June 2020 Hollywood Riviera Home Sales and House Prices
June was another slower month for home sales in the community of Hollywood Riviera with only 6 closed sales during the month which was about average for 2020 but quite a bit lower than most months in 2019. Prices were impressive with the median “list” price of $1,795,000 and a median “sold” price of $1,755,000. The average price per foot was $890.87 and the average days on market was 66. The highest priced sale of the month was an oceanfront home on the bluff at 529 Paseo De La Playa which sold for $5,650,000.
Record breaking home prices in the hollywood Riviera
The Hollywood Riviera is one of the great neighborhoods of the South Bay and values have skyrocketed over the past 10 years. Having said that the current median price of $2,235,000 is truly unbelievable and rivals some of it’s more expensive neighbors of Hermosa Beach and Manhattan Beach. Granted there are 2 oceanfront homes on the market, one at 505 Paseo De La Playa listed at $5,500,000 and another at $12,000,000 at 425 Paseo De La Playa but the median price and average list price of $3,787,679 are just staggering.
While this home is in need of some updating to truly make it a legacy home, the basics are all here.
One of the best locations in Southern California…..check.
Endless ocean views……check
A lot that extends all the way to the sand……check
425 Paseo De La Playa is one of those rare legacy type homes. Perched on the bluffs above Torrance Beach, the home offers incredible and unblockable ocean views. The 28,000+ sq foot lot is unheard of in the South Bay and as with all of the homes along the west side of Paseo, the lots extend all the way to the beach, but this home has an enormous amount of land in front of the home as well. The gated entry and true estate feel make for endless possibilities.
By the numbers - home Sales and Home Prices in the Hollywood Riviera
The Hollywood Riviera real estate market slowed down a bit as most communities in the South Bay as the uncertainties of the coronavirus kept both buyers and sellers down a bit.
Overall it was a fairly solid month in terms of home sales. April 2020 saw 9 homes close escrow. The median list price of the sold homes in the Hollywood Riviera was $1,099,000 with the median “sold” price being $1,075,000 indicating it was still definitely a sellers market. The average price per foot was $761 and the average days on market was only 44.
A Look at the Real Estate Market in the Hollywood Riviera
We look at a lot of real estate data and charts for the South Bay and the pattern is generally pretty similar in various towns. The Hollywood Riviera seems to be a bit different, however, and doesn’t seem to be following the same trends. What we saw was a fairly typical increase in both listings and sales as we got to, and through, the summer months. It usually slows down around November but it’s usually gradual. That wasn’t the case in the Hollywood Riviera as we went from 37 active listings in October to 26 in November and plummeted to 15 in December. Unfortunately for home buyers in the area, the inventory has been extremely low ever since.
View the current homes for sale in the Hollywood Riviera
The chart below shows active listings per month (light green) sold homes (dark green) and pending sales (red line)
It’s rare to see one of these incredible oceanfront homes hit the market and this is no exception. 505 Paseo De La Playa had been on the market as a rental but just came on for sale. It’s an older home that will likely get/need a significant face lift but as they say in real estate, “location, location, location”.
There’s no disputing that the location really doesn’t get much better. It’s a personal favorite of ours as we love the community of the Hollywood Riviera and this is the best location imaginable. Paseo De La Playa is a hilly street with the homes on the west side sitting on a beachfront bluff with incredible views of the ocean, PV and the coastline.
Priced at $5,500,000 this is a 4 bedroom (one bedroom downstairs and 3 upstairs), 3 bath home with just under 3,200 square feet. Built in 1962 the house is certainly bright and open but we envision the buyer will likely be doing quite a bit of work.