March 5, 2014
Hollywood Riviera, Redondo Beach, Palos Verdes, Torrance and other South Bay Beach Cities – Low Inventory Still a Problem – It’s March 5th, 2014 and it’s been almost 2 years now that we’ve had a serious low-inventory problem here in the South Bay. May 2012 is noted as the date that inventory started shrinking and it’s been going on ever since. Our inventory levels here in the Hollywood Riviera are indicative of what’s happening pretty much all over the South Bay Beach Cities markets including Palos Verdes. Currently there are 5 single family homes actively for sale here in the Hollywood Riviera neighborhood listed on our CRMLS. There are 12 houses in escrow. This shows a relationship of how quickly homes are selling. The average days on market of the homes that are in escrow is approximately 40. There are a couple of homes that just recently went pending that really ruin that average because for instance one of the homes which sat on the market for 249 days was grossly overpriced from the beginning and they made 4 price adjustments from their initial price totaling approximately $120,000. With that said, this seller’s market is still finicky when homes are over-priced.
Jan 2014 : For Sale vs. Pending in Hollywood Riviera
What to do as a Buyer in this voracious market that is moving quickly? BE READY! How do you get ready? Understand what a seller is going to want. The ball is in their court right now and if they have multiple offers what can you do to make YOUR offer stand out. One of the most important things you can do is get your finances in order and get pre-approved with a lender. This process actually can take time these days as lenders are requiring a lot of information from borrowers to make sure they can repay their loans. If you are pre-approved with a lender up front, going into the bidding process will make you feel much more comfortable with what price you are able to offer and what timelines you can work within. If a seller wants a quick close and you are already pre-approved, you can offer a seller that. You need to be the buyer who can meet the seller’s terms as well as what price that seller may be looking to get. It’s not an easy process and one that requires patience. Buyers need to be ready at all times to immediately go and see properties that meet their search criteria as soon as they come on the market. It is not unusual to see 5+ offers on one property right now. Call an experienced real estate agent who is familiar with the neighborhood in which you are looking. They may be privy to homes that are not on the market yet and maybe you can get a leg up on the competition this market is full of now. Good luck.
Andrew and Christina live near the corner of Monte D’Oro and Calle Mayor and as you can see did an amazing job transforming a very basic hillside view home into a gorgeous Mediterranean beauty. With new smooth stucco, windows, front door, lovely front porch and new paver driveway, pathway/stairs to the front porch and all new landscaping.
Here is what they said. ”We used the Martinez Brothers Landscaping for both the hardscape and landscape. We worked with Jorge Martinez. The landscape architect was Ric Dykzeul. He designed and drew up the plans for both landscape and hardscape a few years back for us. Yes, we are extremely happy with the results !
Thanks for making the Hollywood Riviera even more beautiful! Great job.
January 28, 2014
Hollywood Riviera For Sale/Sold Homes
Hollywood Riviera Homes Sales – January 2014 :
There are currently only 8 single family homes and 1 condo for sale in the Hollywood Riviera neighborhood. The average price of the single family homes currently for sale is $1,347,187 with the lowest price home currently for sale being $899,000. That house has 4 bedrooms and 2 bathrooms but is located on a large hill and there is little to no backyard. There is a nice deck in the back and there are very pretty city lights views from most rooms of the home. The most expensive home for sale currently is listed for $1,875,499 (reduced from $1,950,00.) This is a 3 bedroom, 2 1/2 bathroom home with just over 2200 sq ft according to the MLS listing. While this home looks very charming and has a neat lap pool & spa in the backyard, it has not sold in 166 days and most likely could use another price adjustment (downward) to get it sold.
Properties that are sitting on the market are more than likely overpriced these days as there is very low inventory, and buyers are out early this year for properties that are competitively priced as evidenced by the fact that the average price of the 5 houses that have actually sold this year (since January 1st, 2014) have sold over their listing price!
There are 9 single family homes currently under contract or pending sale here in the Hollywood Riviera. The average price of those pending sales is $1,217,222. The highest listing price of those homes is $1,500,000 and the lowest listing price of those homes is $869,000. These homes had an average Days on Market of only 48 days. That is very low! More evidence – if you price it right, it will sell quickly!!
Preparing your home for sale is a key factor in ensuring a quick sale. People like to walk into homes that look like “Model Homes.” Thus the term – builders know how to sell homes and they always stage them and they coined the term, Model Home! I always know a house will sell quickly when I hear the buyers that are looking through say, “Does anyone live here? It looks like a model home!”
