June 7th – Hollywood Riviera – Area 128 in the South Bay MLS
Active – there are currently 28 Single Family Residences for sale in the Hollywood Riviera. The average price of those is $1.395K. The lowest price home is on Pacific Coast Highway (service street) and lists for $689K – it’s been on the market now for 21 days. The highest price home is listed for $2.4 million and came on the market only 9 days ago. It’s a large home – almost 3600 sq ft and has a pool, spa and views of the ocean.
In Escrow – there are currently 9 homes in escrow right now – with an average price of $1.027K. Their average days on market is 64. The lowest price home in escrow was listed for $724,900 and the highest price is $1,999,000.
Solds since January 1, 2008 – 25 homes have sold since January 1st which is 19 less homes than last year or 43% less homes sold. (44 homes had sold from Jan 1, 2007 – June 7, 2007) That is quite a big difference from this time last year. The least expensive home sold so far in 2008 was $575,000 on PCH service street. The most expensive home sold was in March 08 – on Via La Selva and boy was it gorgeous! What a view!!! The average price so far for 2008 is $1,189K and the average for the same period of 2007 was $1,142K – which is a 4% increase year over year.
Although this sounds encouraging – we have a much longer time on market right now vs last year – our market has definitely slowed down a bit. Things could be much worse though – we are still seeing an average of 96% of list price on the solds…this time last year the number was 98%. Offers on homes listed right now are coming in a lot lower at first then they did last year…..we see many more “lowballs” if you will. There have been a couple of REO’s (bank owned properties being sold by the banks) in the area as well, but that is not the norm. For the most part, sellers are still selling here for the typical reasons….retirement, up-sizing, down-sizing, relocation for work reasons – and these are the same reasons people buy a home.
The Hollywood Riviera is a great place to live! There is only so much of it, so we have a supply and demand scenario going on. There is a very small number of homes for sale in our area – less than 1% of the homes here are for sale. There are quite a few good deals out there right now as well! For example, if you were thinking of buying something in move-in condition w/ a Panoramic Queen’s Necklace View – you could snap up a great house for under $1.2K on Via El Chico. There is a great 4th of July house on Via Anita – the ocean views are stunning and there is a great “ocean-view-party-deck” to see the fireworks! You’d have to buy it now to be in for the 4th though! That’s less than 30 days away….yikes!