicators which may give us a hint of where the market is headed, one not commonly discussed is the number of homes which don’t sell. The comparison is established by looking at the number of home listings which are expired, cancelled or withdrawn from the market versus those which closed escrow. During the first three quarters of 2024, out of 6,179 homes on the market, 4,958 of those sold. At the same time, 1,221 or, 20% of the total, failed to sell. These percentages are not significantly different than a normal year.
In a high turn-over market such as that of 2021, at best one might expect as little as 12% to not sell versus a slow-moving market where one might expect as much as 25% to fall off the market unsold. It would be fair to say the local market for real estate is languishing, but it appears to remain afloat despite volatile news in all corners of the world. The next issue of this newsletter will arrive after the national elections. There should be more to talk about then.
Beach: Sales Lag and Prices Leap
With 114 homes sold in September, the Beach Area sales jumped up 21% above August figures. The median price likewise took a 5% leap to $1,790,000 in monthly sales.
Comparing September 2024 home sales to the same month in 2023 reveals a less dramatic shift. The number of homes sold is 6% greater this year and the median price increased by 7%.
Year to date sales volume of 849 homes at the Beach showed a modest 1% increase over the first nine months of 2023. Monthly variations have been as high as 33% and as low as -27% during the first three quarters making the cumulative 1% value a bit of a surprise. Equally surprising in light of the 1% growth in the number of homes sold, is the 7% increase in median price to $1,787,500 for the same period of time.
Harbor: Sales Slow, Median Prices Up
Monthly sales in the Harbor area totaled 317 units in September, a 9% increase over the number sold in August. At the same time, the median price for Harbor area homes dropped 3% to $760,000.
Looking at year over year sales for the month of September showed a 27% growth in home sales over 2023 and a 2% increase in median price.
During the first three quarters of 2024 2,559 homes were sold in the Harbor area, compared to 2557 last year, registering as a 0% change. The median price for year to date sales came in at $780,000, a 6% increase over the same period in 2023.
Hill: Plenty of Red Ink
August was a particularly busy month in Palos Verdes real estate, so the 11% drop in sales volume for September was somewhat expected. Falling from 53 homes sold to 47 is a short fall, but the marketplace on the Hill is small, so percentages escalate quickly. The median price also took a nosedive from $2,150,000 to $1,700,000, a 21% drop. Interestingly, those prices are the highest and the lowest in PV for 2024.
September of last year was exceptionally strong on the PV Peninsula, both in terms of sales volume and price. As such, the relatively anemic sales of September 2024 brought lots of red ink. The number of homes sold fell by 16%, while the median price came down 13%
Year to date, PV has had five positive months and four negative months. Cumulatively, the Hill has a 2% increase in the number of homes sold, going from 481 last year to 491 this year. During the same nine months, the median price moved up 8% ending at $1,950,000 for the period.
Inland: Mixed Results on YTD Activity
Month to month home sales in the Inland area were modestly positive. With 128 units sold in September, the volume was up 9% from August activity. The median price gained 1%, coming in at $882,500 for the month.
Comparing September of 2023 to this September brings a 2% decline in the number of homes sold. The median price for the same comparison also dropped 2%.
The first nine months of the year arrived with 2% fewer sales than the same period last year. The Inland area was the only part of the South Bay to fall in sales volume or median price so far in 2024. Year to date the median price rose 4% above 2023, to $899,990 the slowest growth of the South Bay areas.
Beach=Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo Harbor=Carson, Long Beach, San Pedro, Wilmington, Harbor City PV Hill=Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates Inland=Torrance, Lomita, Gardena
Whether it’s for guests, a house viewing or anything else, when you’re short on time and need to get your home looking presentable quickly, it’s all about prioritizing and simplifying. This is even easier if there are other people to assist you, and you are able to delegate tasks.
Prioritize high-traffic areas. This includes the living room, kitchen, and entryway, but most importantly, the bathroom. It’s often the most frequently used room by guests and the most off-putting when dirty, so it’s a top priority. Wipe down the sink, faucet and countertops and scrub the toilet. Replace the hand towel with a fresh one and empty the trash if needed. If you’re really short on time, use disinfectant wipes for speed. Unless you’re showing your home, there are probably rooms your guests won’t enter, such as bedrooms or home offices. If you don’t have time to clean them, just close the doors.
The next thing to do is remove clutter. A cluttered floor and tables makes any room feel messy. Even if you have an organization scheme in place, your guests don’t need to see all your personal items. Grab a basket and collect any things out in the open so they can be temporarily stored out of the way. This can be any number of unrelated things, such as toys, shoes, or paperwork, as long as they’re safely out of the way. You can deal with sorting it later.
There’s another way to quickly make your home feel more inviting that doesn’t involve cleaning at all.Light a candle or spray a fresh scent. It only takes a minute and creates a more welcoming atmosphere.
