Hollywood Riviera Real Estate and Home Sales Blog

Hollywood Riviera Real Estate Market Update – April 27, 2013 –

There are currently 19 homes for sale here in the Hollywood Riviera.  They range in price from $720,000 to $4,200,000 (but I am going to take this outlier from the equation to keep things on an even playing field)  So the next highest priced home is $1,989,000.  Keeping these numbers in mind, the average price for a home here in the Hollywood Riviera today is $1,271,206.  Which means the average dollars per square foot are $538.   The average days on market of these 19 homes is 48 days.  (This time last year there were 12 homes for sale with an average days on market of 72.)

There are 13 single family properties that are currently under contract or in escrow here in the Riviera.  They had an average days on market of only 33 days.  The average price of the pending properties is $1,020,077, or $524 a square foot.  (Notice that the average price and average dollars per square foot goes down from the ‘active’ homes to the ‘pending’ properties.  And it will go down further for the’ solds.’)

There have been 32 homes sold since January 1st, 2013.  The average price of those 32 homes was $1,058,622.  And the average days on market of those homes was 44 days.  The average dollars per square foot is $514.  Let’s compare this to last year (same time period: Jan 1 – April 26th.)

Jan 1 – Apr 26 – 2012
Number of homes sold = 26
Avg price = $997,750
Avg dollar/sq ft = $460

That means we’ve sold 19% more homes this year over last year with a 2.2% average price increase.  13 of the 32 homes that sold this year so far sold at or over the asking price.  9 sold over the asking price – that is 28% of the homes sold in 2013 selling above their list price.  This is an exciting time for sellers and still a great time for buyers to enter the market.  The inventory has increased over the last few weeks which means there are a few more homes to choose from.  Interest rates are still being offered at historic rates (thanks to the Feds who are still looking to stimulate our economy.  Thank you, Uncle Sam.)

Hollywood Riviera real estate – Least and Most Expensive Homes for Sale – April 2013

It’s April 2013 – Spring selling season is here, yet we have low inventory compared to years gone by.  What can someone looking to live in this picturesque neighborhood expect to find?

The least expensive home currently for sale here in the Hollywood Riviera was just listed one day ago for $680,000.  It’s a fixer upper one home in from Calle Mayor, one of our micro-main drag-streets.  This quaint (aka – small) home of 1225 sq ft has ‘Riviera Fixer in need of TLC” as its main description.  Need I say more?

For those buyers wanting to get something a bit more spectacular here in the Hollywood Riviera, you might want to take a look at the home for sale on Calle de Aragon for $1,998,000 (also written up by the Redondo Beach Patch as one of Redondo Beach’s priciest homes for sale recently.)  It’s a lovely home with an incredible view of the ocean, city lights and mountains, not to mention it’s been extensively remodeled throughout – including the impeccable garage.  The backyard is all-pool and one that just doesn’t match with the rest of the home’s new style.  No idea why they didn’t dress that area up as well?  It’s been on the market now for 50 days (which as of today the average days on market of the homes currently for sale here in the Hollywood Riviera is down to a mere 45 days (although if I had to average out the days on market of the ‘high end’ homes for sale here – of which we have a bit of a glut – you’d find the days on market number increases to 82 days.)  

This leads me to a whole other story the one about pricing your home properly in today’s market.  Stay tuned….

5105 Paseo del Pavon

We have a new listing in the Hollywood Riviera Close to Rocketship Park – we just put it on the market yesterday and will have it open for the Broker’s Open House Tour today, Thursday, March 21st from 12-2.  We will also host public open houses from 1-4 pm both Saturday the 23rd of March and Sunday the 24th of March.

This is a lovely home ready to move right into.  It’s all one level with 3 bedrooms and 2 bathrooms.  Hardwood floors are in most of the public spaces and the generous sized bedrooms are carpeted.  The kitchen is remodeled with granite counters, an island and stainless steel appliances.  One of the nicest features of this home are its open beam vaulted ceilings in the living, dining and portions of the kitchen.  There are lots of windows that bring in lots of natural light and the backyard flows directly from the dining area and can be seen from the kitchen, dining and living rooms.  It’s a wonderful street too…low traffic (almost none really) and it’s super close to the famed Rocketship Park in the Hollywood Riviera.  A wonderful place to call home and all for $949,000!  Come see it today before it’s gone!

Hollywood Riviera Real Estate holds very Limited Inventory in early March 2013.  Here is a link to the current 12 homes one has to choose from here in the Hollywood Riviera.  It’s such a wonderful neighborhood with so much to love.  Enjoy ocean breezes and sunsets from this Mediterranean-like area just south of LAX Airport and north of the Los Angeles Harbor.   There are views of the ocean, mountains & city lights from so many vantage points and it looks different from each lovely spot.  We love living, working and playing in the Hollywood Riviera!

