Hollywood Riviera & South Bay Real Estate Blog

Here in the Hollywood Riviera there is so much inventory – 45 Single Family Homes on the market right now and 7 condos or townhouses.  Pending sales number 6 right now - which is better than it was a few days ago.  We actually have a “high end” house in escrow right now ($1.799K list price)…one of the most expensive houses to sell in almost a year….the last most expensive sale in ‘09 was for $1.4K on March 31st, ‘09. 
The lack of high end sales has killed the average sales price for the 1st quarter.  In 2008 we had a bunch of nice high end sales…2 homes above $2 million dollars and a few in the $1.5K+ range.  We have some great homes here in the Hollywood Riviera – super high end with amazing views, amazing finishes and super locations!   Who doesn’t want to live in the Hollywood Riviera – close to some of the best beaches in the South Bay, close to the Riviera Village – great restaurants, boutique shopping and Trader Joes! 
Of the 45 homes currently for sale there are some that really stand out –  This new listing at 636 Calle Miramar is a neat property on a nice large lot, with views, gorgeous remodel and beautiful backyard complete w/ amazing pool – all this for $2,499,000.  Next standout is  635 Calle de Arboles – a gorgeous home built in 2005 with 5 bedrooms and 4.5 bathrooms – it’s a deal at $1,545,000.  The next price level standout is  this gorgeous ocean and coastline view home at 308 Via Anita priced well at $1,155,000.  Next down the price chain is  this charming home at 5403 Calle Mayor for $929,000.  It’s got a beautiful secret garden style backyard and charm, charm, charm inside!  For the bargain hunter or first time home buyer in the Hollywood Riviera there is  this new listing in the ever popular “lower Riviera” at 236 Via La Circula for only $839,000 – this is a great price for an entry level 3/2 in the lower Riv. 

For any and all info regarding the Hollywood Riviera, feel free to call Kelly & Laura.  We would love to get you familiar with this wonderful neighborhood!

The 4th quarter is closing on us quickly – how did it get to be March 10th already – and we’ve got Daylight Savings Time started now too – which makes it seem even later in the year.   Maybe the spring feeling in the air will get people moving.  The 2009 Stimulus Package sure hasn’t seemed to have made a dent yet.  The brakes are really on right now here in the Hollywood Riviera.  There are 38 homes currently “for sale” or active on the market (and that’s just what is on the MLS.)  They most likely are more than that as “pocket” listings – which is a house for sale if someone brought them a buyer.  Of those 38 homes – the average sales price right now is  $1,241,034.  And the average price per square foot is $548.  If you compare this to last year in March 08 we had 22 homes for sale on March 26, 2008.  They had an average sales price of $1,295,490 and average $/sq ft was $593.  That’s over 50% more homes for sale this year vs. last year same time. 

Let’s look at what is “pending sale” (or in escrow) same time last year vs this year.  6 properties are currently in escrow vs. 10 this time last year – that is not great news for us – especially when you consider that the 10 “in escrow” properties last year was quite low from the year prior to that.  The average pending price this time last year was $1,212,600 vs this years pending average price of $1,076,667 – that represents an 11% difference.  We noted that the 2008 average price was 6% off from 2007, but I don’t think the slide is over yet.  Our area is really starting to feel the crunch.  It is the “spring” selling season – it’s started.   I sure hope it really “starts” soon!

Let’s also look at what SOLD so far this year – 2009: only 6 houses have closed escrow this year and the average sales price is under $1 million for the first time in a long time….although with only 6 closed that is really not enough to give an accurate picture.  For the first time however – part of these 6 solds included to “REO’s” or bank owned properties. 

 We saw a nice improvement in the number of homes sold here in the Hollywood Riviera (27% more) in this last, 4th quarter of the year vs. the same quarter of 2007!  Lower interest rates may have gotten many media-scared buyers to finally realize what a great buying opportunity it really is!  Although for the year overall we saw 30% fewer homes sold (91 in 2007 and 64 in 2008), our average selling price was only down about 6% (attributed to more lower end sales and fewer higher end sales).  The average days on market nearly doubled (66 days this year vs. 39 last year).  The biggest part of the slow-down for number of homes sold occurred in the $1.2 million + price range.  There were 30 homes sold in this range in 2007 and only 21 homes sold in the higher end of the market this year.  A big factor for this was the lack of loan programs available in the jumbo market.  However, the good news there is that the average sales price of homes over $1.2 million in 2008 was $1,467,421, nearly 5% HIGHER than the $1,398,800 figure for 2007!

The Riviera Village will ring in their annual Holiday Stroll on Thursday evening, December 4th, 2008.    Festivities begin around 5pm and run til 9pm.   Meet Santa, ride a horse-drawn carriage, watch the little dancers from Dance Forever perform as well as other street entertainment, carolers stroll along the streets, business owners graciously open their stores and often offer hot apple cider and other sweet treats.   Strolling along Catalina Ave under twinkling lites is a wonderful community event not to be missed!

