Palos Verdes Blog

Palos Verdes blog is about Palos Verdes real estate market trend, valuable news about how to buy, sell, or lease homes, condos, town-homes, apartments, multi-family homes, and land, including short sales, and foreclosure information.

Sept. 17, 2020

National Market Update Week of September 14, 2020

National Market Update

In Fannie Mae’s August Home Purchase Sentiment Index, almost half those polled say now is a good time to sell a home, and well over half feel it’s a good time to buy. Good news for homeowners who need to do both.

The Mortgage Bankers Association reports purchase applications up 3% for the week and up 40% from a year ago, the 16th straight week of annual gains, while Q2’s $1.1 trillion in mortgage volume set a new record.

Rents are up two months straight, but a new study says almost 2 million renters could afford monthly payments on the typical U.S. starter home. They’d have to leave their current metro to find affordability--but most wouldn’t have to go that far.

Review of Last Week

NOT DONE SELLING... Traders weren't finished taking profits from the latest bull run-up in the market, so the selling continued, and all three stock indexes dropped by the end of the holiday-shortened week. 

Plus, investors hate uncertainty, so they didn't react well to Congressional bickering over a coronavirus relief package, China trade tensions, and slightly slower growth in a recovery that's nonetheless well underway.

Fact is, the worst economic quarter since World War II is behind us and economists expect growth will continue this year and beyond, though we still have a long way to go to get back to the economy we had at the start of the year.   

The week ended with the Dow down 1.7%, to 27,666; the S&P 500 down 2.5%, to 3,341; and the Nasdaq down 4.1%, to 10,854.

Some of those stock profits went into bonds, which finished the week up a tick overall. The UMBS 3.0% was off .36, at $104.98. The national average 30-year fixed mortgage rate hit another record low in Freddie Mac's Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... The world’s oldest language is Sanskrit, spoken since 5,000 BC and still the official language of India. The world’s most widely used language is English, spoken in 146 countries by more than 1.5 billion people--20% of the earth’s population!

This Week's Forecast

HOME BUILDING ACTIVE, RETAIL GROWS, THE FED HOLDS... Builders stay busy, with August Housing Starts and Building Permits forecast at the same strong growth rate as July. Retail Sales should continue their modest climb back. The Fed Rate Decision will be to hold, but we'll hawk-eye their view of the recovery.

NOTE: Weaker economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and higher loan rates.

via CB Loans

Sept. 10, 2020

The Market & Industry: Market holding strong, mortgage rates unlikely to drop lower

Last week, California enacted statewide protections for tenants, banning evictions based on nonpayment of rent between March and August 2020 and requiring tenants to pay 25 percent of their rent between September 1, 2020, and January 31, 2021, to avoid court-ordered evictions. The White House also issued an eviction moratorium through the Centers for Disease Control and Prevention (CDC) declaring evictions during a pandemic to be a national health hazard.

The housing market is still holding strong. In August, more than half of Redfin offers faced bidding wars. California REALTORS® surveyed last week were markedly more optimistic about recovery compared with a month prior, expecting listings to increase and sales to improve in the coming weeks. With Freddie Mac’s chief economist noting mortgage rates are unlikely to dip much lower than they are now, buyers have more buying power than they did a year ago — although an uptick in year-over-year home prices is essentially canceling out those savings.

The second-home market is booming, and increased buyer demand is sparking a wave of new construction projects — although a spike in lumber prices due to COVID-19 is also boosting construction costs. 

Sources: The Mercury News, CNBC, Redfin, C.A.R. Research & Economics, REALTOR® Magazine, The Wall Street Journal, HousingWire

Sept. 3, 2020

SBA to assist California businesses and residents affected by wildfires

In consideration of the public health concerns due to the coronavirus pandemic, the SBA has established a Virtual Business Recovery Center to provide personalized assistance to business owners. In addition, SBA will also open a Virtual Disaster Loan Outreach Center to help homeowners and renters.

Customer Service Representatives will be available to business owners and individuals to answer questions about SBA’s disaster loan program, explain the application process and help each person complete their electronic loan application.

