Hollywood Riviera Market Update – Feb 15, 2008

It’s the middle of February – so the big question is “What’s happening in the Hollywood Riviera’s real estate market?”

There are currently 22 homes actively for sale in the Riviera.  The average price is $1,306,650 with the highest price being $2,499,000 and the lowest being $650,000.  How could there be such a huge difference you ask?  For one, there are two city addresses in the Hollywood Riviera……Redondo Beach and Torrance.  The entire Hollywood Riviera is situated in the city of Torrance, but a good portion of it has a Redondo Beach P.O. Box.  The Redondo Beach addresses (9 homes) have an average price of $1,642,099 and the Torrance addresses (13 homes) have an average price of $1,074,492.    Typically the Redondo Beach homes are closer to the ocean and then there is the perception that an address with the word “beach” in is worth more – and the statistics show it is worth more.
Now the house for $2,499,000 is quite gorgeous – brand new construction for our area (it’s still not finished yet) and has amazing views of city, ocean, mountains.  The $650,000 house is older, on the Torrance side, and doesn’t look so great –   The inside isn’t much different.

There are quite a few wonderful homes in the middle somewhere – the median (home in the middle) is listed for $1,230,000 (they just reduced the price today actually from $1,244,000) and it is a very nice home – on the Torrance side – very close to the Riviera Elementary School and Rocketship Park and on a very quiet street.  It has been remodeled throughout and well and has 1553 sq ft w/ 3 bedrooms and 2 bathrooms (one is a master bath).  It’s quite  nice house actually –  The Hollywood Riviera is such a wonderful place to live – it fared well in 2007: actually seeing a 2.5% increase in average price over 2006 and more units sold – 2007 had 90 homes sell and 2006 had 88 homes sell.