Monthly sales of homes across the South Bay dropped an average of 15% in August, with volume falling off as much 27% on the Hill and 20% at the Beach. Annual sales volume was likewise down by 15%. But, it’s really not all that bad. August saw a confluence of unique events making sales volume look more depressed than it really was.
At least three factors played into the numbers. July of this year showed very elevated sales compared to earlier months in 2024 and compared to August. That brought the line down for August.
Then, August was a particularly strong month for sales in 2023, which made this year’s more average numbers look like a slippage.
Added to those mathematical twists is contemporary psychology. The Fed is widely expected to drop the interest rates in September, so buyers are standing back, waiting an extra month or so to save dollars and/or buy more house.
The year to date sales volume tells a truer story. Home sales across the South Bay are off 1% from 2023. The percentages range from -3% in the Harbor area to 4% on the Hill. Generally speaking, sales this year have come in fits and starts with the up and down movement balancing out for the year to date.
As one would expect, median prices were down from this July, though not quite as dramatically as the drop in sales would imply. The median moved up 8% in PV, while the other areas dropped roughly 10%. (It’s worth noting that the low volume of business on the Hill gives rise to highly variable statistics.)
Looking back to August of last year, shows a much tamer comparison to the change in median price. The increase ranges from 1% at the Beach to 4% in the Harbor, with PV–the frequent outlier–at a 26% increase in the median.
With eight months of data now available, the year to date median price is beginning to show moderation from the highs of earlier this year. The Beach and Inland areas are at a 6% increase over last year, while the Harbor area is at 8% and Palos Verdes is showing 11%. If lower mortgage interest rates materialize, that could boost both sales volume and median prices this fall. At the same time, the hotly contested presidential election may keep a lid on the market until winter.
Beach: Not a Good Month
Showing only 94 homes sold for the month of August, the Beach cities took a 20% dive from July sales volume. At the same time, the median price dropped 9% for the month to $1,7M.
Topping the 20% fall from July, year over year August sales were off a whopping 26% from July of 2023. Median prices, on the other hand, rose a modest 1% over the same month last year.
As mentioned earlier, the year to date numbers are more indicative of where the current market is headed. The number of homes sold for the first two thirds of the year registered positive (barely–with a 0.13% increase). Over the same period of time, the median price at the Beach has risen 6%.
The falling sales volume coupled with the increasing median price is fallout from the troubling economic issues that arrived concurrent with the pandemic. Much of the developed world was on the precipice of a recession when the pandemic occurred. The response to the medical threat pushed the financial danger to the side and now we’re looking at the aftermath of all those events.
Harbor: Mostly Down
The Harbor area looked very much like the Beach in August, albeit with slightly less dramatic swings. On sales of 290 homes, the month over month volume dropped 8%. That matched exactly an 8% decline in the median price from July transactions.
Comparing to the same month last year, Harbor area homes sales dropped off by 12% from July last year. The decline was accompanied by a 4% increase in median price from July of 2023.
Year to date statistics for the Harbor area came in more constrained than the month to month and year over year numbers. For the first eight months of the year, the number of homes sold slipped by 3%, while the median price escalated by 8%.
Hill: Looking Up
Sellers on the Hill created some radically varied numbers in August. The number of homes sold fell from July even more than at the Beach, coming in at a mere 53 units, for a 27% decline in sales volume. But, those buyers pushed the median price up to $2.15M for a 7% increase while the rest of the South Bay fell by as much as 13%.
The numbers look even better when comparing August sales to the same month last year. Sales volume was up 8% over August of 2023. Median price was up a shocking 26% over last year. A more detailed look shows August was the lowest median price of the year, after February.
Once again, the year to date perspective offers the calmest view of the real estate market. Through August, residential sales were up 4% over the same period in 2023. Median price was up 11%.
Inland: More Down Than Up
Following the trend line, the Inland area moved down from July. Sales volume fell 18% to 117 homes. Concurrently, the median price dropped 13% to $875K.
The number of sales fell by 21% from August of last year, showing continuing impact from high mortgage interest rates and reduced inventory. As with the rest of the South Bay, many sellers are holding property off the market. Many are waiting for more favorable interest rates for their buyers and on their replacement home. Some took advantage and financed at interest rates below 3% and won’t be back in the market for years.
Insert 202408_revenue_comparison_2019.png
Sales from January through August show 2024 down 2% from 2023 in number of homes sold. Median price for the same period reflect an increase of 11%.
What About the Fed?
The Federal Reserve Bank will be meeting later this week to discuss a reduction in the baseline interest rate. Because financial indicators are showing a weakening economic environment, most pundits expect the Fed to approve a drop of .25-.5% from the overnight rate. Most lending institutions have already reduced rates in anticipation of a change. If approved, lenders will hold mortgage interest rates at about where they are positioned today. If not, fixed rates will go back up to about 7%.