The most important factors in preparing your home for sale are:
1. De-Clutter (remove all piles of “stuff”, clean out closets and junk drawers) Less is more with everything including furniture… you have to move it anyway so DO IT NOW, before people come to see your home.
2. De-Personalize (buyers don’t want to feel like a guest in YOUR house, this now needs to appear to be a model home with very few personal photos) No more than three family photos but the fewer the better!
3. Clean, clean clean. This includes windows and screens, touch up wall marks, freshen paint etc…
4. Have Great Curb Appeal! Freshen plant beds, add mulch. Make sure your front door area is looking it’s best!

10 Hollywood Riviera Homes have sold so far this year (January 1st – February 20, 2013)  The average price of those 10 homes is $1,008,420 with the least expensive sale being $850,000 and the most expensive single family home to sell is $1,334,000.  The average days on market of those 10 sold homes was 60 days.  Let’s compare this to the same time period last year (Jan 1st – Feb 20, 2012.)  10 homes also sold in the same time frame last year, but their average days on market was 92 which represents a 30% decrease in the time on market year over year.  The average price of the 10 homes sold last year was $938,850 – which represents a 7% increase in average price year over year.  All this good news makes 2013 a good year to sell your home.  Let’s see what the Hollywood Riviera real estate market is doing so far this year…

There are currently 10 homes actively being marketed on the MLS as of today.  Of those 10, 8 are over $1 million dollars.  In my professional opinion, there are really on a couple that are priced properly.  One of the homes has been on the market for 317 days now – clearly the price is too high or it would be sold by now.  Another one has been on the market for 203 days now – I’ve been inside this particular home and it’s a nice home on a nice street with lots of great curb appeal, but it’s not sort of overpriced, it’s grossly overpriced, by maybe $300K.  It’s a real shame.    Sellers need to be aware that today’s buyers are very savvy and have typically done lots of research on the internet before they even come into a realtor’s hands.  And if the realtor they choose has any fiduciary duty to their buyer at all, they are providing that buyer with comps from the area of current sales which would lead them to the fact that a home is either priced right or not.  But honestly in today’s market, a home that is priced right doesn’t last very long and typically receives multiple offers.

If you are interested in finding out the value of your home in today’s market, please feel free to contact us.

Thanks so much, Kelly & Laura

What a beautiful place to be in December!

There's no reason to live anywhere else!

Hollywood Riviera Real Estate Market Update November 25th, 2012 – Wow, the real estate market here in the lovely Hollywood Riviera has been on fire this year. We are up 5% on the average price of sold homes (and that is with the outlier of $6,500,000 taken out! Yes, there was a house that sold here in the Riviera for $6.5K this year! And another sale for $3,362K this year – both those sales were of homes sold on Paseo de la Playa overlooking the bluff….one of the most desirable locations here in the area overlooking Torrance Beach.)
79 homes have sold to date (November 25th, 2012) here in the Hollywood Riviera – a wonderful spot to live in right where Torrance Beach, Redondo Beach meet Palos Verdes. Many of the homes in the Hollywood Riviera overlook the Pacific ocean as well as the city lights and mountains. Of these 79 sold homes, the average price was $1,022,388. Thre were 80 homes sold this time last year, but of course we had much more inventory available this time last year. There are currently only 10 single family homes for sale in our area of approximately 3000 homes.
For a full list of what is currently for sale, click here.

Hollywood Riviera Real Estate Market Update – October 2012. The real estate market here in the Hollywood Riviera has been on fire all summer long. Since May 2012, there has been little to no inventory with average levels being around 10 houses for sale at any given time. The old standing average over the last 5 years during the same ’summer months plus’ (May-October) had been in the 35-40 homes for sale at a time. This is a dramatic decrease in inventory and has created a bit of a seller’s market again.

The number of single family homes that are ‘for sale’ here in the Hollywood Riviera right now is 11. The average price of those 11 homes is $1.266K.
The number of homes pending sale (in escrow) here in the Hollywood Rivera as of today, October 26th, 2012 is 15. The average price of those pending sales is $954K. One thing to note is the average days on market of these pending sales is only 38 days. That number this time last year (average days on market of the 11 homes pending sale last October 2, 2011) was 76 days on market. So, our average time homes are staying on the market has shrunk in half!
As far as the ‘Solds’ here in the Hollywood Riviera from January 1, 2012 – October 26, 2012 – there have been 72 homes sold already this year with an average price of $1,012,570 (and that is with the outlier of $6.5K taken out – yes, a home sold for Six and a Half Million dollars this year – it was located on the bluff above RAT Beach (Right After Torrance Beach.) The average days on market of those 72 homes was only 65 days – further proof that our market is on fire this year. This time last year, (Jan 1, 2011- Oct 26, 2011) the average price of the 76 homes that sold was $964,974 (a 4.7% increase in average price year over year!) The days on market for those 76 homes that sold in 2011 was 81 days vs our 65 days this year so far.
Give us a call if you would like to further discuss the real estate market here in the Hollywood Riviera.