Just Sold: 5822 Finecrest Dr Rancho Palos Verdes
My buyer clients just closed escrow on this 1815 Sq Ft 4 bedroom SFR on a 12,851 Sq Ft lot in the Silver Spur neighborhood of Rancho Palos Verdes. The house was listed for $1,549,000 and after the usual multi offer bidding war wound up selling for $1,651,500. (More on that later.)
If you are not familiar with Rancho Palos Verdes 90275, which covers a huge amount of the Palos Verdes Peninsula, each of the neighborhoods is unique in its own way. I’ve thought that Silver Spur, which is located between Hawthorne Blvd and Silver Spur Road (hence the name) has been undervalued for the last few years but that seems to be changing recently.
The reason I thought that homes in this area had room to run is because the location is not that far up the hill, it is adjacent to Palos Verdes Estates and many homes have views. Like the one I just sold.
HERE’S A GALLERY OF PHOTOS
Here’s how the listing agent described it in the MLS:
“Set high above the street, step onto the charming porch of this home in a quiet enclave of Rancho Palos Verdes. The lush lawn blends seamlessly into the wide-open city and mountain views that can be enjoyed from many areas on this generously sized lot. Luxurious floors underfoot begin at the entry and flow straight through to the living area with oversized picture windows to frame the spectacular views. The formal dining area is open to the living room and located conveniently off the kitchen, allowing for easy entertaining. A more casual dining area in the remodeled kitchen is set up for a breakfast table and a quick bite. The sleek kitchen which overlooks the lush, private backyard has Quartz countertops, designer subway tile, crisp, white cabinets, and upgraded Thermador stainless steel appliances. A family room just past the kitchen has built-in shelving and is perfect for a cozy evening with a movie. Just beyond is a room that would be great for a home office with a walk-in closet and a private door leading to the rear yard. Once outside, there is space for outdoor dining and cooking as well as an elevated pad for seating to take in the views. New, lush landscaping and recently installed pavers make it feel like a natural extension of the home. Back inside, two spacious bedrooms with large windows for plenty of natural light, wood floors, and new light fixtures share a recently remodeled bathroom with a tub, marble counters, new cabinetry, and fixtures. The roomy primary bedroom overlooks fruit trees through custom wood shutters and the attached bathroom is a blank slate with clean, white cabinetry and tile. The ideally located laundry area is tucked away and has plenty of storage and easy outside access. Other details that make this very well-maintained home stand out are Pella double-paned windows for energy conservation and drought-tolerant plants with a fully automated watering system. While this home is ideally located close to the shops and restaurants of the Peninsula, taking in the stunning views and relaxing gardens, truly makes it a wonderful escape at the end of the day.”
HOW TO GET INTO ESCROW
As I often mention to buyers over the past year, you have to be willing to do literally “whatever it takes” these days in order to get into escrow. In this instance, my buyer clients waived both their loan and appraisal contingencies.
That is never something I suggest to buyers to do, but it if they are ready to go there as long as they understand the risk, I’ll write it.
A few words about waiving contingencies.
If you are buying a Single Family Residence (house) and your file has been entirely underwritten and the remaining conditions do not require any underwriter discretion, sure - you can waive the loan contingency. For anything with a HOA it is a lot riskier.
As for the appraisal contingency, greater risk because appraisals are an “opinion of value” and that opinion can be anything. Sort of. In this case as there was a very recent comp right at $1.65M it would have been appraisal malpractice if it did not come in at value.
WHERE IS IT?
Rancho Palos Verdes Micro Markets
RPV has multiple defined micro markets in the MLS. Click the links to view homes for sale.