Beach=Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo Harbor=Carson, Long Beach, San Pedro, Wilmington, Harbor City PV Hill=Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates Inland=Torrance, Lomita, Gardena
Andy & Renee-The Lighthouse TUESDAYS @ 5:30PM — 7:30PM The Lighthouse Cafe, 30 Pier Avenue Hermosa Beach, CA 90254 310 376-9833
Andy & Renee-Banana Leaf THU, SEP 12 & 26@ 6:30PM — 9:00PM Banana Leaf & Beach Cities Social, 1408 S Pacific Coast Hwy, Redondo Beach, CA 90277
Andy & Renee-House Concert -Agoura Hills, CA MON, SEP 16 @ 7:00PM — 10:00PM Home of Steve Berman & Sandy Lessner, 4032 Defender Dr., Agoura Hills, CA 91301 Doors-6p, Music 7-10p. $20 donation requested. Get tickets at https://andyandrenee.com/tickets-tips-merch. BYOB
Andy & Renee-Belle Epoque THU, SEP 19 @ 7:00PM — 9:00PM Belle Epoque, 265 Avenida Del Norte, Redondo Beach, CA 90277 310-316-4302
Andy & Renee-Terranea Lobby Bar FRI, SEP 20@ 7:00PM — 11:00PM Terranea Lobby Bar, 100 Terranea Way, Rancho Palos Verdes, CA 90275
Andy & Renee & Hard Rain-Day Of Peace Celebration with Jane Goodall SAT, SEP 21 @ 10:00AM — 4:00PM Point Fermin Park, 807 Paseo Del Mar, San Pedro, CA
Celebrating United Nations International Day of Peace & Jane Goodall’s 90th Birthday. Eco Festival, Food Trucks, Parade of Giant Peace Dove Puppets. Band plays 11am-1:30pm, plus a bit afterwards. Bring your beach chair, water bottles & blankets. For parking & Free Shuttle info, go to peacedayla.org.
Andy & Renee & Hard Rain-The Lighthouse SUN, OCT 27 & DEC 29th @ 2:00PM — 5:00PM The Lighthouse Cafe, 30 Pier Avenue Hermosa Beach, CA 90254 310 376-9833
Andy & Renee & Hard Rain-New Year’s Eve Party TUE, DEC 31 @ 8:00PM The Grand Annex, 434 W. 6th St., San Pedro, CA 90731 Get tickets and info at https://grandvision.org/event/andy-renee-hard-rain-new-years-party/
This is a once a month (every third Tuesday) show that is designed as a listening room for world class songwriters, many with hit songs, long touring/recording associations with music legends ETC… to play their original music in an intimate setting. NO COVER BUT DONATIONS ARE STRONGLY ENCOURED AND GO TO THE SONGWRITERS. Project Barley serves excellent Food (Gourmet Pizza, wings, sandwiches, salads), wine, and award winning beer. Food served till 8:30pm. No reservations so arrive early to get a table. This month we are proud to present: THE MOJO MONKEYS AND JODI SIEGEL
THE MOJO MONKEYS
Mojo Monkeys is the labor of love of three veteran Los Angeles musicians: Singer/Drummer David Raven, Bassist Taras Prodaniuk and guitarist Billy Watts. Individually, they’ve logged time in the studio or onstage with such notable artists as: Lucinda Williams Keith Richards, Norah Jones, Dwight Yoakam, Bruce Springsteen, Bonnie Raitt, June Carter Cash, Mike Ness, Steve Jones of the Sex Pistols, Dixie Chicks, Geoff Muldaur, John Trudell, Richard Thompson, Jim Lauderdale, Peter Himmelman, Buck Owens, T-Bone Burnett and many, many more. They are the first call A-list session players in Los Angeles, play in multiple local and touring bands and are all at the top of their game! These guys have made multiple records that combine their swampy bluesy rockin’ music with smart lyrics, killer singing and playing…they draw from many sources but sound like no other!
PROJECT BARLEY serves excellent Food (Gourmet Pizza, wings, sandwiches, salads), wine, and award winning beer. Food served till 8:30pm. No reservations so arrive early to get a table. https://projectbarley.com/ 2308 Pacific Coast Hwy, Lomita, CA 90717
A 150-seat cabaret venue run by Grand Vision in the heart of San Pedro’s thriving arts district. Enjoy state-of-the-art sound enhancing a unique listening experience, complemented by a commitment to community. Many wonderful restaurants are nearby and beverages are available throughout the show.
Twins Rachel and Chloe Tietjen and their older sister Erika offer up potent lyricism and catchy melodies from stunning a cappella harmonies to pop to groovy indie folk.
The sisters’ contemporary yet classic sound invites comparisons to modern family bands like the Avett Brothers and First Aid Kit. With their soaring sibling harmonies, sassy stage presence and inventive songwriting, these three sisters bring a soulful take on folk/Americana music.
In 2019, T Sisters participated in American Musicians Abroad, a selective State Department-sponsored program fostering diplomacy through music. The sisters performed and conducted workshops in the Middle East and North Africa emphasizing girls empowerment and the role of music in creating social awareness and change.
