Increased inventory slowing the market for high end Hollywood Riviera homes

By Keith Kyle340_Via_Colusa_master1 copy

A noticeable increase in number of homes for sale at $1,500,000 and above has seemed to put the brakes on a very hot real estate market in the Hollywood Riviera.  The buying public had been clamoring for more homes on the market and now that they’ve arrived, it seems they’re not selling.  The $1,100,000-$1,400,000 price point is still extremely active, but the increased inventory of high end homes has definitely slowed the market.  Certain homes such as the recent listing at 225 Via Alameda which sold with multiple offers right from the start, are the exception at the moment and not the rule.  It’s not uncommon to see these higher price point homes sitting on the market for months which is a distinct difference from some other high end areas in the South Bay.  The chart below shows the number of active, pending and sold homes by month for homes priced over $1,500,000 and clearly indicates almost double the number of homes for sale while pending and sold listings are down.

Hollywood-Riviera-Luxury-Homes

 

Current Hollywood Riviera homes priced over $1,500,000

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Big Gains In May 2015 Median Home Prices in the South Bay

By Keith Kyle

May was another huge month in terms of home prices in the South Bay with Hermosa Beach highest on the wow factor with a median price in May of $,1450,00, almost 32% higher than the year before.  Redondo Beach saw major gains as well with 106 homes selling in May with a median home price of over $844,000

City Homes Sold May 2015 Median May 2014 Median Year over Year % Change
Carson 45 $410,000 $376,500 8.9%
El Segundo 14 $803,500 $818,000 -0.8%
Gardena 35 $405,000 $400,000 1.3%
Harbor City 26 $415,000 $382,000 8.6%
Hawthorne 68 $525,00 $487,000 7.9%
Hermosa Beach 23 $1,450,000 $1,102,000 31.6%
Lawndale 12 $431,000 $417,500 3.2%
Lomita 11 $509,000 $575,000 3.5%
Long Beach 362 $433,000 $399,000 8.5%
Manhattan Beach 38 $2,238,750 $2,005,000 11.7%
Marina Del Rey 26 $917,000 $900,000 1.9%
Palos Verdes Estates 37 $1,515,000 $1,430,000 5.9%
Playa Del Rey 24 $615,000 $711,000 -135%
Rancho Palos Verdes 56 $1,100,000 $990,000 11.1%
Redondo Beach 106 $844,500 $722,000 17%
San Pedro 67 $449,250 $425,000 5.7%
Torrance 148 $579,000 $560,000 3.4%
 Westchester 26 $900,000 $797,000 12.9%

Village Palos Verdes – Oceanview Townhomes in the Hollywood Riviera

By Keith KyleVillage Palos Verdes

One of the more affordable ways of finding an ocean view home in the Hollywood Riviera is the largest complex in the area known as Village Palos Verdes.  Located just east of Palos Verdes Blvd and west of Calle Mayor, the complex is just a short walk to Torrance Beach and the charming shopping area of Riviera Village.  There are 180 units in the complex and due to combination of the staggered layout and the hillside location, many/most of the townhomes have some type of ocean views.  In general the units facing Palos Verdes Blvd have the best views, but they also deal with overlooking a fairly busy street.  Village-Palos-Verdes-MapUnits are either 2 or 3 bedrooms usualy with 3 baths and priced ranged in 2014-early 2015 between the mid to high $600,000s up to just under $800,000 for the larger homes with better views.   Each unit has a two car garage.  The complex had long been problematic in that the siding for all buildings had needed replacing for a very long time and the spector of a pending special assessment kept many buyers away.  The work has since been done and the complex looks fresh and appealing.  HOA fees are generally in the mid $400s but vary somewhat depending on the unit.  The complex offers two pools and is a short walk to the Village-Palos-Verdes-Viewsbeach, and has an abundance of shopping and dining nearby.  It’s an ideal location.

Contact us for more information on the current homes for sale in Village Palos Verdes.

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Redondo Housing Inventory Stays Low…So Where are the New Listings?