Virtual Business Recovery Center and Virtual Disaster Loan Outreach Center
Mondays – Fridays
9 a.m. – 6:00 p.m.
FOCWAssistance@sba.gov
(916) 735-1500

These services are only available for the California disaster declaration as a result of the wildfires that began Aug. 14, 2020, and not for COVID-19 related assistance.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 3 percent for businesses, 2.75 percent for private nonprofit organizations and 1.188 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

To be considered for all forms of disaster assistance, survivors must first contact the Federal Emergency Management Agency at www.disasterassistance.gov. Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/.

Applicants may also call SBA’s Customer Service Center at (916) 735-1500 or email FOCWAssistance@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

Aug. 27, 2020

Palos Verdes Estates Foundation formed to augment projects across the city

Palos Verdes Estates Mayor David McGowan and other civic leaders and volunteers formed the non-profit Palos Verdes Estates Foundation to augment beautification, cultural and other projects across the city.

At a recent Zoom kick-off event more than 100 Founding Donors raised more than $300,000, said Karen Logan, the foundation's communications chair.

McGowan said he started the foundation before becoming mayor and that funds raised do not replace operational expenses for the city.

The foundation monies are supplemental, McGowan said.

“Even though we're very fortunate community, we've got huge pension debts and infrastructure questions … so these are ways to make the community feel better and make some progress and help one another,” said McGowan, who is also the foundation’s president.

The group’s first project is beautification of the City Median at the intersection of Via Corta and Palos Verdes Drive West, which McGowan said is the city’s hub for traffic and business. The project is estimated to cost $60,000.

“It's an area in front of the City Hall that has been in total disarray, it's a weed patch,” McGowan said. “It's the center focus of our little downtown part of Palos Verdes Estates. So one of the first projects the team wanted to do was to reinvest some money in cleaning that area up and making it more presentable for the community and for visitors.”

“This project is a needed boost to our city to show visitors and residents that in PVE still values it beauty in spite of droughts, COVID and other setbacks,” said Logan in an email.

Logan said the site is currently being prepared for planting, which will take a few weeks in order to eliminate the weeds in the area. In September, the plans will be presented to the Parklands Commission for the second time for final approval. The plan will then go before the City Council to approve the project. She said they expect to start planting in late September or early October.

The Foundation has also worked with the Palos Verdes Estates Police Department in support of PVE-CARES, which was formed to fight crimes against senior citizens, in their efforts to provide vaccines or COVID-19 testing for dependent senior citizens or adults.

A future project wish list, McGowan said, includes restoration of the Farnham Park Fountain, Olmsted Place, 9/11 Flag Triangle, Memorial Garden, Montemalaga Plaza, among other landmarks in the city.

Currently, McGowan is the board treasurer for the Los Angeles Parks Foundation, which he said has raised more than $30 million over the past 10-plus years to help fund projects the city of Los Angeles otherwise could not afford.

McGowan said the Foundation hopes to foster relationships with other local organizations and non-profits, from garden clubs to homeowner associations.

“We're utilizing it as a basis to pull the community together,” McGowan said of the Foundation.

At a recent Zoom kick-off event, Logan said more than 100 Founding Donors raised more than $300,000.

“There has been a resounding support of the residents for the PVE Foundation and this project,” Logan said.

The Executive Board of the Foundation also includes Janet Teague, secretary; Barton Gurewitz, treasurer; as well as Virginia Butler and Randy Bowers. The Leadership Team includes Tim Good, Logan and Chad MacAllister.

For more information, visit pvefoundation.org.

Palos Verdes Estates Mayor David McGowan and other civic leaders and volunteers formed the non-profit Palos Verdes Estates Foundation to augment beautification, cultural and other projects across the city.

McGowan said the group helps with some of the city’s financial constraints.

“Even though we're very fortunate community, we've got huge pension debts and infrastructure questions… so these are ways to make the community feel better and make some progress and help one another,” said McGowan, who is also the foundation’s president.

