The new face of homes sold in the Hollywood Riviera over $2 million dollars has become the norm these days. It wasn’t that long ago that the average home in the Hollywood Riviera Sold in the $1 million dollar range with the newer construction/major remodels going in the high $1 million dollar range. Today the average sold price of homes sold in 2017 is just over $1,500,000. Many of these homes sold in 2017 sold in under 30 days with more than one buyer vying for that property. 58% of the 89 single family homes that sold this year (since Jan 1, 2017 – Sept 18, 2017) sold at or above their list price. That is indicative of the buyer demand in this market. It’s still very strong. If you are considering selling your home, now is a very good time!! Homes that are priced well and staged sell for the most money!! Call us today and we can help you prepare your home for sale!
For more information on this beautiful home – see the article by Zillow – here
California Mandates Water-Conserving Fixtures
A new California law that takes affect January 1, 2017 requires property owners to install water-conserving plumbing fixtures for all homes built prior to 1994. This new legislation was enacted as a way to encourage ongoing water conservation during our continuing drought conditions.
Owners of single family homes are required to comply by 2017 and all other properties must comply by 2019. In addition, any property that is altered or improved after 2014 must have water-conserving water fixtures installed as a condition of final permit approval.
So what does this mean for homeowners who are selling their homes? Interestingly, there is currently no point of sale requirement in the legislation. That means that while homeowners may be legally required to install the water-conserving devices in their homes, they are not required to be installed as a condition of the sale of a home.
The law does, however, create a disclose obligation for the seller.
Initially the law only requires a seller to check a box on the Transfer Disclosure Statement (TDS) as to whether or not there are water conserving fixtures installed on the property. In later years, sellers will be required to disclose the requirement to install water-conserving fixtures and whether or not the property has any non-compliant fixtures.
So what are non-compliant water fixtures? This new law defines the following as non-compliant water fixtures:
- any toilet manufactured to use more that 1.6 gallons of water per flush
- any urinal manufactured to use more than 1 gallon of water per flush
- any shower head manufactured to have a flow capicity of more than 2.5 gallons of water per minute
- any interior faucet that releases more than 2.2 gallons of water per minute
Home buyers should be aware of these new requirements as purchase of a home that does not comply with this new law could result in additional expense for the buyer if the state decides to start enforcing these regulations more rigorously at some point in the future. Buyers may want to negotiate seller credits or request that a seller install compliant fixtures as a condition for their completing the purchase of a home.
If you have questions about this new legislation and what it means to you, whether you’re considering buying or selling a home, call me at (310) 613-2465.
Happy Holiday Home for sale in the Hollywood Riviera – come check out this amazing one level Hollywood Riviera Home for sale! It’s got the most amazing views in town! The lot is over 17,000 sq ft – most of it is useable and flat, but there is also a wonderful terraced orchard style lot with many different fruit trees. You will be amazed when you see the panoramic views of the ocean, city and mountains – from almost every room in the house plus the spacious deck! It’s truly one of a kind. Schedule your showing of this amazing piece of Hollywood Riviera real estate! 5603 Via Del Collado, Torrance, CA 90505
Sold by Kelly & Laura – Sisters Sold on the South Bay Real Estate!
Hollywood Riviera – the price difference between the two zip codes (90277 vs 90505)
Yes, there is a price difference between the two zip codes in the Hollywood Riviera. The Riviera neighborhood is all located in the city of Torrance, however, part of it has a Redondo Beach address (90277) that actually is used for your mail and the address found in the tax records. Most of the 90277 homes are actually located closer to the beach thus their location is a bit better than the 90505 homes for that specific reason alone. But, there is that “I want to tell people that I live in Redondo Beach and not Torrance” part of the deal that is inferred.
The numbers don’t lie is the bottom line.
This year alone, since January 1st, 2016 until today, October 2nd, 2016 – there have been 37 homes sold on the 90505 side of the Hollywood Riviera. The average price of the homes sold on the Torrance/90505 side is $1,047,244. The average dollars per square foot of those homes is $589/per foot. The lowest priced home on this 90505 side was $670,000. The highest price home sold on the Torrance side was $1,725,000.
Using this same time frame, there have been 40 single family homes sold on the Redondo Beach/90277 side of the Hollywood Riviera. The average price of the Redondo Beach/90277 side is $1,474,675. The average dollars per square foot of those homes is $719/per foot. The lowest priced home sold on the 90277 side of the Riviera this year was $955,000 and the highest priced home was sold for $5,300,000 – if we take this one out, the next highest priced sale was $2,250,000.
As you can plainly see, there is a big difference between the two addresses here in the Hollywood Riviera. And it’s all Torrance mind you, even if you have the clearly more expensive 90277 address. It’s only an address, but clearly there is a lot of value in saying you live in ‘Redondo Beach.’
Let’s take two very similar homes – one on each side that sold this year – for examples:
- 3868 Bluff St, Torrance, CA 90505 – 1752 sq ft – all remodeled ( no views) – sold for $1,053,500 in summer 2016
- 249 Calle de Madrid, Redondo Beach, CA 90277 – 1512 sq ft – all remodeled (no views) sold for $1,222,000 in summer 2016
The Torrance address home is actually bigger, yet still sold for quite a bit less than a similar home on the Redondo Beach side.
If you have any questions regarding homes in the Hollywood Riviera, please don’t hesitate to reach out.
Kelly & Laura