By Keith KyleHomes for sale in Torrance CA

As a Redondo Beach realtor who has been doing this a while, I’ve come to expect a nice increase in houses for sale in mid to late January. As the holidays wrap up, football season ends, and everyone gets back to work, we generally see a nice increase in homes that hit the market. It can often set the tone for much of the year as and abundance of homes early in the year often seems to stabilize the market one way or another. Unfortunately 2015 hasn’t seen that increase as the number of active homes for sale continues to go down at a time when the homes for sale should be going up. It’s still early enough that sellers may yet be holding off for a week or two to put their homes on the market and it would be welcome relief for the home buyers sitting and waiting.

The chart below shows the number of homes for sale represented by the light green bar. As of January 29th there are only 88 homes for sale in all of Redondo Beach.

And then there were 4 – New Listings on the Ocean Front Street of Paseo De La Playa

In this market with very low inventory and many homes selling the minute that they hit the market, it’s very unusual to see 4 homes for sale on the most sought after street in the Hollywood Riviera.QN-wide

The 4 homes for sale sit on the oceanfront street of Paseo De La Playa, just above Torrance Beach.  Many residents know the street as it offers great views and is a favorite of cyclists heading up to Palos Verdes.  2 of the homes, the palatial gated estate located at 433 Paseo De La Playa, and 617 Paseo De La Playa are on the west side of the street meaning unblocked and unblockable views of the ocean, Palos Verdes, and the coastline all the way to Malibu.  The primary reason they are still available is the pricetag with the sellers asking $16,000,000 for the home at 433 and the the home at 617 listed for $4,495,000 which is considerably higher than the most recent sales of similar homes.

The remaining 2 homes are fairly new to the market as of January 6th.  Both sit on the east side of the street so they offer minimal coastline views but are still ideally located with a short walk or bike ride to the beach and the Riviera Village.  The home at 630 Paseo De La Playa is a rather pricey $1,888,888 for 1325 square feet and minimal views.  It’s market as a potential site for a 2 story dream home but as the home is in the Torrance hillside overlay area that might be a very tall task.  The home for sale at 528 Paseo De La Playa is a bit more appropriately priced with almost 1800 square feet.

 

Two Big Oceanfront Home Sales in the Hollywood Riviera on Paseo De La Playa

By Keith Kyle

Monthly home sales median prices can often be skewed by a few big numbers and October will certainly reflect that with two homes selling on the oceanfront street of Paseo De La Playa in the Hollywood Riviera.

The first sale was located at 406 Paseo De La Playa which is actually the non ocean front side of the street, but due to it’ location there are no homes on the west side of the street and most of the ocean views are unblocked and panoramic.  The home was a very nice contemporary/modern design with large windows to allow for floor to ceiling views.  With 4 bedrooms and 3 1/2 baths the home sold for a sizable $3.380,000 which is a number not generally seen on the east side of the street.406 Paseo De La Playa

ML#:   SB14186042 
Property Type Single Family Home
Price:   $3,380,000 
Price Per Sqft:   $946.78 
Square Feet 3570
Lot Size   6725 sq ft
Bedrooms:   4 
Baths:  3.5

 

The second home was located oceanfront at 605 Paseo De La Playa and sold for a sizable $4,300,000.  The home was a very original condition 1962 built home and for all intents and purposes this was a lot sale which sets a new price point for lot value in this highly sought after strip of land.  The homes on this side of the street have enormous lots over 20,000 feet but much of the land is a fairly unusable cliff/bluff.  They were originally on leased land but many of the homeowners have bought out the lease at one point or another.   One of the appealing aspects of this home was that it had a trail leading down to the beach and water which is fairly unique and almost impossible to do these days due to stringent restrictions by the California Coastal Commission.Oceanfront Homes

ML#:   PV14177338 
Property Type Single Family Home
Sales Price   $4,300,000 
Price Per Sqft:   $1,352.63 
Square Feet 3179
Lot Size   21,739 sq feet
Bedrooms:   4 
Bath:  3

605 Paseo De La PlayaThere is currently two additional oceanfront home on the market and actively for sale.   The first is  located at 617 Paseo De La Playa, Redondo Beach CA 90277.  As with most of the homes along Paseo, it’s been updated but still somewhat original.  Offering unbelievable views this will certainly be someone’s coastal dream house.

