Coastal properties have a leg up on the rest of the country as far as desirability. People are always going to want to be close to the ocean. That being said, the real estate prices in Palos Verdes and the beach cities haven't plummeted like values in other areas of the country. The number of overall transactions is down, true, but that can be attributed to the nervousness of the market and the tightening that has taken place in the mortgage industry.
The property featured in this post is a tear-down/fixer upper. The owner plans to expand the house by 1000 square feet and give it a complete makeover...One thing is for sure...the view will not go anywhere...and neither will home values in this neighborhood.
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