The group’s first project is beautification of the City Median at the intersection of Via Corta and Palos Verdes Drive West, which McGowan said is the city’s hub for traffic and business. The project is estimated to cost $60,000.

“It's an area in front of the City Hall that has been in total disarray, it's a weed patch,” McGowan said. “It's the center focus of our little downtown part of Palos Verdes Estates. So one of the first projects the team wanted to do was to reinvest some money in cleaning that area up and making it more presentable for the community and for visitors.”

“This project is a needed boost to our city to show visitors and residents that in PVE still values it beauty in spite of droughts, Covid and other setbacks,” said Karen Logan, Communications Chair for the Foundation, in an email.

Logan said the site is currently being prepared for planting, which will take a few weeks in order to eliminate the weeds in the area. In September, the plans will be presented to the Parklands Commission for the second time for final approval. The plan will then go before the City Council to approve the project. She said they expect to start planting in late September or early October.

The Foundation has also worked with the Palos Verdes Estates Police Department in support of PVE-CARES, which was formed to fight crimes against senior citizens, in their efforts to provide vaccines or COVID-19 testing for dependent senior citizens or adults.

A future project wish list, McGowan said, includes restoration of the Farnham Park Fountain, Olmsted Place, 9/11 Flag Triangle, Memorial Garden, Montemalaga Plaza, among other landmarks in the city.

Currently, McGowan is the board treasurer for the Los Angeles Parks Foundation, which he said has raised more than $30 million over the past 10-plus years to help fund projects the city of Los Angeles otherwise could not afford.

McGowan said the Foundation hopes to foster relationships with other local organizations and non-profits, from garden clubs to homeowner associations.

“We're utilizing it as a basis to pull the community together,” McGowan said of the Foundation.

At a recent Zoom kick-off event, Logan said more than 100 Founding Donors raised more than $300,000.

“There has been a resounding support of the residents for the PVE Foundation and this project,” Logan said.

The Executive Board of the Foundation also includes Janet Teague, secretary; Barton Gurewitz, treasurer; as well as

Virginia Butler and Randy Bowers. The Leadership Team includes Tim Good, Logan and Chad MacAllister.

For more information, visit pvefoundation.org.

via PVNews.com

Aug. 26, 2020

4 Ways to Prepare Your Garden for Fall

We’re heading into the fall season, and that means cooler weather is on its way. This is the perfect opportunity to enjoy the great outdoors, tend to your garden and improve your home’s curb appeal — all in one fell swoop.

Are you looking forward to spending some time sprucing up your yard and preparing your garden for autumn? Be sure to add these four tasks to your to-do list before getting started:

  • Start With the Basics: Pull up weeds, dig out your annual or seasonal bulbs, and clear out any leaves, dead plants and debris. You should also spend some time tilling the soil before adding new soil and mulch.

  • Prep for the Elements: You’ll want to invest in garden covers, which help guard against pests and colder temperatures. If you have an automatic sprinkler system, be sure to adjust its schedule since you’ll need less water when it’s not as hot outside.

  • Add Fall-Friendly Plants: If you removed seasonal plants, you could replace them with some that thrive in cooler weather. Chrysanthemums are a good flower for fall, and if you’re looking to plant produce, kale and cabbage are both smart options.

  • Include a Festive Touch: For even more curb appeal, consider adding some gourds, cornstalks or pumpkins. You can also change out your colorful summer flowerpots for orange- and red-hued ones.

Do you need a loan for a landscaping makeover — or to purchase a new home? Get in touch today to learn about your financing options.

via Myhomehq.biz

Posted in Palos Verdes Blog
Aug. 25, 2020

National Market Update Week of Aug 24, 2020

National Market Update

How’s this for V-shaped: existing-home sales hit their bottom in May, down 32.1%; then, after record-setting gains in both June and July, existing-home sales have now soared above their February high, to a 5.860 million annual rate.

Growth occurred in all major regions for both single-families and condos/coops. Yes, inventories are down versus a year ago, so prices rose, but demand took 68% of homes sold in July off the market in less than a month.

