The South Bay of Los Angeles is in the middle of a hot and muggy spell, but the same cannot be said for the local luxury home market on the Palos Verdes Peninsula. The dog days of summer find the luxury home market in a cooling trend and heavily favoring buyers.
With 65 Palos Verdes luxury homes for sale priced at or above $3,000,000 and only seven sales in July, it is easy to understand why sellers must invest more time in preparing their home to meet the challenges of a slowing luxury market. On the other hand, buyers now have more choices and negotiating power since the market tipped in their favor.
There are currently five Palos Verdes Luxury homes in escrow and 33 luxury homes ($3MM+) on the Palos Verdes Peninsula sold thus far in 2017.
The number of foreign national buyers is predicted to decline in the coming months putting more pressure on luxury homes sales in the upscale coastal areas of the South Bay of Los Angeles.
What can a seller do to increase the chances of an acceptable offer in a slowing market? Price, condition and of course, location all play a significant role in attracting qualified buyers. If this “trifecta of real estate” offers outstanding value to prospective buyers the property will sell no matter what the overall market is signaling.
For more information about buying or selling a Palos Verdes luxury home contact Norma Toering at 310.493.8333 or Norma@CharlemagneProperties.com.