Venice Style E-Newsletter March 2009

FEBRUARY 2009 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 ???

Single family home sales picked up in February with six sales ... four more than the previous month ... but five less that last February. As compared with a year ago, the total sales dollar volume decreased; however, the average sale was up by 18.5%. The average price per square foot decreased by 20.9%.

The Multiple Listing Service statistics as of March 12th show Venice listing inventory increased by 12 over the last month to 126 active single family homes for sale. The average days on market for the current listings decreased to 81 days from 84 days a month ago. Of the 126 current listings, 66 (52.4%) are listed below last month's average sale price of $1,407,000 and 60 (47.6%) are listed above that average sale price. The average list price for the active listings is $1,680,133 ... 19.4% above February's average sale price.

Currently 10 single family homes are in escrow (average days on market is 93).

For a look of all of the Venice property sales by month since 1999, visit my web site at http://venicebeachliving.com/sa/index.html.

GREEN TIP ... GREEN FONTS' HOLES SAVE INK

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FENG SHUI CONCEPTS TO HELP A HOME SELL

To put the best face on a listing and appeal to buyers who follow feng shui principles, keep these tips in mind.

1. Pay special attention to the front door, which is considered the “mouth of chi” (chi is the “life force” of all things) and one of the most powerful aspects of the entire property. Abundance, blessings, opportunities, and good fortune enter through the front door. It’s also the first impression buyers have of how well the sellers have taken care of the rest of the property. Make sure the area around the front door is swept clean, free of cobwebs and clutter. Make sure all lighting is straight and properly hung. Better yet, light the path leading up to the front door to create an inviting atmosphere.

2. Chi energy can be flushed away wherever there are drains in the home. To keep the good forces of a home in, always keep the toilet seats down and close the doors to bathrooms.

3. The master bed should be in a place of honor, power, and protection, which is farthest from and facing toward the entryway of the room. It’s even better if you can place the bed diagonally in the farthest corner. Paint the room in colors that promote serenity, relaxation, and romance, such as soft tones of green, blue, and lavender.

4. The dining room symbolizes the energy and power of family togetherness. Make sure the table is clear and uncluttered during showings. Use an attractive tablecloth to enhance the look of the table while also softening sharp corners.

5. The windows are considered to be the eyes of the home. Getting the windows professionally cleaned will make the home sparkle and ensure that the view will be optimally displayed.

Source: Sell Your Home Faster With Feng Shui by Holly Ziegler (Dragon Chi Publications, 2001).

MORE ON HOW TO APPLY FO A PROPERTY TAX REDUCTION

Last month we included an article on scams relating to private companies sending mailings to property owners offering their services to pursue a reduction in the owner's property taxes. (See http://venicebeachliving.com/vs/vs_2.09.html). As a result, some of our readers requested more information on the process required to initiate a review of their property's value by the Assessor.

For more information you can go to the LA County's Assessor's web site at: http://assessor.lacounty.gov/extranet/guides/prop8.aspx. Additionally, you can download the Decline-in-Value Reassessment Application.

FAST FACTS

California median home price - January 09: $254,350 (Source: CAR)

California highest median home price by CAR region January 09: Santa Barbara So. Coast $900,000 (Source: CAR)

California lowest median home price by CAR region January 09: High Desert $127,750(Source: C.A.R.)

California First-time Buyer Affordability Index - Fourth Quarter 08: 59 percent (Source: CAR)

Mortgage rates - week ending 3/5/09
30-yr. fixed: 5.15% Fees/points: 0.7%
15-yr. fixed: 4.72% Fees/points: 0.7%
1-yr. adjustable: 4.86% Fees/points: 0.5% (Source: Freddie Mac)