Helping inventory, Housing Starts exploded 22.6% in July to a 1.496 million annual rate, 4.5% below February, so just short of a full V-shaped recovery.  NAHB homebuilder sentiment tied its highest read on record since 1998.

Review of Last Week

MORE RECORD HIGHS... The economic optimism on Wall Street was palpable, as the broad-based S&P 500 and the tech-y Nasdaq hit new record highs, though the blue-chip Dow put in a flat performance. 

Delays in China trade talks and lack of Congressional progress on the next fiscal stimulus package didn't discourage investors. They turned the fastest bear-market plunge into the fastest bear-market recovery in U.S. history.

There was a lot to cheer about on the housing front, along with better-than-expected corporate earnings, softening inflation, increased industrial production, and continued, albeit slower, recovery.

The week ended with the Dow off a point, at 27,930; the S&P 500 UP 0.7%, to 3,397; and the Nasdaq UP 2.7%, to 11,312.

Bonds overall gained slightly. The UMBS 3.0% was down .03, at $105.36. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate inched up but remained near its record low. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?...Scientists estimate about 100 metric tons of cosmic dust fall to earth each day, about 40,000 metric tons per year. But don’t worry, this adds barely a smidge to our planet’s mass, which is around 6,000 billion billion metric tons.

This Week's Forecast

NEW AND PENDING HOME SALES SHOW CONSUMERS CONFIDENT...Expect more housing recovery for July, as both New and Pending Home Sales keep growing, bolstering Consumer Confidence. Personal Income should slip a tick while Personal Spending heads up and Core PCE Prices show inflation remains mild. Initial Unemployment Claims should edge back down.

NOTE: Weaker economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and higher loan rates.

 

via CB Loans

Posted in Palos Verdes Blog
Aug. 21, 2020

Refinancing your mortgage isn't always the right move

Here are plenty of reasons to refinance your home — better rates, lower monthly payments, and getting rid of private mortgage insurance are just a few of them.

But there are times when refinancing isn't the best financial decision. Darrin English, Senior Community Development Loan Officer at Quontic Bank, spoke with Business Insider about what some people think are "good reasons" to refinance  — but in reality, are rarely the best idea.

1. To lock in a rate that's only a fraction of a percentage point lower

Just as with your initial mortgage, you'll have to pay closing costs when you refinance your home. Closing costs typically amount to thousands of dollars.

If you're chasing a new rate that's a fraction of a percentage point lower than what you're currently paying, then it could take you a long time to save enough to offset the closing costs. 

Homeowners should also check whether their state charges a mortgage tax.

"If you're borrowing $500,000 or less, you're going to be required to pay the state 1.8% of the amount that you borrow," English said about homebuyers in New York. "If you're borrowing more than a half million dollars, then you're required to pay the state 1.925% of the amount. So your closing costs can be considerable."

English said the rule of thumb is that you should only refinance if your new rate will be at least 1% less than what you're paying now. Another way of looking at it is that you should be able to break even within 2 1/2 years.

"This was actually a Housing and Urban Development rule at one point, and it's become the standard," English said. "I've been in the business for almost 25 years now, so I just hold it as true, because I've seen success."

2. To move into a longer-term loan

If you only have 20 years left on your mortgage, for example, it may seem like a good idea to refinance into another 30-year mortgage. By stretching your remaining payments out over a longer period of time, your monthly payments will be lower.

But English usually doesn't recommend this strategy, especially if you plan to stay in the home long-term. You'll be making payments on your home for longer, and you'll end up paying more in interest by extending your loan term.

"If you're considering paying off your home as part of your retirement plan, it's probably not a good idea to create a brand new 30-year mortgage," he said. "It's always better to either maintain your current payment — or if you're going to refinance, to refinance into a lesser term. Consider a 15-year, especially if the rate is low enough where you can keep the monthly payments almost close to what you're paying, and reduce the term. You'd be better off."

3. To switch from a fixed-rate mortgage to an adjustable-rate mortgage

When you apply for a mortgage, you choose between two basic types of loans: fixed-rate mortgages and adjustable-rate mortgages, or ARMs.