As we move closer to the “Holidays” the market usually slows down a bit – this happens in all real estate cycles.  There are a couple more weeks of get it now and move in by Christmas!  In todays specific economic climate and “mortgage” climate, we have only a couple more weeks until the $729,750 is available via the FHA here in Los Angeles County, then it’s down to $625,000 (which is still great compared to the $417,00 conforming loan amount which doesn’t buy much in the South Bay.)  As it is, $625,000 won’t make much of a dent in our higher end South Bay real estate market.  Seems like we’ve had a slight run up of sales in the $700,00 – 800,000 price range lately – people out taking advantage of this $729,750 conforming jumbo mortgage.

In light of that, we have quite a few homes in escrow here in the Hollywood Riviera and have had quite a few closings this month.  There are 10 single family homes pending sale and 1 townhouse pending sale right now.  Those range in price from $545K (a bank owned home that apparently got tons of offers on it….be curious to see what it closes for) and on the high end $1,595K.  As far as recent sales go – Since October 1st, 2008 – 10 properties have closed escrow – that’s not bad!  One was a condo which sold for $495K (was listed for $529K and backed up to PV Blvd and was a bit dark) to $1,486,000 – a beautiful home w/ great queen’s necklace views and a short jaunt into the Riviera Village & Beach. 

We shall see what the holiday season holds for 2008 – maybe it will defy normality and be super busy – wouldn’t that be nice.  Weirder things have happened. 

South Redondo Beach has plenty of townhomes for sale – everything from a low of $579,000 for a 2 bedroom off of Prospect to a $4,990,000 townhouse on the Esplanade with ocean views (better have some great views for that price!)  There is a new townhome coming for sale this week that has 4 bedrooms + an office for only $749,000!  It resides in South Redondo Beach at 1800 PCH – a 98 unit gated development that was built in 2000 just south of Palos Verdes Blvd.  The development is known for its great location – just a half mile walk into the Riviera Village.  Go a bit further and reach Redondo Beaches!  Bristol Farms, Corner Bakery, Ortega 120, Longs Drugs – all so close.  Location, location, location!  For more info go to http://1800PCH29.KellyandLaura.com

The Riviera Garden Club is pleased to announce the upcoming garden event, Beyond the Garden Gate, Saturday, October 18, 2008, from 10 am to 4 pm. The self-guided tour of 8 special private gardens in the beautiful Hollywood Riviera area will include a hospitality house with education booths and refreshments. The eight tour gardens were chosen for their uniqueness and variety.

Take a peek behind the gates of a lush Mediterranean garden with an unusual sand-ring firepit;  a designer€™s dream at a seaside hacienda with impeccable landscaping and terraced gardens to the Pacific; an original Red tiled roof historic home, part of the original Hollywood Riviera seaside development of the 1930’s; bone up on water-wise gardening at the newly remodeled environmental home; enjoy the city view at the terraced dry-stream landscape and appreciate the hillside challenge homeowners€™ turned into a three-tiered water fall.and visit a small and charming colorful romantic hideaway, a sought-after wedding site.  A Riviera Garden Club member will host the hospitality house €“ check out the lovely boy and girl garden seat statue in the front yard; a succulent garden, gorgeous bonsais and Japanese maples.  Experts will be available at the €œHospitality House€ to demonstrate flower arranging, etc.  Also see a demonstration of €œlasagna gardening€ €“ a layered approach to growing in difficult places. The Riviera Garden Club€™s Master Gardner, Diane Connell, will also be available to give landscape and plant advice and answer questions. Riviera Historian, Marshall Stewart, will be at the Historic Home to talk about the area history and Landscape Designer,

The Hollywood Riviera Concert in the Park (El Retiro Park – 126 Vista Del Parque, Redondo Beach, CA 90277) is this Sunday, September 7th from 2-4.  A bluegrass band, Rincon Ramblers, will be playing live music. Bring your beach chairs, blankets and picnics and party on down.  The kids will love it – they dance around and the adults love hanging out and chatting it up!  Free fun for the entire family!

Good eating has come to the Hollywood Riviera’s “Riviera Village.”  Dolce Vita is a wonderful new addition for the breakfast and lunch crowds.  They are actually a german deli and sandwich shoppe with more of an italian name.  Ripe w/ european flavors, Dolce Vita offers homemade quiche, flatbreads paired w/ fresh green salads, pasta & veggie salads, sandwiches on baquettes, delicious lattes and cappucino’s to top of the meal.  A certain return visit for me – especially since they actually had terrific customer service – a true bonus today.  I also enjoyed sitting outdoors – they have a great set-up with plenty of tables & chairs with eye-catching red umbrellas.

