On the COVER this issue is a quintessential ocean front home located on prestigious Paseo Del Mar in Palos Verdes Estates. Sitting on the very first corner lot on the street on over a half acre, this home has never been offered for sale and features 5 bedrooms, 4 bathrooms, large entertaining areas, a pool, and tennis court. Offered by Ed Kaminsky, Kaminsky Real Estate Group, Shorewood Realtors.
Inventory (or lack thereof) has been the single most discussed real estate metric in 2013. When you look back several years, you can really appreciate the steady decline in the number of homes for sale in the South Bay. In the chart below, we isolate the month of September, which had almost double the number of homes for sale in 2010 as there were in September of this year! On the COVER this issue is a truly original Old World Style Tuscan Villa that was originally built in 2007 by Dave Odle and professionally upgraded by LeighAnn Odle Construction Finish & Design offered by Ed Kaminsky, ITZ SOLD.
Since we tend to always focus on what the local real estate numbers are telling us about local market conditions, I thought I would share some “big picture” economic numbers that you may find interesting. Housing contributes to Gross Domestic Product (GDP) in two ways: private residential investment and consumption spending on housing services. Historically, residential investment has averaged roughly 5% of GDP while housing services have averaged between 12%-13%, for a combined 17%-18% of GDP!
