The first quarter of 2008 is already over – yikes! Time is flying by and real estate here inventory here in the Hollywood Riviera is at a minimum. We have only 21 single family homes and 7 condo/townhouses for sale. Of those, many are stale listings – some even have been on the market for over a year. Those are overpriced and not in great condition – so honestly there is very little on the market. There were two new listings last week…a gorgeous ocean view home in great condition at 308 Via Anita listed for $1,399,000 and a cute house in the lower Riviera on Via Linda Vista with 3 bedrooms, 2 bathrooms for $1,249,000.
As far as “in escrow” properties – we have 12 properties (SFR, Condo,Townhouse) in escrow. These will be our solds in the next few weeks. One of the properties in escrow is one of the most expensive homes ever sold in this neighborhood (short of those on the Paseo de la Playa bluff that is.) It was listed for $2,499,000 and sold for very close to that price. It is one of the most gorgeous homes – completely rebuilt in 2006 and with the most gorgeous panoramic ocean, city, mountains and queen’s necklace views you’ve ever seen. This will make a nice comp for all those other homes that are under construction currently. The Hollywood Riviera is changing a bit – it is not just some sleepy 1950’s tract anymore….these homes are going custom and with a location like the Riviera – close to the beach, shopping and great schools – it’s hard to beat!
What did the first quarter 08 hold sold-wise? There were 14 homes sold in the 1st quarter that is off the mark of 2007 when 21 homes sold in the 1st quarter. If you’ve been keeping up with our blogs – we noted that the 1st two months of 08 were keeping up nicely with 07 numbers – well March threw that out the door. March 07 had 10 homes close escrow….March 08 only had 3. That is where the difference lies – 7 homes. That’s actually a 30% difference from last year…hope the rest of 08 heats up a bit more. With our low inventory it’s no wonder not much is selling…..there is nothing to buy. There is a higher average price for 2008’s 1st quarter over last year’s first quarter – average sales price for 1st quarter 08 was $1,165K. Typically, the homes that are priced well, in a good location and with good bones are selling quickly still. Pricing is key to this as well as making sure the home shows very well…better than it’s competition.