Rachel (vox, guitar, banjo), Chloe (vox, percussion) and Erika (vox, guitar) are all songwriters in their own right and switch off on lead vocals. While their voices blend seamlessly, each has a distinct singing and writing style that results in an eclectic repertoire unified by a landscape of close harmonies.
🍷Pre-Concert Wine Tasting Taste fine wines. Wine Tastings are led by professional sommelier, Jean-Philippe Molinari.
Pre-Concert Wine Tastings are free to Grand Vision members at the Friend, Champion, VIP Circle, Arts Advocate, and Performing Arts Patron level – up to two per household, $16 per person for all others. Concert tickets are required to participate. Members’ tasting tickets must be redeemed in advance. Tastings begin one hour before the show, please arrive no later than 30 minutes into the tasting to participate.
Ray Koukal assumes the role of David Crosby, Steve Elowe takes on the role of Stephen Stills, Jim Wootten steps into the shoes of Graham Nash, and Devitt Feeley embodies the spirit and musicianship of Neil Young.
Together, their dedication to capturing the essence of these rock icons’ sound and performance makes Deja Vu an unmissable experience for fans of this legendary group.
Transport yourself on a nostalgic journey through faithful renditions of CSNY’s iconic hits, including “Teach Your Children,” “Helpless,” “Suite: Judy Blue Eyes,” “Love the One You’re With” and more.
Delta blues, hill country and driving rock ‘n roll from local master slide guitarist and his power quartet.
Sean Lane is a singer-songwriter who plays solo-acoustic Delta style blues and also fronts a four-piece electric combo. Sean Lane & Hellhounds are a dynamic blues band that aren’t afraid to blend in a little rock. Their sound has been described as “blues on steroids.”
Sean started The Hellhounds as a Delta blues slide guitarist and vocalist, writing original songs in the style of the old Mississippi masters and blending it with the intensity of Blues-Rock. With Sean on lead guitar, Jon Poli on drums, Doug Swanson on bass and Jed Ojeda on rhythm guitar, they are a true Blues-Rock powerhouse. Based out of Los Angeles with roots in the South, The Hellhounds are all about blending old tradition with modern innovation to create. Their music is beyond standard Chicago blues here; it’s raw, powerful, and distinctive.
The John Jorgenson Bluegrass Band (J2B2) showcases impeccable musicianship, incomparable songwriting, incredible harmony vocals and seasoned showmanship. The band combines the “high lonesome sound” of bluegrass with elements of West Coast folk rock and Americana.
John Jorgenson (acoustic guitar/mandolin/vocals) first came to national attention in the mid ‘80s with successful country-rock act The Desert Rose Band, which he co-founded alongside Chris Hillman and fellow J2B2 member Herb Pedersen. In 2008, Jorgenson won a Grammy for Best Country Instrumental with Brad Paisley and was nominated for Best Bluegrass Album with Earl Scruggs. He has also worked as Elton John’s guitarist and alongside Bonnie Raitt and Bob Dylan.
John Jorgenson returns to the Grand Annex, this time switching his guitar out for a mandolin and bringing his all-star bluegrass supergroup featuring legendary, award-winning musicians: Herb Pedersen, Mark Fain and Patrick Sauber.
Herb Pedersen (banjo/acoustic guitar/vocals) has been a member of over five bands, including The Desert Rose Band, during his sixty-year music career. He has worked on countless film and TV scores, and collaborated with music legends such as Earl Scruggs, Emmylou Harris and Linda Ronstadt.
Mark Fain (bass) is a seven-time Grammy winner who has produced for many artists across the jazz, country, bluegrass and gospel genres; he has also toured and recorded with the Chicks, Alan Jackson, John Fogerty and Dolly Parton.
Patrick Sauber (acoustic guitar/vocals) has toured with Peter Rowan and Laurie Lewis, and appeared on screen in the mockumentary musical “The Mighty Wind.”
🍷Pre-Concert Wine Tasting Taste fine wines. Wine Tastings are led by professional sommelier, Jean-Philippe Molinari.
Pre-Concert Wine Tastings are free to Grand Vision members at the Friend, Champion, VIP Circle, Arts Advocate, and Performing Arts Patron level – up to two per household, $16 per person for all others. Concert tickets are required to participate. Members’ tasting tickets must be redeemed in advance. Tastings begin one hour before the show, please arrive no later than 30 minutes into the tasting to participate.
Based out of Venice, California, this highly acclaimed act recreates the magic, intensity, and rock theater of Jim Morrison and The Doors. Mystical and hypnotic, the band transforms any room into an actual Doors concert experience. Lead singer Tony Fernandez lives out every move of Jim Morrison on stage and delivers a powerful recreation of true likeness in his presence, vocals, and spirit.
The four-piece band also includes James Sinigalliono on keyboard and bass, Tyler Thigpen on guitar and Tom Gold on drums. Hear intoxicating renditions of “Hello, I Love You,” “Light My Fire,” “L.A. Woman,” “The End” and many more Doors classics.
