It wasn’t long ago that most homes for sale in the Hollywood Riviera were priced around $1,000,000 with only the truly spectacular reaching towards the $2.0M mark. Those days have past with $2,000,000+ being the new normal for big views and the abundance of high end flips in the area. As of 2/8/17 there are 5 homes in the Hollywood Riviera priced over $2,000,000 and most are well over that formerly elusive price point.
The Hollywood Riviera real estate market has taken off in the past few weeks with a median list price of over $1.5M which is a fairly unbelievable number for an area with a median sales price of just over $1.0M for the past 4 months. Included in these sold homes was the ocean front home at 623 Paseo De La Playa which sold for $2.625M and without that very unique sale, median prices would have been considerably lower. What accounts for this incredible increase?
According to Redondo Beach specialist, Keith Kyle, it is a combination of a number of factors. “The market has clearly changed in the past few months with inventory dropping and prices rising. In addition the homes currently on the market just happen to be more upgraded and larger as sellers with luxury homes in the Hollywood Riviera have decided it is great time to list their homes. One last factor is the dramatic reduction in the number of distressed sales. As of a year ago distressed sales made up a sizable portion of the listings and are almost non-existent these days.” Click here to view the most recent home sales in the Hollywood Riviera.