FEBRUARY . 2011
the pulse of what's happening and what's
new around Venice
VENICE REAL ESTATE MARKET UPDATE
NUMBER OF HOMES SOLD IN JANUARY DROPS ...
The number of single family homes that sold in January dropped sharply as compared to both the previous month and a year ago. However, the average selling price increased a little over December but was less that January a year ago. The average price per square foot was up over both previous periods. (See the chart below.) Since only four homes sold in January the number is too small to statistically compare to previous months.
There are 60 active single family listings (as of February 19th), on the Multiple Listing Service, a decrease of 6.7% since our last issue when there were 64. The number of homes in escrow increased by 14 to 30 ... a whooping 87.5%. The average days on market (DOM) for active listings decreased by 3.1 days to 92.5 days and the average DOM for listings in escrow increased by 10.5 days to an average of 85.8 days.
The average list price for the active listings is $1,403,081 ... an increase of 11%. Of the 60 current listings, 24 (40.0%) are listed below January's average sale price of $993,750 and 36 (60.0%) are listed above that average sale price. The average list price for the homes in escrow is $1,004,755 ... 1.1% higher than January's average sales price and 28.3% lower than the average list price of the active listings.
Of the 60 active single family homes there is only 1 bank-owned and 4 short pays. This dropped off significantly from a month ago. Five bank-owned and 10 short pay homes are currently in escrow.
See below for a list of all of the properties sold in Venice during January 2010 and the charts showing these comparisons..
JANUARY VENICE SALES ...
Sales are for all of Venice and do not necessarily represent sales of CJ & Jay Cole. Information is compiled from DataQuick and the MLS/CLAW. Sources are deemed reliable; however, no representation of any kind is made as to its accuracy.
HOW DOES THIS COMPARE ???
For a look of all of the Venice property sales by month since 1999, visit my web site at ../sa/index.html.
CHECK OUT OUR NEW LISTING ...
CALL US FOR AN APPOINTMENT !!!
1635 SHELL AVENUE . VENICE
Prime location + immaculate condition! Original 20's bungalow w/ 2nd story addition & tasteful remodel retains the classic warmth for which the Venice Walk Street area is coveted. Beautiful oak & reclaimed wood floors throughout. The large country kitchen has stainless built-ins and a breakfast nook opening to the courtyard. This serene home has a private, lushly landscaped front yard with a huge sunny deck above. Located on the Shell Circle...Steps to trendy shops & restaurants on Abbot Kinney.
OFFERED FOR SALE ... $1,300,000
ACCEPTED OFFER ... SHOWING FOR BACK-UP OFFERS ...
CALL US FOR AN APPOINTMENT !!!
2213 GRAND CANAL . VENICE
On the hip Venice Canals, this stunning architectural home features a huge loft-like great room with 10' ceilings, gleaming wood floors & walls of glass + a stainless, wood & granite gourmet kitchen on the ground level. A master suite w/luxurious spa bath, 2 guest bedrooms, guest bath & office nook comprise the second level. An open penthouse studio/media room, full bath & 2 roof terraces make up the 3rd level. This is very cool Venice beach location...only steps to the sand & great restaurants.
OFFERED FOR SALE ... $1,975,000
CASH BUYERS LIFT HOUSING ...
Buyers in markets around the U.S. are snapping up homes in all-cash deals, betting that prices are at or near bottom and breathing life into some of the nation’s most battered housing markets.
READ THE STORY
NAR METHODOLOGY FOR ANALYZING REAL ESTATE SALES MAY INFLATE HOME SALES BY 15-20% ...
IS THE DECLINE IN REAL ESTATE SALES GREATER THAN STATED?
Statistics published by the National Association of Realtors appear to overstate sales of existing homes by 15 to 20 percent, mortgage and property data aggregator CoreLogic says in a new report that concludes home sales fell more sharply last year than previously thought.
READ THE COMPLETE ARTICLE
HOMEOWNERS STILL VIEW HOMEOWNERSHIP AS PART OF THE "AMERICAN DREAM" ...
Despite the high number of foreclosures and underwater homes in the current housing market, 70 percent of Americans still view homeownership as being part of their American Dream, according to a survey by Trulia.com. Nearly 80 percent of respondents say their homes are the best investment they ever made. Conversely, only 20 percent feel trapped in their “underwater” homes, while 14 percent said they would walk away from their homes in a heartbeat if they could.
Although many of today’s young adults came of age during the decline of housing market, 26 percent say their views on owning a home have become more positive over the past six months. With 88 percent of 18-34 year old renters aspiring to be homeowners, this new generation of buyers will likely play a crucial role in stabilizing today’s uncertain real estate market.
ACCESS TO MORTGAGES SEEN AS A SERIOUS NATIONAL PROBLEM ...
A new survey shows that more than 70 percent of Americans believe access to affordable mortgages is a serious problem, according to MortgageMatch.com.
The survey also found that understanding the mortgage process and coping with lenders' requirements are the most challenging aspects of getting a mortgage today. Survey respondents ranked lenders’ requirements as more challenging than being approved for the mortgage or negotiating the sale price on the home. Nearly 80 percent of recent home buyers, especially those earning $50,000 a year or more, report getting a mortgage was as, or more, difficult than they expected.
Adding to the confusion, nearly one-quarter of respondents said applying for a mortgage was challenging because documentation requirements from their lender kept changing. One in five borrowers said their lender used too much technical jargon, and 20.7 percent said finding a lender that was easy to work with was challenging.
CALCULATING THE ANNUAL PERCENTAGE RATE ...
The lending industry has tried to make it easier for borrowers to understand the true cost of a mortgage by disclosing both its interest rate and its annual percentage rate, or APR But consumers may often wonder which figure they should focus on when buying or refinancing a property.
READ THE FULL STORY
GREEN TIP ... REUSABLE PACKING CRATES ...
When packing, take advantage of companies that offer reusable packing crates, which can eliminate excessive waste. One such outfit that rents sturdy packing crates made of recycled plastic bottles is California-based Earth Friendly Moving. The company drops off the crates before you move and picks them up afterward in its fleet of bio-diesel trucks. Another company is Rent-A-Crate, a nationwide firm that offers moving crates made of recyclable high density polypropylenome.
FAST FACTS ...
California median home price - January 2011: $278,900
California highest median home price by CAR region January 201: Marin $657,890 (Source: CAR)
California lowest median home price by CAR region January 201: Merced $100,620 (Source: CAR)
California First-time Buyer Affordability Index - Fourth quarter 2010: 69 percent (Source: CAR)
Conforming mortgage rates - week ending
30-yr. fixed: 5.05%
4.29% Fees/points: 0.7%
3.35% Fees/points: 0.6% (Source: Freddie Mac)
Please keep us in mind when you have family, friends or associates who are
thinking of buying or selling a home ... We'd love to help them achieve their dream !!!
Thanks ... CJ & Jay
CJ COLE, BROKER
Venice Beach Living
Phone: 310.823.3129 . 310.773.6945
Web Site: venicebeachliving.com