Fixed-rate mortgages lock in your rate for the entire life of your loan, and ARMs lock in your rate for the first few years, then change your rate periodically. 

Adjustable rates typically start lower than fixed rates. So you may be tempted to refinance from a fixed-rate mortgage into an ARM so you can score low rates for the first five, seven, or 10 years, and have lower monthly payments in the short-term.

"I would never suggest refinancing out of a fixed-rate mortgage into an ARM just to reduce the monthly payment," English said, "simply because even if it's fixed for a period of time that you can measure, you don't really know where the economy will be once that loan begins to adjust."

By refinancing into an ARM now, you risk paying more later.

4. To invest money in the stock market

Maybe you want to refinance so you can either a) cash out and invest the money in the stock market, or b) make lower payments and invest the monthly savings into the market.

"I really wouldn't recommend that," English said. "Is there ever a time? Sure. But would I recommend it? Absolutely not. The stock market, much like real estate, is cyclical. And there are things that you just can't predict."

"So will it outperform your home?" he continued. "It's all based on jurisdiction. If you lived in New York in 2006, when we were at the beginning of a new real estate cycle, you could have bought a two-family home in a prime area of Brooklyn, say Bedford-Stuyvesant, for $525,000. That same home now is worth almost $2 million. If the money is put into really low-risk stocks, could you outperform real estate? I can't say you will."

5. To spend cash on unnecessary purchases

If your home has gained value since you bought it, a cash-out refinance could be a good way to tap into your home equity and pocket money for other expenses. But you should think carefully about which costs are worth refinancing and which aren't.

"If you're going to cash out to consolidate debt — lowering your monthly payment by way of spreading out the amortization over 30 years and reducing the interest rate — then by all means, a cash-out makes sense," English said. "If you're looking to invest in another home that will outperform its current placement, then absolutely. If you're just looking to go away or do something frivolous, it's probably not the best way to spend your hard-earned equity."

Ultimately, it's up to you whether an expense constitutes refinancing. Just be sure to weigh the pros and cons.

6. To offset financial losses from the coronavirus

If your finances have taken a hit during the coronavirus, you may be thinking about refinancing to cut costs. The only problem is that it might not be possible. If you've already lost income, your lender probably won't approve your application.

English said refinancing could be the right move if you suspect you will lose income soon, though.

"If you're looking to bolster your savings and cut down on expenses, this might be the absolute best time to do it," he said. "Especially if you think your job is going to furlough you."

But if you think your job could furlough you before you close on your new loan, it's probably already too late to refinance. You need to still have a steady income until the refinancing process is complete.

Editor's Note: This post has been updated to remove information about California's mortgage tax; California does not charge a mortgage tax.

via Business Insider

Aug. 19, 2020

4 Tips for Choosing a Real Estate Agent

Whether you're buying or selling a home, choosing a real estate agent is one of the most important decisions you'll make. A great agent has your best interests at heart, understands the market and works to get you the best deal. 

Finding one who fits your needs is crucial to having a great experience and getting the most for your time and money. Use these tips for choosing a real estate agent:

Interview several agents before choosing. Start with referrals and some online research, then speak to your top three picks. There are a variety of questions you should ask, but you also want to make sure you generally like and trust the person.

Check their marketing plans. How will your house get in front of the potential buyers who need to see it? Take a close look at the agent's listings, website and social media pages to see if they’re updated regularly and with engaging content. 

Learn about their experience. Years are a good sign, but it's not the only measure of experience and success. Do they have any special credentials? How many sales do they close every year?

Find out how they communicate. Do you prefer to text, call or email? Find an agent who can communicate using your preferred method, and ask how often you can expect to hear from them. You want someone who will keep you in the loop and be available to answer your questions as they arise. 

Are you in need of a great agent who can help guide your sale or purchase? Get in touch today for a personalized recommendation.

via myhomehq.biz

Aug. 17, 2020

National Market Update Week of Aug 17th, 2020

National Market Update

Realtor.com reports sellers are back. The new listings component of their Housing Market Recovery Index (HMRI) grew above its January rate, along with the components for housing demand, asking prices, and pace of sales.