As with any sort of business deal, buying or selling a home involves a lot of negotiation. Fortunately, there are techniques to aid in negotiation that apply not just to real estate or business, but nearly any situation, even simple discussions among friends. It even comes with a handy mnemonic: Negotiation expert Jacqueline Twillie has coined the acronym L.A.T.T.E. to help with all your negotiating needs.
L: Look at the details. Making sure you’re fully informed about every detail and potential outcome will help you to decide what decisions you can make.
A: Anticipate the challenges. It’s probably a given that you’ll receive some pushback or have some hurdles to overcome during the conversation. Make sure you’re ready for the kind of questions or resistance you might face while negotiating and have your responses prepared.
T: Think about what you want to walk away with. Be clear in your mind about what you actually want from the negotiation, what you are prepared to be flexible on and which parts of your desired outcome are not up for negotiation. Also, be sure to consider what the other party wants from the conversation for a stronger approach.
T: Talk it through! Practicing talking through your points out loud will help you be confident and collected when it comes to the real thing. You may even find that hearing your points out loud helps you identify where your tone or approach might need to change.
E: Evaluate your options. Before making a final decision, give yourself time to review the outcomes you’ve been offered from the negotiations to make sure it’s what’s best for you.
California has always been an expensive place to live, and it’s only getting more and more expensive. The median home price is about 2.5 times higher than the national average, and 11 times the median income. Of course, prices are trending upwards across the nation. Appreciation over time is normal, and has accelerated in the wake of the 2020 pandemic. But these things affect everyone — so why is California specifically so much more expensive?
It’s not just as simple as having higher desirability, although that is certainly the case. The primary issue is a lack of affordable housing. There are multiple reasons for this. California may be the third largest state by area, but it also has the highest population of any state. It’s not among the densest, but it is rather sprawling. There’s just not a lot of open land to build on, particularly land that fits all the various zoning restrictions that are in dire need of updating. However, updating zoning laws is getting pushback from residents. Construction costs are also up. While construction companies typically would rather build multifamily residences, they have to build what’s in demand — which is mainly single-family residences.
In addition, because purchasing a home is so expensive, landlords are better served continuing to rent out their homes and units rather than attempting to sell, even though selling would decrease home prices. This is exacerbated by property tax laws in California. Prop 13 limits the rate at which property taxes can increase until a property exchanges ownership. Therefore, people who have owned a home for a long time can pay very little in property taxes, reducing the likelihood of any sort of market activity.
Prospective homebuyers are prone to backing out immediately if the home inspection uncovers mold. This is usually a hasty response. Some level of mold is, in fact, quite common in homes. Of course, that doesn’t mean you should simply ignore it, but there’s also no need to panic.
Feel free to ask the inspector questions about the mold they found. You’ll want to know how severe the issue is and what the root cause of it is. If the issue is minor, you may even be able to fix it yourself — however, you’ll want to make sure of that beforehand, since mold can hide in places that aren’t visible.
Also, keep in mind that the inspector is neither a mold testing service nor a mold removal service. And yes, these are different things — while a mold removal service often will test for mold, there’s a potential conflict of interest if the same company is both testing for and removing it. If you think you’ll need professionals to deal with the problem, do your research. You’ll also want to know whether your homeowner’s insurance covers mold removal and associated repairs, as policies can differ.
A 150-seat cabaret venue run by Grand Vision in the heart of San Pedro’s thriving arts district. Enjoy state-of-the-art sound enhancing a unique listening experience, complemented by a commitment to community. Many wonderful restaurants are nearby and beverages are available throughout the show.
Greenwich Village Coffeehouse Andy & Renee and Guests
Classic rock and folk hits of NYC’s Greenwich Village. Hear the music of Bob Dylan, Joan Baez, Pete Seeger and more. With guests Marty Rifkin, Joel Raphael, Dave Crossland and James Lee Stanley.
Singer-songwriter David Robert Pollock hosts talent from LA’s indie music scene – reminiscent of a ’70s variety series like “The Dean Martin Show” – but with a thrilling, dark comedy twist.
Immerse yourself in first-class folk-rock with faithful renditions of Crosby, Stills, Nash & Young’s “Teach Your Children,” “Helpless,” “Suite Judy Blue Eyes,” “Love the One You’re With” and more.
7-9PM, Tuesday, August 20, 2024 Project Barley Brewery 2308 Pacific Coast Hwy, Lomita, CA 90717
THIS MONTH’S AUGUST SONGWRITER SHOW IS GONNA BE EPIC! MY BUDDIES FROM MASON SOUTH (PHIL PARLAPIANO, DOUG HAMBLIN, LYNN COULTER) WILL BE MAKING A RARE LOS ANGELES APPEARANCE AND I FOR ONE AM SO EXCITED TO HEAR THEM AND YOU WILL BE TOO! ALSO APPEARING FOR THE FIRST TIME IS THE WONDERFUL PI JACOBS. THIS IS HER FIRST TIME COMING DOWN AND YOU’RE GONNA LOVE HER! -Jodi
Mason South
MASON SOUTH is an Americana, blues, roots trio; Phil Parlapiano, Doug Hamblin and Lynn Coulter. All three have been sidemen to some of the industry’s most legendary and respected musicians like; Albert King, John Prine, Rod Stewart, Dixie Chicks and many more. LA’s Mason South began ‘as a sideman’s side project’ in the early 2000s and continues today in trio format.
