Hollywood Riviera Market Update April 22, 2008

There are currently 27 single family homes on the market as of today with the average Days on Market at 61.    11 of those actively listed properties have reduced their prices at least once.  The highest price is $2,295,000 for a home in a gated planned community called Riviera Beach Colonyrivbchcol.jpg – it’s a lovely home just steps to the beach.  The lowest priced home is $650,000 on Pacific Coast Highway – the service street. 

As far as what’s in escrow currently – there are 9 homes pending sale and their average days on market was also 61.  2 of those properties reduced their price once before going under contract.  The highest price pending home is $1,999,000 for a gorgeous new construction home with an ocean view on the corner of Calle Mayor and Via Pasqual.  It’s not quite done yet and never hit the MLS as active; it just came on as pending.  The lowest price pending property is $650,000 and it’s down on Highgrove and needed some work.  highgrove.jpg

As far as what’s sold this year – 2008 – we’ve got 16 sales so far.  It’s a far cry from this time last year (2007 had 28 homes sold by now) as far as number of units sold.  This year is off by 43% for number of units sold. A lot of people are clearly “waiting it out.”  We do have the same number of actively listed homes though – but many of those have been on the market a long time….a couple for over a year!  The only good news here for 2008 so far is that the average price is actually up 8% with the average price for 2008 sales coming in at $1,228K and average price from 2007 sales (same period January 1st – April 22nd) coming in at $1,129K.   The most expensive home sold in 2008 so far was $2,425,000 and it was gorgeous with the most amazing views!!  It is one of the most expensive homes ever sold here in the Riviera, short of the homes on the Paseo de la Playa bluffs.  The least expensive home sold in 2008 was $605,000 on that same PCH service street as mentioned above. 

One area to look at as well when mentioning the Hollywood Riviera is the difference in the Torrance side (90505) and the Redondo Beach side (90277.)   See my article – “Hollywood Riviera – Where is that Anyway” for a map of the different sides.  The Torrance side’s solds in 2008 average price was $958,00 (6 units) and the Redondo Beach side’s average price was $1,390,000 (10 units.)  Big Difference here!

Stay tuned for next months update!

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