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)
If you’re looking for a spectacular location….this might be it. One of our favorite streets in all of Southern California is Paseo De La Playa on the bluffs of the Hollywood Riviera. This is an unbelievable location as the lots/homes are not only oceanfront but the lots are huge and extend all the way down to the beach. As 425 Paseo De La Playa is one of the lower homes the slopes is a bit more mild and they’ve been able to build a path down to the beach (which is a VERY challenging step for homes without a path as it require California Coastal approval….which they don’t do). Although the home has some nice features, it is really the lot and location one will be buying…but oh what a location. Take a look below to see this unique opportunity.
Without questions, the Hollywood Riviera is one of our favorite areas of the South Bay. The combination of views, proximity to the beach and a real neighborhood feel make it special and unique. One challenge for some buyers is that it’s a bit further south and for commuters that can make a big difference. On alternative, albiet a more expensive one, is Manhattan Beach. Manhattan Beach real estate is the most valuable of all of the South Bay cities with median home prices often well over $2,000,000.
Manhattan Beach homes range from everything from original beach bungalows built in the 30s (not many of these still standing) to the current wave of luxury new construction homes.
Real estate in Manhattan Beach is generally separated into 5 distinct areas or neighborhoods each with a very different look and feel. Here’s a quick rundown of each area, the home types and values. Click the links to see the homes for sale in those areas.
The homes closest to the beach are in the sand section of Manhattan Beach. This area extends from the beach to the greenbelt between Valley and Ardmore and homes in this area attend either Grandview Elementary or Robinson Elementary. The lots in this section are the generally the smallest of the areas and due to zoning there are far more townhomes than in the other neighborhoods. Home prices and values in the sand section are some of the highest and are certainly the highest price per foot due to the proximity to the beach and the often fantastic views. This is also home to the beachfront properties of the world famous Strand as well as highly sought after walkstreet properties.
To the east of the sand section sit the homes of tree section of Manhattan Beach. Although there are more trees here than in the sand section, the area is actually called the tree section due to the street names. The appeal of this area is that the lots are larger which allows not only the homes to be larger, but gives it more a neighborood feel. There are almost no townhomes or condos so the neighborhoods of tree lined streets and single family homes has a very distinct appeal in Manhattan Beach. The tree section is primarily served by Pacific Elementary School.
The other area west of Sepulveda is the hill section of Manhattan Beach. This is a pretty ideal combination of large lots and often big ocean views. Lying between Valley/Ardmore and Sepulveda, the hill section homes are often estate like properties and some of the most valuable in all of Manhattan Beach. The area is served by Robinson Elementary.
Home prices contine to rise in the Hollywood Riviera with this 2018 prices far outpacing 2017. See the charts below to see what’s happening in the Hollywood Riviera real estate market. Median sales prices in 2018 (through June) were $1,580,000 compared to $1,375,000 the year earlier.