Hollywood Riviera & South Bay Real Estate Blog

Sold – Over Asking??? – Yes, it’s back to multiple offers again here.  I opened up my “hot sheet” in the MLS today.  The Hot Sheet is a “status update since the last time I checked – which was this morning by the way’ of my selected areas of interest – which would include pretty much everything in the South Bay from El Segundo down through Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, and ends at Palos Verdes (including all of  PV – Rolling Hills Estates, Palos Verdes Estates, Rancho Palos Verdes, and Rolling Hills.) 

So, I hit my “Hot Sheet” button tonight to see if there are any new properties listed, what’s gone into escrow and what has just SOLD since the last time I hit the button.  This is something I do several times a day usually by the way.  Well, tonight I run the Hot Sheet and it’s just overwhelming to me that I see 4 of the SOLD properties that have all sold “over asking price,” which to me means there were multiple offers. 

Here are the 4 properties – and they are in all price categories by the way.  Click here to see them.

1) 331 11th Street in Hermosa Beach – list price was $899K and SOLD price was $900K.  11 days on the market – 2 bedroom, 2 bathroom 2001 townhouse in the “Sand Section” of Hermosa Beach with ocean views.

2) 707 S. Juanita in South Redondo Beach – list price was$749K and SOLd price was $759K.  – cute little 3 bedroom, 1 bathroom single family residence that over a matter of one month started at $799K and then they reduced the price to $749K and then ended up selling it over asking.  The magic of the “right price” even done a little bit late!

3) 2100 Via Acalones, Montemalaga section of Palos Verdes Estates – list price was $2,195,000 and SOLD price was a whopping $2,280,000 – even in this price range we see homes selling OVER asking! – 4 bedroom, 2 1/2 bath on a huge 28,000+ sized ocean view lot!

4) 4515 Deelane, West Torrance – list price was$639,000 SOLD for $645,000!  3 bedroom, 1 bathroom remodeled charmingly – perfect starter home that clearly many wanted to get started in!

Do you have hazardous and/or E-Waste to dispose of?  Did you know the Southbay has a few FREE spots open regularly for your convenience?  Here are their locations and times of operation.

Hyperion Treatment Plants S.A.F.E. Collection Center
7660 West Imperial Highway, Gate B, Playa Del Rey, CA
1-800-988-6942
Hours of Operation – Saturdays & Sundays from 9:00 – 3:00 pm

S.A.F.E Collection Center
1400 N. Gaffey St, San Pedro, CA
1-800-988-6942
Hours of Operation – Friday, Saturday & Sunday from 9:00 – 3:00 pm

Goodwill – Electronic Waste Only
2318 Artesia Blvd, Redondo Beach, CA
“Must be in working condition.  TV’s and computer monitors are not required to be in working condition.”
1-310-376-8122

Salvation Army – Electronic Waste Only
2406 Artesia Blvd, Redondo Beach, CA
“All donations must be in working condition.”
1-310-376-1385

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

Summer 2009 is here and along with the sand, surf and sunshine this year comes some real values in real estate!  Our current market conditions have left a lot of people talking about real estate – seems like people never really stop talking about real estate.  It is cyclical and that is to be remembered – we’re either talking it heading down or revelling as it heads up.  Today’s chatter is usually about how much lower the prices are now then they were a few years ago and thus we have some real values in today’s market.  A few years ago it was all about the gain – which brought along with it the lowest affordability index ever.  It’s been over a decade since California has seen an affordability index so favorable – it was only 3 years ago that it was in the 26% range (meaning 26% of first time home buyers could afford the average priced  home in CA.– now it’s up to 69%.)  Federal aid to first time homebuyers has increased to $8000 from $7500 from 2008 to 2009 – so the Feds are obviously trying to ramp things up.  The State of California has its own 2009 Tax Credit of $10,000 to a single family home buyer of a home that has never been occupied and that is intended as a principal residence…click here for complete info.   They have allocated $100 million dollars to this and at this time of writing they have already closed the application process as they have allocated all the money so far!

Inventories are down and pending sales are up…and Dataquick is reporting the number of California home sales in May are up for the 11th straight month.  Here in the Hollywood Riviera there are currently 25 homes in escrow/pending sale compared to only 10 in escrow/pending on May 21, 2009.  That’s a big jump in 6 weeks time.  The average prices are off a bit, but a great time for buyers and obviously they are thinking so too right now!

Donate Your E-Waste and Help Save Our Schools!  

On Saturday, June 6 from 10 a.m. to 3 p.m. the Torrance Council of PTAs will be hosting an E-Waste donation day. 1-800-GOT JUNK is donating 50% of the profits from this event to the TEF/TUSD Save Our Schools Fund to replenish proposed state budget cuts of $9.4 million for the 2008-09 school year.

