venicebeachliving.com


 
 

"VENICE STYLE"
JULY . 2010

the pulse of what's happening and what's
new around Venice

 

VENICE REAL ESTATE MARKET UPDATE


JUNE SALES STATS SHOW SOME DECLINE FROM MAY ...

19 Venice single family homes closed escrow in June ... a dip of 17.4% over the preceding month's number of sales and up slightly (5.5%) over the number sold in June 2009. The June average sale price decreased 20% as compared to May's figure. Both the average sale price and the total sales volume was up a little over the June a year ago. The price per square foot decreased by 10.1% over last month and 15.9% over a year ago.

According to the Multiple Listing Service, the number of active single family listings (as of July 17th) increased since our last issue by 19 to 104 (22%); and the number of homes in escrow decreased 24% to 25 (8 less than a month ago). Days on Market (DOM) for active listings increased 3% to an average of 70 days; DOM for listings in escrow decreased 3% to an average of 70 days.

The average list price for the active listings increased 6.4% over last month to $1,625,914. Of the 104 current listings, 25 (24.0%) are listed below June's average sale price of $967,779 and 79 (76.0%) are listed above that average sale price. The average list price for the homes in escrow is $989,678 ... 3.7% lower than June's average sales price and 39.1% lower than the average list price of the active listings.

These stats continue to predict that next month will show decreases in both the number of sales and sales prices (as did last month's stats).

See below for a list of all of the properties sold in Venice during June 2010.


JUNE 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.


FABULOUS BUY !!!

OPEN SUNDAY, JULY 18TH, 2:00 PM - 5:00 PM

2213 GRAND CANAL . VENICE CANALS

EXCEPTIONAL WATERFRONT HOME !!! 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.

Home: Approximately 3265 s/f ... Year Built: 2001 ... Lot Size: 2700 s/f

EXCLUSIVELY OFFERED FOR SALE AT ... $2,375,000

Download the Brochure
Download the MLS Info

To arrange a showing or for more information contact CJ at 310.823.3129.


VERY SPECIAL !!!

OPEN TUESDAY, JULY 20TH, 11:00 AM - 2:00 PM
AND
SUNDAY, JULY 25TH, 2:00 - 5:00 PM !!!

702 CALIFORNIA AVENUE . VENICE

PROVENCE IN VENICE ... Private, walled villa reminiscent of the South of France! Just steps to the action of Abbot Kinney and a few blocks to the beach! Dramatic, open architecture with skylights, 10' ceilings, French doors + hardwood floors throughout! Centered on a lush courtyard and surrounded by greenery! 3 bedrooms, 2 baths in the 2100 s/f main house + 500 s/f artist’s studio/guest quarters with 3/4 bath! Perfect for an artist, writer or musician! Published, sophisticated and impressive! Through the custom wood gates ... the serenity of a different world !!!

Home: Approx 2100 s/f ... Studio: Approx 500 s/f ... Year Built:1993 ... Lot Size: 5400 s/

EXCLUSIVELY OFFERED FOR SALE AT ... $1,895,000

Download the Brochure
Download the MLS Info

To arrange a showing or for more information contact CJ at 310.823.3129.


SENATE REFORM BILL RETOOLS LENDING

The Senate passed the financial regulation bill today, which will impact home buyers and lending guidelines. Chief among the changes impacting consumers is the creation a consumer bureau at the Federal Reserve and the requirement that lenders ensure a borrower is able to repay a home loan by verifying income, employment, and credit history.

KEEP THIS IN MIND

Under the financial regulation bill, at least two categories of mortgages likely will see a dramatic decrease in their availability: interest-only loans and stated-income loans. Both loan types likely would fall short of the government’s definition of “qualified” mortgages and therefore be avoided by many in the lending community.

Many real estate analysts credit interest-only loans and stated-income loans as contributing factors to the decline of the housing market. With interest-only loans, borrowers pay none of the loan principal for a fixed period, typically 10 years, after which time they must make higher payments for the remaining 20 years of the loan. Unlike other loan products, stated-income loans do not require borrowers to verify their actual income. Only a few lenders continue to offer these loans, and typically only to borrowers with deep cash reserves and large down payments.

The bill also severely limits the industry practice known as “yield spread premiums,” which in many cases incentivized mortgage brokers and loan officers to sell higher-interest loans to borrowers. The reform bill will no longer allow commissions earned by mortgage brokers and loan officers to be linked to the interest rate, but rather the loan amount. Once the bill takes effect, the total commission and additional fees charged by lenders and others in the mortgage process will be limited to a maximum of 3 percent of the loan amount, not including the real estate commission.

READ THE FULL NEW YORK TIMES ARTICLE


HOME-BUYING LOAN APPLICATIONS AT 13-YEAR LOW

Mortgage applications to buy a home plunged last week to the lowest level in more than 13 years as the housing recovery continued to struggle following the expiration of the home buyer tax credit, an industry group said Wednesday.

READ THE FULL CNN MONEY ARTICLE


FAST FACTS

California median home price - May 2010: $324,430 (Source: CAR)

California highest median home price by CAR region May 2010: Santa Barbara So. Coast $905,000 (Source: CAR)

California lowest median home price by CAR region May 2010: High Desert $126,430 (Source: CAR)

California First-time Buyer Affordability Index - First quarter 2010: 66 percent (Source: CAR)

Conforming mortgage rates - week ending 7/8/2010
30-yr. fixed: 4.57% Fees/points: 0.7%
15-yr. fixed: 4.07% % Fees/points: 0.7%
1-yr. adjustable: 3.75 % Fees/points: 0.7% (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
DRE#: 00960322