With all the media attention on the “declining” real estate market I decided to do a little digging into what has happened in my own neighborhood, the Hollywood Riviera. Hollywood Riviera is a small section of South Torrance (a lot of it has a Redondo Beach P.O. Box - thus many of us say we live in Redondo Beach. That is another story.) Homes in the Hollywood Riviera had an average price in the year 2000 of $648,000. In 2006 that price almost doubled and averaged $1,115,486. That is a 72% gain in 6 years - not bad! Since 2007 just ended, we show the average price of a home in the Hollywood Riviera actually increased 2.5% to $1,143,959. 
Now the interesting part also has to do with the number of units sold. Back in 2000, 143 houses were sold in the Riviera - that’s a lot. There are about 3100 homes in the entire area. In 2006, that number dropped to 88 homes sold. Yet in 2007, 90 homes sold - so at least there was more activity. 
The last quarter of 2007 showed 8 homes in escrow - that is a lot of activity for that slower time of year. As those sales post to the SOLD category, we will be off to a good start in 2008!
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Now the interesting part also has to do with the number of units sold. Back in 2000, 143 houses were sold in the Riviera - that’s a lot. There are about 3100 homes in the entire area. In 2006, that number dropped to 88 homes sold. Yet in 2007, 90 homes sold - so at least there was more activity. 
The last quarter of 2007 showed 8 homes in escrow - that is a lot of activity for that slower time of year. As those sales post to the SOLD category, we will be off to a good start in 2008!