Louisiana-born percussionist/vocalist Lynn Coulter brings his unique swampy feel and soulful vocals. He has been a constant presence on the LA music club and session scene. Lynn has performed/recorded with Rita Coolidge, Carole King, Paul Butterfield and Smokey Robinson and many others.
LA native Phil Parlapiano is a true multi-instrumentalist—organ, piano, mandolin, guitar, accordion and pretty much anything else that’s left lying around the studio. He is a first call session player and recently ventured into acting as well! Phil has toured and recorded with John Prine, Carlene Carter, Lucinda Williams, Iris DeMent…the list is very long
Bay Area born guitarist Doug Hamblin has played everything from new wave power pop (Jo Allen and The Shapes) to folk and rock. His debut album of original blues on the indie label Blueprint Records reached Billboards’ Top Ten and earned him a Blues Artist of the Year BAMMY nomination. Since relocating to LA in the 90s Doug has performed/recorded with artists as diverse as Dr John, Southside Johnny Lyon, Steve Miller Band, Johnny Rivers and Stephen Stills.
Together these three gifted performers move thru a deep catalog of their own original songs that span a wide variety of styles they like to call a “100% American Blend—Rock, Soul, Country, Blues.
Pi Jacobs
Pi Jacobs draws inspiration from her unconventional upbringing in “The Land of Weed and Wine” aka Northern California. Blending roots-rock swagger and storytelling soul, her music has drawn comparisons to Tom Waits, Dolly Parton, and Lucinda Williams. She has been heard on NPR, DittyTV, Austin Music TV, Americana Highways, American Songwriter Magazine, and regularly on tastemakers KCSN, WFUV and stations across the nation.
Jodi Siegel
Jodi Siegel, originally from Chicago, IL, is a singer, songwriter and guitarist. Over the years Jodi has opened for and or shared the stage with many respected musicians including: Albert King, Robben Ford, Robert Cray, J.D. Souther, David Lindley, Fred Tacket and Paul Barrere (Little Feat) and countless others. Her songs have been recorded by Maria Muldaur, Marcia Ball, Tommy Ridgley and Teresa James.
She has recorded two CD’S; Stepping Stone and her latest CD, “Wild Hearts,” produced by Steve Postell (Immediate Family, David Crosby, Eric Johnson, Robben Ford, Iain Matthews), is filled with great songs, cool grooves, intimate, smart lyrics and some of the best of the best musicians in Los Angeles today including; Mike Finnigan (organ, piano), Hutch Hutchinson, Abe Laborial Sr., Alphonso Johnson (bass), Russ Kunkel, Michael Jerome Moore, John Ferraro, Arno Lucas (drums, percussion), Joe Sublett (Saxophone) and Maxayne Lewis and Clydene Jackson (background vocals). Each song has a soulful delivery with an undeniable down-home elegance. It has received great reviews by Patrick Simmons (Doobie Brothers), Maria Muldaur, Walter Trout, David Mansfield (T Bone Burnett), Leland Sklar, Mike Finnigan and Doug Macleod to name a few.
PROJECT BARLEY serves excellent Food (Gourmet Pizza, wings, sandwiches, salads), wine, and award winning beer. Food served till 8:30pm. No reservations so arrive early to get a table.
July brought a bonanza—of sorts—to real estate in the Los Angeles South Bay. Sales volume, which had been falling below last year for three of the last four months jumped up 20%. Granted, July was an unusually slow month in 2023, compared to most years including 2024.
Month over month showed a comparable increase. Total sales volume was up 6% from June to July. The only negative for monthly sales was in the Harbor area where activity was off by 8%.
More importantly, year to date through July, sales volume was up 1% across the South Bay compared to the same period in 2023. With over half the year past already, some growth is a positive sign. This close to November on a presidential election year, one would expect the market to be looking better than it has been.
In fact, The number of homes being sold has still not recovered from the pandemic. Sales this July were 22% fewer than they were in July of 2019! As discussed previously, because the mortgage interest rates were temporarily at rock bottom, about 40% of the homeowners in California currently are “trapped in a mortgage they can’t afford to leave.” This promises to maintain downward pressure on home sales for the better part of a decade. Paradoxically, the reduced inventory is contributing to rising prices.
More homes were being sold in July, and they were being sold for greater prices. Annual increases in the median price were up 15% in entry level neighborhoods. At the Beach and on the Hill median prices didn’t reach quite as high, but were still more than 10% above July of 2023.
