Hollywood Riviera – 9 Homes Sold Already in 2012! – It’s February 3rd, 2012 and there have been 9 closed sales of single family residences here in the Hollywood Riviera (11 if you include the two condos that also closed escrow this year.)  This time last year there were 6 single family residences that had closed escrow during the same period (January 1, 2011 – February 3, 2011) – that’s a 33% increase over last year already!  The average price of those 6 closed sales in the Hollywood Riviera last year was $841K vs. the average price of the 9 homes closed for 2012 $975K.  There were clearly a lot more higher end homes sold in 2012 than 2011 first month!

A couple of the solds for 2012 so far include –

1) An REO (bank owned property) that came on the market for $989,000 on November 29, 2011.  It sold quickly in multiple offers as it was a remdeled home with 2300 Sq Ft, 5 bedrooms and 3 bathrooms + an ocean view to boot.  The final purchase price was $1,015,000 – a good deal for the area.

2) Calle de Andalucia – A standard sale here in the Hollywood Riviera.  This newer construction home (built in 2004) had 3282 Sq Ft with 5 bedrooms and 4 bathrooms + a basement and a lovely backyard and entertainer’s patio ended up finally selling for $1.5K on Jan 31, s012.  It was on the market for quite a while – listed originally in May 2011 at $1.649K is a good example of how long it can take to sell a house that is overpriced to start with.  Once this house’s list price was dropped on November 1, 2011 to $1,549K – it sold shortly thereafter for it’s $1.5K sales price.  Pricing a property properly is still key in this market.