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Hollywood Riviera Real Estate Update – September 11, 2013

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Hollywood Riviera Real Estate Update – September 11, 2013

There are currently 19 single family homes available for purchase here in the Hollywood Riviera.  Of those 19 homes, 7 are under $1 million dollars.  The rest go from $1,050,00 to $1,999,000.  The average price of the available homes is $1,2 million dollars.
What do you get for $1.2 million dollars here in the Hollywood Riviera?  You could buy this home at 524 Calle Mayor for $1,219,000.  It’s got 4 bedrooms, 2 1/2 bathrooms in just under 2500 sq ft.  Calle Mayor is a little bit of a busy street here in the Riviera however.  This home could use a little bit of updating, but it’s in relatively good condition otherwise.

524 Calle Mayor (photo courtesy of the MLS)

The least expensive house for sale here in the Hollywood Riviera today is listed for $825,000.  It’s got 4 bedrooms and 2 bathrooms in just over 1600 sq ft.  It’s at 4728 Newton Street.  Newton is also known to be a bit of a busy street in the Riviera as well.  It’s close to our local middle school, Richardson Middle School, so if you have middle school kids, it will be an easy walk home for them.

4718 Newton (photo courtesy of the MLS)

Since January 1st, 2013, there have been 82 homes SOLD here in the Hollywood Riviera.  That’s way up over this same time last year when only 63 homes had sold.  That is a 25% increase in the number of homes sold, year over year!  The market has been on fire here really since May 2012.  We’ve seen gains in number of homes sold as well as significant gains in the average price sold.  The days on market has shrunk as well (all of these things go hand in hand, of course.)  We have had very low inventory for the last 15 months.  Not until this September have we had this many homes available on the market.   The average price of the 82 homes sold in 2013 so far is $1,112,978.  The  most expensive home sold this year so far was sold for $4,150,000.  That home was located right on the bluff above RAT beach, a very desirable location.  The least expensive home sold this year was sold for $555,000. It was quite a bargain, purchased right at the beginning of 2013.  It obviously was a fixer upper and located on Newton St.
One needs to keep in mind that there are two very distinct addresses designated by two different zip codes even (90277 & 90505) here in what we Realtors refer to on our MLS maps as the “Hollywood Riviera.”  The most expensive home that sold this year was located as far west as you could go and the least expensive sold was located about as far east as you could go.  No wonder there was a price difference.   We have the Redondo Beach side (90277) and the Torrance side (90505.)   In the end, all the homeowners here in the Hollywood Riviera live in the City of Torrance,  South Torrance, specifically.  The Redondo Beach side got its address back in the early days when the Torrance Post Office was too far away from the neighborhood to get mail delivered, so they asked the Redondo Beach Post Office to deliver their mail.  Well, the address stuck on that side of our development.  There is a big difference in the price of homes with the different addresses too.  This year for example, the average price of the 28 homes sold on the 90505 side is $855,000.  The average price of the 54 homes sold in the Redondo Beach zip code (90277) is $1,247,000.  On average, the same home would typically sell for approximately $100,000 on the RB side vs the Torrance side.  The Redondo Beach side has benefits such as homes are closer to the beach, have more ocean views and of course, can say they are located in two cities….Redondo and Torrance.

Hope this information is helpful to you if you are looking to live here in the Hollywood Riviera or even if you are thinking of selling your home here.  Kelly & Laura have specialized in the neighborhood for over 13 years now.  We both live, play and work here.  Love to hear from you.