Monthly pricing showed the contrast between high end and entry level homes more clearly. In the Beach area the median dropped 3% from June, while on the Peninsula, there was no change in the median price. In contrast, the Harbor and Inland areas rose 6% and 5% respectively over June numbers.
Comparing the first seven months of this year to last year shows inflation continues to plague the real estate economy. Median prices rose in a range between 6% and 9% in the South Bay during the period.
Beach: Highest YTD Sales Volume Increase
Sales in the Beach cities jumped from 90 homes in June to 118 in July for a massive 31% monthly increase. This was matched by a 30% annual increase over July of 2023. Month to month statistics, as well as same month last year comparisons have shown tremendous variability this year.
The rapid fire changes precipitated by the pandemic, and subsequently by the Federal Reserve in an effort to keep the economy under control, created wild swings in the number of homes sold. At the same time the shifts in median price were less frequent and considerably less wide-ranging.
Today, looking at the year to date summaries for both, sales volume and median price, the numbers have moderated greatly. Sales volume at the Beach measured against last year has ranged from negative 27% to positive 33%. That huge range smoothed out to 6% growth in the year to date view.
Likewise, the median price, which has been a bouncing ball, declined 3% from June and increased by 11% over July of last year. Comparing the year to date from 2023 to 2024, the median settled in with a 6% increase for the longer term perspective.
Harbor: Highest YTD Median Price Growth
Monthly sales volume in the Harbor area fell 8% to a total of 316 homes sold in July compared to 342 sold in June. Annual sales moved the opposite direction, rising 17% from July of 2023 to July this year. For the first seven months of 2024 sales have fallen 1% compared to the same period last year.
Median prices had fallen 6% in June and have reclaimed that loss with a 6% growth in July. The new median, $848,500, is a 15% improvement over July of 2023. Year to date the median price is up by 9% in the Harbor area over the same seven month period in 2023.
Interestingly, every month this year has been a growth month for the year over year median price at the Harbor. The lowest increase has been 4% in March and again in June. The highest has been 18% in both February and May.
Hill: Highest Median Price In South Bay
Monthly data for the PV Peninsula came in with 73 homes sold for a 22% increase in volume over June. Annually, sales showed a 46% increase over July of 2023, a welcome change from the 24% drop in June vs June numbers. Year to date sales posted a 4% increase in volume over the same seven months in 2023.
PV registered a 12% annual increase in median price to $2,015,000 in July, so far the highest median in the South Bay for 2024. It doesn’t quite reach the $2,300,000 of May, 2023, but is one of the more impressive months in recent years. The monthly increase from June was negligible, but the timing in 2023 coincided with a downward shift in median sales prices. So, the change shows up as a 8% increase in the year to date median.
Inland: Median Price Hits $1,000,000 First Time
Sales volume for the Inland area jumped in July—up 15% month to month for a total of 142 homes sold, and up 9% since July of last year. Being past the halfway point of the year boosts the value of the the year to date statistics which come in at a mere 2% through July.
At the same time, the July median sales price for the Inland cities climbed 15% above July 2023 and hit $1,000,000 for the first time! Last year’s number was pretty run-of-the-mill so lends some import to this year’s improvement. The 2024 year to date median price calculation supports the strength shown by the monthly and annual numbers with a solid 7% increase over 2023.
Why Use Median?
A brief comment on median price and why it’s often used in real estate: Averages are used for a great many things in making comparisons, and for things that change frequently, averages do a great job. Medians, on the other hand, minimize the ‘jerky’ nature of averages and show directional movement better than a lot of up and down action.
A median is exactly the middle of a group of numbers, so that half are higher and half are lower. So the impact of a single outlier number shows less distortion on the longer term trend line of the values. In other words, it’s easier to see what your investment will likely be worth in 10 years.
Most of us don’t buy houses often enough to care about movement over the last 30 days. We’re interested in staying put for 10 years, plus or minus. The median trend will show us the most likely path.
Beach=Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo Harbor=Carson, Long Beach, San Pedro, Wilmington, Harbor City PV Hill=Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates Inland=Torrance, Lomita, Gardena
Photo catalina_from_wayfarers_chapel.jpg by Carl Clark
Improving your home can be an exciting yet daunting task. To help you navigate your home improvements smoothly, here are six things not to do when giving your house a makeover.
Don’t plant trees too close to your home. It might seem like a great idea to add some greenery, but planting trees too close to your home can lead to root damage to your foundations and plumbing. Plant trees at a safe distance to avoid future headaches. A good landscaper or garden center employee should be able to help you find the best plants for your lot.
Don’t clean windows on a sunny day. Cleaning windows when the sun is shining directly on them can cause the cleaner to dry too quickly, leaving streaks. Choose a cloudy day to get a spotless, streak-free finish.
Don’t ignore regulations. Skipping the necessary permits might save time initially but can lead to major issues down the road, including fines and even the nightmare of having to undo your work. Always check local regulations, get the proper permits, and keep them for your records.