The second home is a palatial estate offering 7 bedrooms, 7 baths, over 7000 feet of living space on an almost 26,000 foot oceanfront lot.   The home is located at 433 Paseo De La Playa.

 

Price Reductions Making this Oceanfront Esplanade Home for Sale Intriguing

The home located at 709 Esplanade hasn’t been one of the easiest homes to sell, despite the fact that it sits 709 Esplanadeoceanfront with unbelievable views from Palos Verdes to Malibu.  It’s a home with some challenges and will require a buyer with some vision, and some money to do a fairly sizable remodel.  It’s been listed by a number of realtors and has come down from the hyper inflated $10,000,000 that it started at in 2012.  It’s a fairly palacial home by any South Bay standards with the sellers claim that it’s over 9000 feet.  Unfortunately it’s a classic example of an owner with very specific tastes that doesn’t appeal to the masses.  The owner clearly liked the color pink (or salmon we’re not sure) and tile.  Just about every surface in the home is a pinkish tile and some of the features are a challenge for most luxury home buyers…..pink frog fountains, pinkish kitchen, etc.  In general our opinion is that the home will need a total overhaul, but at it’s current price it is starting to be a very enticing option for the homeowner that wants it all.  Contact us or call/text 310-251-2344 for more information.

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Hollyglen Real Estate Not Much of a Secret Anymore

By Keith KyleHollyglen Real Estate

I’ve often told my clients that Hollyglen, a small pocket of Hawthorne that sits west of the 405 and north of Rosecrans, is a great alternative to Redondo Beach and Torrance.  It’s long been somewhat of a secret and even locals hadn’t heard of it.  One of the key things that changed that was the advent of the Wiseburn School District, a highly rated charter school system with very high test scores and some of the nicest campuses in all of the South Bay.

I’ve always liked Hollyglen as it has a very “West Torrance” type of feel with tree lined streets, homes that are well kept and updated, schools and parks within walking distance and a somewhat private feel due to the location.  Another aspect that makes it even more appealing is the proximity to freeways, major employers including Mattel, Chevron, Northrup and a number of other aerospace companies.

Recent home prices indicate that the secret is clearly out.  What had recently been a lower priced alternative to Torrance and even north Redondo, now is priced at similar numbers.  Recent sales show that the target prices for sellers is around $700 for an entry level single family.  There are occassional “deals” but those often receive multiple offers and end up well over list price.

Most homes in the neighborhood range between 1100 sq ft and 1400 sq feet with 3 bedrooms and 2 baths.  Most have been nicely updated but still have that original beach bungalow charm.

To learn more about the wonderful “secret” neighborhood of Hollyglen, contact us or click on the link above to see pictures, details and the current listings in this South Bay neighborhood.

For the special buyer….oceanfront estate at 433 Paseo De La Playa

This is a unique home for a unique buyer.  Located on top of the bluff, sitting oceanfront is the  private gated estate at 433 Paseo De Redondo Beach rainbow and beyond from Paseo De La Playa in the Hollywood RivieraLa Playa.   Paseo De La Playa is the oceanfront street between Redondo Beach and Palos Verdes.  The home sits on an oversize 25,771 sq foot lot that extends all the way to the beach and has it’s own direct path to the sand.  This home is unique both inside and out with a recent remodel of this 7 bedroom 7700+ square feet.  Exterior features include a fantastic swimming pool with water falls, a spa and a water slide,  a private basketball court and the endless activities on the beach right in front of the home. 4 car garage and enough area to park 10 cars on the property. Interior features include gorgeous stairway leads up to the master suite with incredible ocean views, 5 bedrooms upstairs, downstairs area with a home theatre, pool table room, game room and 2 bedrooms and bathrooms.

433 Paseo De La Playa

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Big Weekend for Redondo Beach Open Houses

By Keith KyleOpen-House-White-DS

During a week in which most other South Bay cities are only offering a very limited number of homes to see, the open house schedule for September 20th and 21st in Redondo Beach has plenty to offer….and plenty to tour.  This weekend sees more than usual with several advertised open houses.  See the list below for Redondo Beach and the South Bay open houses.  If you’re seeing this post after the September dates please visit our South Bay open houses site for updated homes for sale and schedules.