Hollywood Riviera & South Bay Real Estate Blog

Today was our broker’s open tour day for the Torrance & Redondo Beach areas.  There were so many houses to see that you really had to concentrate on one area and just see those.  I did the Hollywood Riviera, 2 in South Torrance (Seaside neighborhood) and one on the Avenues in South Redondo. 

The price ranges were from $719,900 for a small house on Clearsite in the Seaside neighborhood of South Torrance to $1.649.00 for a large, 3800 sq ft, of new remodel in the Hollywood Riviera on Via Buena Ventura and then many in between. 

Clearsite – 3 bedrooms, 2 bathrooms + a family room, laundry room and bonus room off the garage.  The floorplan was a bit quirky but such nice curb appeal – $719.900

Via Buena Ventura – gorgeous floors, amazing floor plan (clearly planned by a woman), pretty kitchen, great backyard, great master suite with huge walk-in closet – $1.649.000

New one on Calle Mayor (there are few houses for sale on CM right now.)  Very well done remodel.  Great kitchen, nice finishes, pretty view and a nice floor plan – $1.219.00

Via Sego – not many come up on this small charming street in the Hollywood Riviera – This house is certainly dated, but has great bones, a nice ocean view and a pool.  The pool had this cool slide that came off the deck above it – guessing that wouldn’t be installed in 2010’s-world (I loved it!)  Had a lower level family room with fireplace as well as an extra bedroom and bath down there….a great party house – $1.299K

Broker’s Opens really help the agents get a sense of the market and what is happening.  We can’t sell houses to people without a sense of value.  You’ve got to see the houses to establish this.  These were some of my favorites today!

   New Hollywood Riviera Listing – under $1 million!  709 Calle de Arboles, Redondo Beach, CA 90277

You’ll want to come see this new listing either this Thursday (March 4th) from 12-2 or this Sunday (March 7th) from 1-4 because it is spectacular.  It offers a great lifestye in the Hollywood Riviera living close to the walking trail and not too far from the beach, Riviera Village and Riviera Elementary, Rocketship Park – these are all some of the fine benefits to living in this wonderful neighborhood.  This home has a sparkling pool and a bonus pool house with half bath and outdoor shower all in your backyard.  It makes for some fun parties or relaxing afternoons in the sun.  The minute you walk into this appealing home you are warmed by the light streaming in from the distinctive windows and clearstory windows in the open beam ceilings.  There is a gorgeous kitchen with honed black granite counters, wet bar and office area built in – and it’s open to the dining area/family room all warmed by a cozy fireplace.  Stone patio off the dining area perfect for BBQ’s.  Throughout the house there are gleaming walnut hardwood floors that are so pretty.  Wood with frosted glass interior doors add distinctive style to the home.  A sharp master bathroom boasts a spacious shower and lots of pretty light.  The master bedroom has its own private deck to admire the pretty back yard with gated pool area.  Don’t forget the bonus room – garage converted to a pool house with 1/2 bath and it’s plumbed for a wet bar.  This bonus room is perfect for whatever you desire – art room, guest house, pool/game room, home office, etc.  Come see it for yourself this week!

Sunset on Calle Miramar Jan 2010

January 28, 2010 – check out this amazing sunset we were priviledged enough to view the other evening out on a walk!  We are so lucky to live in such a beautiful neighborhood.  The beach is so close as is the very quaint Riviera Village for all your shopping, caffeine and culinary needs.  It’s the end of January and we’re able to head out, take a walk and enjoy an amazing sunset like this one!

It’s 2010 – Happy New Year!  “Twenty-Ten” is bound to be a good year.  To get things started the Hollywood Riviera neighborhood has 18 properties currently for sale.  11 of those are single family residences, 2 condos and 4 townhouses.  $525,000 gets you a 2 bedroom/2 bathroom condo near the bluffs and the Palos Verdes border.   Bring $675,000 to the table and enjoy a 3 bedroom, 2 1/2 bathroom ocean view townhouse close to Torrance Beach!  Just under a million and you can “play ball” with the bank on a short sale for a nice 3 bedroom/2 bathroom single family residence.  On the high end – $3.5 million dollars – you can own a 22+ thousand-square-feet-piece of the Torrance Beach bluff and the house that goes with it.  Nothing in the way of those ocean views!  

