Someone says we have a million dollars to spend….you’re thinking “they’re gonna get a real nice house with all that money.” Well, I guess it depends where you want that house. Here in the Hollywood Riviera, it doesn’t get you much anymore. You have decisions to make when you have a million dollars to spend. Do we buy a great location with a house that needs work? Do we buy a little less of a location but the house is much easier to move into? Do we spend less than the million and really buy a fixer and use the rest to fix it up? (again thinking of the location.) When I say location, here in the Hollywood Riviera there are two addresses – although in the end it’s all the same address. What does that confusing statement mean? Well, half the Riviera has a Redondo Beach address (a P.O. Box address only though) Then entire Hollywood Riviera is located in the City of Torrance (90505). There is a perception that is backed by numbers that show it’s more desirable, thus more expensive typically to live on the Redondo Beach side of the Riviera. Take for example the following averages:
Currently there are 14 houses for sale on the Torrance side of the Hollywood Riviera (90505)
The average dollar per square foot of these is $537.
The average price of those houses is $1,005,850.
The least expensive is $560K and the most expensive is $1,795K.
Currently there are 18 houses for sale in the Hollywood Riviera with the Redondo Beach P. O. Box (90277) address
The average dollars per square foot of these is $627.
The average price of these 18 houses is $1,457,050.
The least expensive is $699K and the most expensive is $3.7 Million.
Now let’s look at the Sold prices Torrance side vs. Redondo Beach P. O. Box side – since January 1, 2009-
On the Torrance side – 28 homes have sold so far this year – January 1st thru Sept 13th.
Their average dollars per square foot price was – $461 (note that it’s lower than the “asking price” of the Active homes.)
Their average sold price was – $835,977.
The lowest price home sold for $605K and the highest priced home sold this year for $1,460K.
On the Redondo Beach side – 23 homes have sold so far this year – Jan 1st thur Sept 13th, 2009.
Their average dollars per square foot price was – $558. (again note lower than the “asking price.”)
Their average sold price was – $1,189,332.
The lowest price home sold for $810K and the highest price home sold for $1,815,000.
Bottomline – You’d think someone with a million dollars to spend would end the day much happier than the normally do. It’s pretty depressing for me too sometimes to show someone how little a million dollars buys you these days. We throw around “a million dollars” like it’s chump change but it’s a lot of money.