Acceptable items include: Computer monitors, CRTs, TVs, projection TVs, CPU, towers, printers, fax machines, all-in-one centers, radios, stereos, speakers, phones, answer machines, kitchen appliances, microwave ovens, small refrigerators, and household appliances.

Drop off location is 2336 Plaza del Amo, Torrance, at the Educational Materials Building (EMB) parking lot.

For more information please visit the Torrance Council of PTAs website at http://www.torrancecouncilofptas.org/ or call Tammy Khan at 310-972-6152 or email her at tkhan@tusd.org.

The Daily Breeze reported on May 21, 2009 the API scores for the entire South Bay.   (The Academic Performance Index measures the academic performance and growth of schools on a variety of academic measures.)  The good news is that 39 local South Bay campuses performed among the top tenth of California schools.  The state’s goal is 800 – 39.9% of elementary schools met or exceeded that goal, 30.1% of our South Bay Middle Schools and 17.1% of South Bay High Schools met or exceeded the 800 API Score….including South & West Torrance High Schools, Mira Costa High, both Peninsula High and Palos Verdes High Schools, Redondo Union High School, & El Segundo High School.  This is great news for our area.  A huge thank you to all the teachers, administrators, PTA and parents of these high achieving schools!   Good luck next year!

    
      (Photo care of the PVStreetFair Website)

Want some fun in June?  Come on out to the 22nd Annual PV Street Fair – up at the Peninsula Center off of Crossfield – Click here for directions.   If live entertainment, arts & crafts, carnival rides, great food and fun are of interest, then the PV Street Fair is for you.  They have a Top Dogs  event as well as a Kiddie Area for the little ones, so there is something for everyone.  Come on up and bring the family!  Saturday & Sunday June 6th & 7th.  Check the website for special discounts such as $25 all day unlimited rides wristband.    https://www.pvstreetfair.com/Home.html 

We had the good fortune of going on a private behind the scenes tour of the new Lowes resort, La Terranea, in its completion phase of building here in Rancho Palos Verdes last week!  What a jewel of a place to be added to the already beautiful Palos Verdes coastline – and just 20 miles south of Los Angeles Airport!  For those of us who live here it is a real treat to see all the public spaces the Lowes Resort owners have created – hiking trails, a sandy beach, restaurtants with outdoor fireplaces and firepits all on the rugged coastline with some of the most amazing ocean, Catalina/Channel Islands & coastline views ever!  Pelican Rock sits right below the La Terranea peninsula….it’s magical.  Featuring the Point Bar and Signature Restaurant – can’t wait for the next special event!

(photo care of the La Terranea Website – Point Bar)
102 acres make up this magnificent place – brand new construction – gorgeous landscaping – coastline, ocean and sunset views rivaled by few!  They are scheduled to open in June 2009 and will offer meeting spaces for corporate events as well as regal weddings and amazing  family reunions.  The grounds include include rolling lawns and gardens all designed to bring the magical ocean views into every event.

(photo care of La Terranea Website – wedding concept photo)

The pools – yes pools with an “s.”  There are some amazing spots to enjoy while at La Terranea – the pool at the “Spa” as well as the amazing slide pool, several hot tubs, a fun kids play area with the water dancing – you can bring the whole family to La Terranea.

May 2nd, 2009 – there are 45 homes for sale here in the Hollywood Riviera along with 2 condos and 6 townhouses.  Prices for the single family homes range from $625,000 – $2,799,000.  As you can see the range is huge.  Click here to the single family homes available for sale currently. 

The condo/townhouses range in price from $489,000 – $799,000.  Click here to see the condos/townhouses currently for sale.

April brought us a few pending sales (6 in total) - a good thing.   Prior to that the sales pace has been slow going.  This should help bring us a bit more on track for the solds year-to-date.  As of now there have been 14 homes to close escrow since January 1st, 2009.  This time last year for comparison purposes 20 homes had closed escrow.  That represents a 30% decrease in the number of sales this year over last year.   Click here to see the Hollywood Riviera homes that have sold so far in 2009.

With every down there is an up – the silver lining to our real estate trends lately is that the entry level California affordability index is at one of its highest levels ever…59% vs 33% a year ago.  Add to that terrific mortgage interest rates and we’ve got Los Angeles county showing a 41.3% increase in sales volume – Feb. 09 vs Feb. 08!  Dataquick News story reports that Southland sales volume has outpaced last year again with the median price remaining unchanged.   As the entry level buyers start buying up the inventory that is out there, the next level of buyers – the “move up” buyers can start to make their move and so on.  Eventually we will see some movement again in the higher end market which is still somewhat soft right now.