December 5th, 2009 – Here in the Hollywood Riviera there are only 15 houses for sale right now.   6 on the Torrance (90505) side of the line and 9 on the Redondo Beach P.O. Box (90277) side of the line.  The Hollywood Riviera neighborhood has 2 addresses – Torrance and Redondo Beach although it should be noted that the entire area lies in the City of Torrance.  The Redondo Beach side is merely a P.O. Box and has nothing to do with the city of Redondo Beach.  Schools are all South Torrance – Riviera Elementary, Richardson Middle School and South High School.

Of the 15 homes currently for sale – the prices range from $615,000 on 5026 Pacific Coast Highway, Torrance, CA 90505 to 517 Paseo de la Playa, Redondo Beach, CA 90277 which is located right on the bluff above Torrance Beach listed for $3,500,000.  As you can see there is quite a broad range of homes for sale.  In the mid-range, let’s say $949,000 – $1,099,000 there are 4 houses for sale that all have different qualities that make them each unique. 

1. 4817 Via El Sereno, Torrance, CA 90505 – 3 bedrooms, 2 bathrooms with a nice open modern floor plan.  The house has many upgrades including a very decked out garage.  The home has a nice city lights view out the back from a nice deck with a built-in firepit and seating.  Surround sound package and high-end lighting systems make this home ready to move into today!  $949,000

2.  452 Via los Miradores, Redondo Beach, CA 90277 – 3 bedrooms, 2 bathrooms (although one bath is off the kitchen and not near the bedroom area.)  Newer kitchen with granite counters and stainless appliances looks out back to the sunny south facing pool area.  Main bathroom is nicely remodeled as well with double sinks and pretty tile.  $949,000

3.  359 Paseo de Gracia, Redondo Beach, CA 90277 – One of the few short sales in the neighborhood (currently there are 2 active on the market.) This one has been on the market a while and it was way over-priced at $1,179,000 but they just reduced the price to $958,000 which makes this 3 bedroom, 2 bath with over 1800+ square feet seem much more attractive.

4. 209 Vista de Parque, Redondo Beach, CA 90277 – as the name implies, it’s located adjacent to El Retiro Park and this nicely appointed, recently remodeled throughout 3 bedroom, 2 bathroom home priced at $1,099,000 is quite nice.

If you are interested in seeing any of these or other Hollywood Riviera homes for sale, just give me a ring or an email.
Thanks, Kelly

If you want a good pay-off, STAGE the property!  It’s so worth the extra time and money spent upfront.  Basically, sellers that sell without staging – which includes everything from finishing little jobs that have gone undone (think handyman), painting (can mean adding color or subtracting color), bringing in furniture and accessories that are appropriate for the style of the house, and de-cluttering of personal items.  Staging can cost some money and note that it’s money well spent.  Money that often brings in double what was spent if not more.  Either the seller can do the work up front and reap the financial rewards or the buyer can buy the house in “as is” condition and do the work – thus reaping the rewards themselves. 

Why would a seller leave money on the table? 

A good realtor who is doing his/her job should be able to advise a seller of what is the best use of money spent on staging.  It’s a lot of work that also costs time, but remember the old adage, “Time is Money.” 

We have two good examples of recent listings that were Staged prior to listing.  Both homes sold in less than a week with multiple offers – a seller’s dream!  Why not position yourself in the driver’s seat vs. the “buyer’s market – seat.” 