Don’t use the wrong tools. Although not investing in fancy tools might save money, using the wrong tools for a job can lead to poor results and potential injury. Make sure you have the right tools or hire a professional if needed.
Don’t forget to protect your furniture. There’s nothing worse than eyeing up a beautifully renovated room only to find your couch ruined by dust, debris, and flying paint. Cover your furniture with sheeting or move it to another room to keep it safe. Resist the urge to move your drop cloths and sheets before everything has dried, as you could smudge and track paint around by mistake once you think you have the job done!
There isn’t necessarily an ideal time to sell your home, but there are definitely seasonal trends. Home sales are generally highest in spring and lowest in winter. There are several reasons for this, but there are also two seasons that are neither spring nor winter — summer and fall — and they also have advantages and disadvantages. So, why might you choose fall?
From a pragmatic standpoint, there isn’t a lot of competition in the fall, but there’s still some demand. Many sellers wait until spring, assuming that because that’s when most people buy, it’s the ideal time to sell. However, this results in an abundance of available properties, making it harder for any single home to stand out. In contrast, fall’s quieter marketplace means your home has a better chance of catching buyers’ attention. At the same time, it’s not winter, when many buyers aren’t looking to buy at all. Of course, there’s less of a difference in California where much of the state doesn’t have freezing temperatures. This isn’t limited to buyers and sellers, either — the entire industry runs at a more comfortable pace. Lenders, real estate agents, lawyers, surveyors and appraisers all tend to have less work during the fall, meaning the process can happen much quicker and more smoothly than in the busy spring and summer months.
Secondly, the cozy ambiance of fall can really enhance your home’s appeal. First impressions are important, and many people perceive fall to have a natural beauty, with its colorful leaves. Typical fall decorations, such as pumpkins and scented candles, can also feel warm and inviting. Moreover, cooler temperatures make house hunting more pleasant, encouraging potential buyers to attend open houses and viewings — though in California, this is more typical of the latter half of fall, as heat waves are not uncommon in September. All of these elements can create a strong emotional connection for potential buyers.
If you’re selling your home, you need to be prepared to potentially receive offers below asking price. That’s just the way negotiations work. It’s important to examine the offers objectively, without getting offended, and understand why a prospective buyer might offer what appears to be a low amount. The reason could differ from person to person, and knowing what the buyer is thinking is important for understanding how to respond to the offer.
Obviously, you can’t read the buyer’s mind, but you can talk to your agent. Your agent may have insights into market conditions or particular wording in the offer, and can also speak to the buyer’s agent. It’s possible that your home is overpriced. This doesn’t necessarily mean that someone made a mistake in valuing your home — sometimes a home is actually worth more than surrounding homes, but is at a price point that isn’t appealing to people looking in that area. This could require compromise. It’s also possible the buyer is simply leveraging the nature of negotiations, expecting you’ll counter higher than their offer, but below your initial asking price. Another possibility is that the buyer is well-qualified up to a certain amount, and is hoping for a quick and uncomplicated transaction. If, however, the offer is egregiously low and the buyer is not willing to compromise, it’s probably best to forget about it.
When you’re trying to remodel your home to sell it, the best way to get ahead of the curve is to focus on the kitchen. Kitchen remodels can be very expensive, but that’s because they’re also very valuable. Even if you do nothing else, a well-done kitchen remodel can be highly cost effective, even if the cost is high. That means staying up to date on the current trends in the kitchen.
Right now, that’s stainless steel. Stainless steel is durable and easy to clean, and at least right now, considered aesthetically appealing. While some go as far as to include stainless steel countertops and cabinets, you don’t need to go that crazy. Stainless steel everything can feel cold and industrial, but you can balance that with marble countertops, traditional wood cabinets, or even just splashes of color. You could also pick between large or small appliances, and make one of those categories stainless steel; either one has the same effect.
As a prospective buyer, if you see something about a property you’d want to fix or replace, you’ll probably want to negotiate repairs or credits with the seller. The question is whether you want the seller to manage the repairs or you to manage the repairs. Neither choice is inherently better or worse, but certain circumstances or goals may cause you to opt for one or the other.
When buyers opt to negotiate repairs, the primary reason is that they simply don’t want to deal with it, and would prefer for it to already be finished by the time they move in. This is certainly a valid reason, but there may actually be a more important one. Many — though not all — loans require the property to meet a minimum standard of condition, and if the property falls short, you’ll need the repairs to be done before the sale is finalized if you don’t want the loan to be rejected. You should check your loan requirements before making a decision.
The most common reason for asking the seller for credit is that the changes the buyer wants are either minor or subjective. Minor repairs will still take time and delay the sale process if the buyer asks for the seller to take care of them. Repainting or choosing colors or materials are updates that require the new owner’s oversight, so it doesn’t make sense to put it in the hands of the seller. If your loan will allow it, you may even want credit for major repairs. This could be because you want more agency in the process, you have the skill to repair it yourself, or you’re on a time constraint and don’t want to delay the sale.