If you would like help preparing your home for sale, please don’t hesitate to give us a call. We’d love to help you prepare your home for sale this year!
January 24, 2014
Proposed Del Amo Mall Remodel 2015- Artist Rendering
Del Amo Mall held the “largest mall in America title” from 1981 through 1992, will now undergo a huge remodel that is slated to take until Fall 2015 for Nordstrom and the new food court to be ready, according to the Daily Breeze article published January 20, 2014. Del Amo has undergone several remodels since the early nineties and today has the amazing new outdoor mall area that has terrific restaurants, movie theater and shopping which attracts many of the local South Bay residents on a daily basis. Stay tuned and follow along with what’s sure to be an amazing community shopping/entertainment area.
November 25, 2013
Hermosa Beach Holiday Tree Lighting Ceremony
December 5, 2013 – 6:00 p.m.
Hermosa Beach Pier
The Hermosa Beach Chamber of Commerce will host the Annual Holiday Tree Lighting Ceremony on Thursday, December 5th at 6 PM at the Hermosa Beach Pier. The event will feature the official lighting of the Hermosa Beach Holiday Tree to help kick off the holiday season in Hermosa Beach. The festivities will include holiday carolers, bands from Hermosa View and Hermosa Valley Schools, hot cocoa sales from the Hermosa Beach Woman’s Club and an appearance from Santa.
More info on our website!
Riviera Village Holiday Stroll
December 5, 2013: 5:00pm – 9:00pm
Riviera Village, Redondo Beach
Start your holiday celebrating in Riviera Village at the annual Holiday Stroll on Thursday, December 5, from 5 to 9 pm. This wonderful collection of upscale shops will stay open late that night, offering fabulous finds and delectable treats to all. The Holiday Parade steps off at 6 pm down Ave. I and Catalina Ave. and features local bands, dance teams, and dignitaries.
Sand Snowman Contest
December 7, 2013
The weatherman says it’s nothing but sand! Sand! Sand! Sand! Bring your family and friends, shovels, scarves and mittens because Hermosa Beach will be showcasing its annual Sand Snowmen Contest December 8th from 8:45 PM – 12N. This holiday tradition is open to all ages and abilities. Come early and mark your spot for the best Sand Snowman! Don’t forget to bring your camera! Event check-in begins at 8:45 am and sculpting begins at 9:00 am. For more information, contact the Community Resources Department at 310.318-0280.
Spyder’s Snowfest in Hermosa Beach
December 7, 2013 at 1:00 PM
Pier Avenue Hermosa Beach
Spyder’s Snowfest in downtown Hermosa Beach is back Saturday, December 7th! The third annual event will drop over 60 tons of snow on Mt. Hermosa. Although last year’s Snowfest didn’t happen, this year Spyder, Mountain Hight and the general goodwill of the snowboard industry have teamed up to bring the event back to Pier Avenue. A riding exhbiton will be put on by the Mountain High Team and some of Southern California’s best jibbers. Tons of vendors will be there handing out free goodies, playing games, and having contests.
Vist our events page to find out more about this year’s Snowfest.
25th Annual Manhattan Beach Holiday Fireworks
December 8th, 2013
Manhattan Beach Pier
The Manhattan Beach Holiday Fireworks Festival is held at the Pier every year in December. This year’s Fireworks Show will take place on Sunday, December 8th with festivities starting around 3:30 pm. This is a very popular event and crowd size can swell up to 15,000… for good reason. Manhattan Beach, with the help of sponsors like Skechers and others, puts on one of the most spectacular firework shows west of Carson. Traditional holiday favorites like a snow park, toy & canned good drive, and live music by Hyperion Outfall highlight this annual event… and of course there will be fireworks:
- (7:00 PM) – Fireworks Show choreographed to seasonal music
Bring blankets, a bottle of wine, some gloves, friends, family, and your baby stroller, this event is a blast and the fireworks show is always top notch. The Holiday Fireworks are expected to go forward, rain or shine, on Sunday.
Find out more about this year’s 25th Annual Manhattan Beach Holiday Fireworks on their website.
Torrance Civic Chorale & Orchestra
December 13th & 14th, 2013 at 8:00PM
David Burks – Conductor
Celebrate the holiday season at the James R. Armstrong theatre in Torrance. The Torrance Civic Chorale has been sharing its passion for outstanding choral music with the South Bay since the early 1960s. This year they weave together an evening of Christmas and Hannukkah songs as well as major excerpts from “The Polar Express” and “Home Alone” movies. Reserved seating is available for $16.50, call the theatre box office at (310) 781-7171.