House #1 – Brand new construction, contemporary styling, yet was “unfinished.”  And many people find contemporary homes a bit cold.  We advised the seller to finish all the small jobs – jobs that are hard to finish when you’ve just spent a year in charge of all the other new construction jobs.  Paint played a big role in the staging of this contemporary.   Adding paint to certain “feature walls” brought drama, warmth and style to what could have been a very cold atmosphere.  Bringing in just the right stylish furniture and accessories creates a “lifestyle” that is to be envied and a need for emulating.  When it’s done right, we’re talking “Architectural Digest” and who doesn’t want that?  This house was listed for $1,795,000 and received multiple offers selling over it’s list price in 4 days!  “Staged Right” was the staging company that we worked with on this job.

Via Corona – Staged Living Room

House #2 – 1950’s original – Stager gets a hold of it – mind you this is not just any “stager” it’s Laura Kistemaker of “Staged Right” who is the best in the South Bay – she  takes control of the minor remodel which included refinishing the hardwood floors (adding some in a few places), re-tiling the kitchen floor, painting throughout (exterior, interior walls, cabinetry, etc.), remodeling the 1 1/2 bathrooms completely, and some landscaping.  On top of that, she completely staged the house – bringing in furniture for all rooms and all accessories to create the lifestyle that one wants.  Again, time spent upfront, but the outcome was huge!  8 offers in less than a week and sold over its asking price of $724,900.

Greenmeadows Living Room Staging

There are currently 29 single family homes for sale here in the Hollywood Riviera.  They range from $530K (small fixer on PCH) to $3.5 Million (house on the bluff above the beach!)  That’s not a lot of inventory especially when you consider that only 6 months ago – May 09 – there were 49 homes for sale.  Our inventory has been selling.  Another plus is that the all the inventory is moving - including the high end inventory. 

Currently there are 15 homes here in the Riviera “pending” sale.  That means they are in escrow with a buyer in the process of purchasing the home.  That is typically a 30-60 day process depending what worked best for all parties.   These 15 homes range in list price between $589K – $2,248 Million.    The average price of the homes pending sale is $1,012,580.

Sold homes – if we go back and compare solds the 1st half of the year vs. the (not finished) 2nd half of the year you will see how the 2nd half of the year has gone much better for everyone.  Jan 1, 09 – June 30, 09 – there were 24 homes sold.   Their average price was $1,002,500. 
                                                                 Jan 1, 09 – Jun 30, 09 Solds 

Since then, July 1st, 09 – today (October 28th, 09) we’ve had 36 homes sell (that’s a 30% increase already and the 2nd half isn’t even over – remember those 15 pendings – most likely at this rate they will all sell prior to the end of the year which would make 51 homes sold vs that 24 (more than double the number of sales 1st half 09 vs. 2nd half 09.)  That’s good news for those who thought to sell the 2nd half of the year.  It also shows that the stimulus package the government is backing is working.  Not many of the people who get a $8K tax credit for purchasing a first home was seen here in this specific neighborhood, but people probably bought homes in lesser expensive areas and now those people who sold those homes can afford to move up to this neighborhood. 
July 1, 09 – Oct 28, 09 Solds

Someone says we have a million dollars to spend….you’re thinking “they’re gonna get a real nice house with all that money.”  Well, I guess it depends where you want that house.  Here in the Hollywood Riviera, it doesn’t get you much anymore.  You have decisions to make when you have a million dollars to spend.  Do we buy a great location with a house that needs work?   Do we buy a little less of a location but the house is much easier to move into?  Do we spend less than the million and really buy a fixer and use the rest to fix it up?  (again thinking of the location.)  When I say location, here in the Hollywood Riviera there are two addresses – although in the end it’s all the same address.  What does that confusing statement mean?  Well, half the Riviera has a Redondo Beach address (a P.O. Box address only though) Then entire Hollywood Riviera is located in the City of Torrance (90505).  There is a perception that is backed by numbers that show it’s more desirable, thus more expensive typically to live on the Redondo Beach side of the Riviera.  Take for example the following averages:

Currently there are 14 houses for sale on the Torrance side of the Hollywood Riviera (90505)

The average dollar per square foot of these is $537.
The average price of those houses is $1,005,850.
The least expensive is $560K and the most expensive is $1,795K.

