The Palos Verdes Estates sub-market of Monte Malaga, known for its high-priced estate homes and stunning views, is beginning to offer lower-priced homes for first time home buyers. Surprised?
When most Palos Verdes Estates (P.V.E.) residents think of homes in Monte Malaga, they think of streets like Via Visalia, Via Rincon, Paseo Del Sol, Via Arco, Paseo La Cresta, and of course, New York Hill, a.k.a. “Allende El Mar”. These streets are lined with gorgeous estates, stunning views, and some of the highest prices on The Hill.
High-priced sales of note this year include:
- 1414 Paseo La Cresta: $8,00,000 (the almost 10,000 sq. ft. home named “Versailles on the Hill”)
- 1409 Via Arco: $4,757,000 (the custom colonial remodeled in 2013 with over 6,000 sq. ft. on a 30,000 sq. ft. lot)
- 1505 Via Fernandez: $4,500,000 (the 7,200 sq. ft. home at only $625 per sq. ft. found a buyer in only three days and sold for full price)
- 982 Paseo La Cresta: $6,500,000 all-cash (the New York Hill home with “jaw-dropping ocean views” closed three weeks from its list date)
While these sales are what keep Monte Malaga on the luxury real estate map, this sub-market offers entry-level homes much to the surprise of many buyers…that is, if you consider $1,500,000 to be entry-level.
Fixer Homes
Take a look at some intriguing fixer sales:
- 1433 Via Cataluna: $1,300,000 (4 beds, 3 baths, 2,171 sq. ft.)
This fixer was the lowest sale in Monte Malaga for the year and priced below $600 per sq. ft. Although it is on the busy corner of Granvia Altamira, you would be hard-pressed to find a price like this anywhere in P.V.E.
- 64 Montemalaga Plaza: $1,549,000 (4 beds, 3 baths, 2,478 sq. ft.)
Although a fixer, this home was certainly livable as-is. To pick up an almost 2,500 sq. ft. home in P.V.E. at a $1,550,000 price is a rarity.
- 2409 Via Sonoma: $1,566,000 (3 beds, 3 baths, 1,969 sq. ft.)
Located on a prestigious street, this home sold at an ultra-low price for Via Sonoma. This home not only had a pool, but also a slice of that famous Via Sonoma view.
Turn-Key Homes
If you are not the hammer and nails-type of person, one might be surprised that there are turn-key options that offer a ton of value in Monte Malaga. Take a look at the recent turn-key sales:
- 2229 Via Fernandez: $1,445,000 (3 beds, 2 baths, 1,616 sq. ft.)
This house is a great starter home option that is move-in ready. Without question, this final sales price can compete with any entry-level offering in Lunada Bay or Valmonte.
- 2115 Via Visalia: $1,450,000 (3 beds, 2 baths, 2,000 sq. ft.)
This sale turned a lot of heads when it had to take a discount to sell. For having a nice chunk of livable square footage, along with being a 2007 fully remodeled home, this home provided tons of value to the buyer.
Conclusion
Buyers tend to look towards Lunada Bay and Valmonte for affordable homes in order to get that P.V.E. address. However, I think one can argue that Monte Malaga also offers affordable homes.
Some interesting median prices to note for 2018:
- Lunada Bay: $1,813,300
- Valmonte: $1,575,000
- Monte Malaga: $2,100,000
Yes, Monte Malaga is clearly the more expensive sub-market. But, per the old real estate adage: “Never buy the most expensive house on the block.” In terms of value associated with Monte Malaga, buyers may want to consider buying the affordable home on the most expensive block.
Richard Haynes
DRE: 01779425
For more South Bay real estate insights, subscribe and follow Richard’s social channels below:
The Richard Haynes Real Estate ShowA leader in South Bay real estate for the better part of a decade, Richard thrives as an advisor to his clients with over $248 million in sales as a broker or investment principal at his boutique agency, Haynes. Richard is known for his keen local market insights which have been featured in the L.A. Times, The Street, and Forbes, along with his weekly South Bay real estate blog. [read more]