You know how some things just seem obvious, but apparently aren't?  I was recently speaking to a client who told me of a friend of theirs who recently "got a great deal" on a house on the Hill.  When he gave me the address, it was all I could do not to burst his bubble -- this was an overpriced house that had been on the market for months.  Sure, he got a discount, but a discount off an inflated price, and it was no bargain. Turned out that he had sold his house in Manhattan Beach and his Beach agent had helped him find the new one. The agent, as is generally the case with out of the area agents, was almost totally unfamiliar with Palos Verdes; the agent got the commission, but the buyer paid the price.

Whether you're buying or selling, your agent's familiarity with the local market can make a big difference:  there are nuances of value -- not just the street, but where on the street the house is located; has the agent seen the past sales, or is this his first time in a PV house; weather patterns (heat, fog, etc); traffic patterns (is this street a shortcut during the school year?); city regulations that may be significant to the buyer; possible view obstructions; schools -- an endless list of factors potentially important to the buyer. Even if you're selling, those "potentially important factors" become "material facts" after escrow closes, to a buyer to whom you were unaware you had to disclose them because your (out-of-the-area) agent was unaware of them.

Prior to 1989 almost all real estate business on the Hill was handled by PV agents, and all this was less of a problem. In 1989, over the strenuous objections and warnings of a few of us, the PV Multiple Listing Service was merged with those of the surrounding cities (Beach Cities, Torrance, Carson, San Pedro, Wilmington, etc) and subsequently with much of Southern California, giving all those agents, most of whom need a map to find Palos Verdes, an entre into PV. And let's face it -- Palos Verdes is an attractive place to sell real estate -- beautiful area, classy people, prestige, and bigger commissions.  The attraction to agents from the surrounding areas is understandably irresistible and most will claim they "work PV" if asked.  In reality most only work PV in their dreams. If you're considering using an off-Hill agent for PV, at least ask them to show you how many PV homes they sold during the previous 12 months. Or just use a PV agent.  Heck, call me (613-1076) -- I've lived here for 63 years and am one of the top agents on the Hill.  Bet you thought I'd never ask.