Currently there are 18 houses for sale in the Hollywood Riviera with the Redondo Beach P. O. Box (90277) address

The average dollars per square foot of these is $627.
The average price of these 18 houses is $1,457,050.
The least expensive is $699K and the most expensive is $3.7 Million.

Now let’s look at the Sold prices Torrance side vs. Redondo Beach P. O. Box side – since January 1, 2009-

On the Torrance side – 28 homes have sold so far this year – January 1st thru Sept 13th.
Their average dollars per square foot price was – $461 (note that it’s lower than the “asking price” of the Active homes.)
Their average sold price was – $835,977.
The lowest price home sold for $605K and the highest priced home sold this year for $1,460K.

On the Redondo Beach side – 23 homes have sold so far this year – Jan 1st thur Sept 13th, 2009.
Their average dollars per square foot price was – $558. (again note lower than the “asking price.”)
Their average sold price was – $1,189,332.
The lowest price home sold for $810K and the highest price home sold for $1,815,000.

Bottomline – You’d think someone with a million dollars to spend would end the day much happier than the normally do.  It’s pretty depressing for me too sometimes to show someone how little a million dollars buys you these days.  We throw around “a million dollars” like it’s chump change but it’s a lot of money. 

What Would I Buy?

I often wonder when a buyer asks me what “I would buy” if given the existing inventory.  I love this question and when we (my partner/sister and I) go out to broker’s opens to preview new inventory…we always play this game.  What was the best deal today?  Best house for the least amount of money in other words.  When we go to broker’s opens we can see many homes in several price ranges of course.  But it usually works out that one or two stand out on their own regardless of the other price ranges (meaning compared to that $2 million dollar house how was the $900K house?) 

“Which house holds the most potential?” is usually one of the questions that runs through my  mind when thinking this way.  “Potential” – what is does that mean?  Lots of things go into the potential-bag.  Location is one of the key items in my potential-bag,  Location is so important.  A good location will appreciate more in an ‘up-market’ and go down less in a “down-market.’  This is huge.  I’d rather have a smaller house that needs some work (cosmetic) in a better location than a nicer bigger house in a worse location.  This is a huge part of Potential.  No one wants a “dump,” but a dump can bring in more money in the long run if you are willing to put in some work.  Cosmetic dumps are what you are looking for.  A house with “good bones” we call it.  That means the floor plan is pretty good to start with (not having to move too many walls.)  Opening up a wall between the kitchen/family/dining room is no biggie…but re-arranging locations of bathrooms &/or kitchens is a huge biggie.  This is not cosmetic…now we are talking “structural” and that gets expensive – if you have to hire an engineer it’s not cosmetic. 

Potential also can mean comparing it to recent sales in the area and recognizing a good value.  There are some values out there right now.  When a house sits on the market for a while – as many have lately – they can start to get lost in the inventory of homes.  When agents see things that have high Days on Market, they often overlook them and forget about them.  This is often a good way to find a value.  When something has lingered on the market a while, it is much more likely that a buyer can negotiate lots of terms and price of course.  Terms are often as important to a buyer as price though. For instance if you are a buyer with a house to sell and you find a good house that’s been on the market a while it is certainly possible that the seller may consider a “contingent” offer (contingent on the sale of the buyer’s home.)  This is not something most sellers would consider when they first put their home on the market in most cases.  So looking for those homes that are “coming down in price” – most likely the reason they are sitting the market for so long is that they started with a high price that has to start dropping to get noticed.  Unfortunately for most sellers who start “too high” with their list price is that they end up selling for less in the long run for the reasons mentioned above.  (Bad strategy for a seller if you ask me.)

So in the end – I would buy the house in the best location and for the most money that I could possibly afford today without breaking the bank on the mortgage.  That house will most likely suit your needs for a longer period of time (it is expensive to buy and sell) so you don’t want to buy something that is going to feel too small in a short period of time.  Maybe a house that needs a little work but maybe a house that is done too (depending on the price.)  Sometimes “doing a little work” gets out of hand and ends up costing more that it should have.  Sometimes “done” is deal.