Hollywood Riviera Real Estate Market Update – November 2, 2011

Hollywood Riviera Real Estate Market Update – November 2, 2011 – There are only 23 houses currently for sale here in the Hollywood Riviera.  There are 3100 homes here….so that is a very small percentage for sale. The average sales price of those 23 (actually 22 homes as I’m taking out the $12 million dollar outlier for more statistical accuracy) is $1,208,704.  The least expensive house for sale is $675,950 and the most expensive is $1,700,000 (again if you take out the $12 million dollar outlier that is a fabulous home on the Paseo de la Playa bluff!)  For $1.7K  you get a house that has over 3900 square feet and fabulous views of the ocean, city lights, and mountains – the Queen’s Necklace view!  For $675,950 you get a major fixer on Calle Mayor – a bit of a busy street that leads to and from the Riviera. 

If you want something smaller – a condo or townhouse in the Hollywood Riviera – there are currently 5 choices with a price range of $495,000 – $795,000. 

If we compare this time last year with today’s market we find the following data.
     11 houses are currently in escrow here in the Hollywood Riviera while this time last year there were only 9.  The average price of those homes in escrow today is $1,104K vs. $818K last year.  Obviously, there are some more expensive homes in escrow this year – like the gorgeous home on Via Monte D’Oro for $1,995,000.  Wonder what it will sell for?

As far as Solds go – this year we have had 76 homes sell so far since January 1st, 2011 with an average price of $965K.  This time last year only 68 homes had sold although their average price was almost 4% higher at $1,003K.    So while more homes have sold this year the average price is down about 4%.  This is a popular trend in most of the higher end cities nationally.