Village Pizza has opened and has a super charming feel with table and chairs out on the sidewalk for a little al fresco dining.  They also have a nice size indoor eating area complete with flatscreens for those sports fans.  They offer beer and wine as well as pizzas, calzones, salads and kids menus!  A certain competitor for Pedones.

A fabulous find for dessert after you are done with lunch or dinner in the Riviera Village - head to Crema Dolce…they have been in the Riviera Village for over 5 years now!  Talk about a huge number of fresh, homemade gelato & sorbet flavors – it’s unbelievable.  And it is not only delicious, but healthy too.   They say that “these delicious and flavorful treats are combined with proven Prebiotic benefits that bring you a balance of taste and health.” I got the mango-passionfruit sorbet and it was mouthwateringly tasty!  I’m headed back for more soon.  They even have “american style” cream flavors such as mint chip and cookies & cream.  And “cotton candy” flavor for the little ones.  Topped with a waffle cone triangle; this is sure to cure your sweet tooth.

Strolling through the Riviera Village this afternoon – around 2pm on a Tuesday – I found it bustling with activity, which frankly shocked me.  I thought it would be much quieter.  I walked by the Coffee Cartel (right next to Crema Dolce) and there were several people out enjoying the shaded patio with their coffee drinks.  The crepe place – Crema  de la Crepe was packed.  All sorts of people outside eating delectable little bites…although the dessert crepes I saw drizzled in chocolate and oozing with whip cream didn’t look so little!  I wrote about them in March 2008 as a new store to the Riviera – looks like they are doing well!   Hennesseys’ was of course crowded – people with their little dogs sitting outside.

I also popped my head into “L’Atelier” a knitting store carrying the most exquisite yarns and samples of gorgeously crafted sweaters, wraps and handbags.  The store was standing room only – women sitting on stools at a “knitting bar” clicking away and enjoying the companionship. Very cool!  Makes me want to take up knitting one day.

On it’s way, not open yet….Turquoise.  The sign indicates a mediterranean grill featuring organic foods.  They said they’d be open next month!  Somewhere to head to in September.

In reading a few great articles this week regarding “loving your house again,” I find myself smiling.  Let me share:

 Chris Ayres of the LA Times wrote this greatopinion piece about “forgetting the doom and gloom about the tanking market.  You made a smart investment.”   He makes so many great points for the many of us that bought houses in the last few years during the “real estate boom.”  We find ourselves stuck reading so much doom and gloom lately, but here’s someone who has taken the time to break things down and make it all not seem so bad.  I’m always looking for some good news in the media…(check my blog from August 6th)  He makes great points about what a great investment time period it was – the interest rates most people got during those times are amazing!  A good interest rate on a loan can offset many losses in depreciation.  Uncle Sam makes owning a home here in the United States a huge financial bonus – giving us the glorious home mortgage interest tax deduction!

Secondly, we do a lot of staging of seller’s properties and funny enough, we hear the same thing over and over…”Boy, maybe we want to stay now that the house looks so good.”  In an article dated in Feb 2008, Beth Teitell from the Boston Globe, writes about “loving your house again” as well.  She gets right to the point I just mentioned….love your house.  Act like you “like your house” and clear it out, make it someplace you want to live, decorate it!  I’m amazed at how some people live in their homes.  It’s similar with peoples cars too though.  They will drive it around dirty and with tons of dings and dents, bad tires, stained carpets, and soiled interiors.  But if those people went to sell their car, they most likely would get that car detailed (and may realize at that point that they may want to keep the car since it looks so good now!)

The third great article bringing us to “Love our house again” - is about the increasingly popular “Staycation.” Debra Alban of CNN brings us “Staycations: An Alternative to Pricey, Stressful Travel.”  More and more people are choosing to stay home for vacation instead of paying to stay somewhere else…especially if they have a nice place to call home!  If you’ve spent any money at all on “landscaping” the back yard you might as well get some use out of it!  In most cases it’s nicer than where you will go (and pay to go.)  You can certainly relax more at home and not feel like you have to “go, go, go just to get your money’s worth.   Boy, if you live here in the South Bay – Hollywood Riviera, Palos Verdes, Redondo Beach, any of the Beach Cities – it doesn’t get much better than here to have a “staycation!”  So enjoy the last few weeks of summer and Love Your House Again!

I guess great minds think alike, here is an article written by a colleague, Elaine Carlson, also of Re/Max Palos Verdes about the same LA Times article – http://palosverdessource.com/2008/08/18/do-you-love-your-house/

Article One – http://www.latimes.com/news/opinion/sunday/commentary/la-oe-ayres17-2008aug17,0,1698378.story

Article Two – http://www.boston.com/lifestyle/house/articles/2008/02/14/love_the_one_youre_with/

Article Three – http://www.cnn.com/2008/LIVING/worklife/06/12/balance.staycation/