August is the new May for home buying. Purchase mortgage applications landed 22% higher than the same week a year ago. Plus, as mortgage rates fell, refinances jumped to their highest level since April.

Freddie Mac’s chief economist notes: “Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower mortgage rates has a material impact."

Review of Last Week

CLIMBING BACK...Less than five months from their March bear market low, stocks shot back to within a whisker of the S&P 500's all-time high, as investors sparked to better-than-expected economic data.

We still have a long way to go to fully emerge from the shutdown recession, but there's been steady progress. Retail Sales have already achieved a full V-shaped recovery, landing in July above pre-pandemic levels. 

Initial jobless claims dropped to 963,000, their first time below a million since March, and continuing claims fell by 604,000. The Fed watches Productivity as a key gauge of economic health, and that grew a surprising 7.3% in Q2.

The week ended with the Dow UP 1.8%, to 27,931; the S&P 500 UP 0.6%, to 3,373; and the Nasdaq UP 0.1%, to 11,019.

Bonds sank under the weight of the steady recovery. The UMBS 3.0% was down .61, to $105.39. The national average 30-year fixed mortgage rate edged up from last week’s record low in Freddie Mac's latest Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... M&M’s are named after Forrest Mars, Sr., who founded the company that launched them in 1941, and Bruce Murrie, son of the Hershey Chocolate president, who had a 20% stake in the product.

This Week's Forecast

HOME BUILDERS BUSY, EXISTING HOME SALES SPIKE...The forecast is for Housing Starts and Building Permits to surge in July, along with Existing Home Sales, expected to jump well over the 5 million unit annual rate--and analysts say housing is a bellwether of the economy.

NOTE: Weaker economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and higher loan rates.

Via CB Loans

Aug. 15, 2020

Historic Vanderlip Estate in Rancho Palos Verdes sells for $10.5 million

An unidentified buyer has snapped up the near-century-old Vanderlip family estate atop Rancho Palos Verdes’ Portuguese Bend for $10.5 million.

Known as Villa Narcissa, this 11.5-acre property with unobstructed Catalina Island views has a 7,700-square-foot Tuscan-style villa complete with 10 guesthouses, a swimming pool and a tennis court.

Classical Mediterranean-style gardens, an amphitheater, and a 246-step brick walkway lined with cypress trees that ascends to a Doric colonnade surround the residence.

The buyer’s agent Stephen Lampe of Re/Max Commercial and Investment Realty said by phone that his client plans on “maintaining” the property as an estate, “restoring and keeping it longterm.”

Villa Narcissa was built in 1926 for Frank A. Vanderlip Sr., a New York financier who helped found the Palos Verdes Peninsula. The house, named for his wife, Narcissa Cox Vanderlip, used to sit on 16,000 acres of land.

In the 1940s, the couple’s son Kelvin Vanderlip, Sr. inherited the property where he hosted many parties.

“The list of guests and events throughout the past century is just legendary,” said Jade Mills of Coldwell Banker Realty, who shared the listing with Tiffany Mills of Coldwell Banker Realty and Lauren Forbes and John Corrales of Compass.

According to the Wall Street Journal, the parties were attended by the likes of Jimmy Stewart and Ted Geisel, aka Dr. Seuss. Lee Katz, assistant director of the film “Casablanca,” later lived at the house with Elin Vanderlip, the widow of Kelvin Vanderlip.

But the last heirs to the estate, Kelvin Vanderlip Jr. and Narcissa Vanderlip, decided to sell the property because, as they told the Daily Breeze, the work to maintain the home was too great.

“You’re always in production,” Vanderlip Jr. said of its upkeep. “It’s like a huge theater. People want to see the grounds and the views. They want to sit at a formal table and eat a great meal. They just expect a lot and so you rise to the occasion.”

The sale closed July 29 at a 19% decrease from the initial $12.995 million asking price five months earlier, in February.

via PVNews.com