More info on our website!
Holiday Concert & Santa on The Redondo Beach Pier
Redondo Beach Pier
December 14th, 2013 – 3:00 PM – 5:00 PM
Surfin’ Santa Claus & Holiday Music
Holiday celebrants fill the Redondo Beach Pier Saturday afternoon for a free, community event put together by the Redondo Beach Pier Association. The stage is set for two hours of live music provided and an appearance by Mr. Claus himself. This event is family friendly and parking is FREE!.
Check out what else is happening for this annual holiday event on our website!
22nd Annual King Harbor Christmas Boat Parade
December 14th, 2013
Nothing says California Christmas events like a boat parade. Combining the love of California beaches and waterways with the spirit of celebration, dedicated yachtsmen spend thousands of dollars on intricate lighting systems to deck out their boats and yachts for the annual King Harbor Christmas Parade. The seaworthy vessels within the channel follow a route that sweeps past vantage points where the public can watch the spectacular display of colors, designs and themes, often tied to the Southern California lifestyle.
The Boat Parade will light up King Harbor in Redondo Beach. Spectators can view the balconies from the International Boardwalk, Marina or Pier and the boat parade can be viewed from the seawall or Fisherman’s Pier.
The Nutcracker – Presented by Los Angeles Ballet
December 28th, 2013, 1:00 PM & 5:00 PM
December 29th, 2013, 2:00 PM
Redondo Beach Performing Arts Center
Welcome to the world of The Nutcracker. This is the production that is the heart of Redondo Beach’s year-end holiday season. Whether it is a family tradition or a once-in-a-lifetime visit, your experience of this glittering classic ballet will stay with you forever and warm your spirit. From the moment the lights dim, you will be transported to a magical place filled with adorable children, marching toy soldiers, a glowing giant Christmas tree that seemingly grows forever, mischievous mice, crystalline waltzing snowflakes, the Land of Sweets and some of the most glorious dancing on earth. Visit our event’s page to find out more about this end of the year event
There you go…fireworks, Santa, snowmen on the beach, and everything in between. Grab a jacket or at least a hoodie and join your fellow locals for these unique holiday events.
April 27, 2013
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.)
April 16, 2013
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….
March 10, 2013
Monte Malaga, Palos Verdes Estates - Looking down to Torrance Beach and Redondo Beach...what a day to live here! Taken February 27, 2013!
February 25, 2011
I went to a seminar this week that was given by a CA Realtor Association lobbyist who works in Sacramento and gave us some scary information about proposed leglislation that they are fighting against.
Here are some of the highlights of what he told us:
1. The CA state sales tax could soon include services from lawyers, doctors and realtors. For example, if a realtor charges and collects 5% of the purchase price of a million dollar home, that 50k would be taxed at 9.75% and that money would have to be collected and sent to the state like a normal sales tax. I personally think the chances of this passing are slim. The administration costs would be enormous. Who pays, who collects, who send to Sacramento?
2. Challenges to Prop 13. More power is being transferred to city governments vs. the state government and thus, cities want to challenge prop 13 to get more money to pay for services, debt etc.. This one could be interesting.
3. Mortgage interest deduction. This is more of a federal government proposition. I really doubt we will see this as a major sweeping change for tax purposes. But more likely possibilites include income property or second home deduction changes or elimination of those, elimination of the mortgage interest deduction for high income individuals (250K and up)? Who knows how this one will play out but I will be watching and happy to support this being killed.
4. Reduction of the jumbo conforming loan limits from 729k down to 625k or below. This could make a big impact in our area since the average sales price is over one million dollars. They will also raise down payment requirements and fees for Fannie and Freddie loans which means less people will qualify for those. These changes are the most likely of the items I have discussed to occur.
So my advice to potential home buyers is… BUY NOW!
February 17, 2011
California’s Million Dollar Home Sales UP in 2010 – 1st Time since ‘05: Being that the average sales price here in the Hollywood Riviera for 2010 was close to $1 million dollars – this is good news! DataQuick News reports the story here - Oneof our South Bay towns, Manhattan Beach is on top of the heap with greatest number of home sales over $1 million dollars last year – 326 homes vs 260 from the previous year (2009.) The most expensive sale in Manhattan Beach last year was $6.3 million. Rolling Hills Estates made the list as well with a total of 245 homes selling over $1 million dollars last year as well vs. 187 in 2009. Rancho Palos Verdes was on the list as well posting 163 homes over $1 million dollars last year vs 2009’s 140. To see the full article click here.