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"VENICE STYLE"
AUGUST . 2008

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

 

VENICE REAL ESTATE MARKET UPDATE


JULY 2008 VENICE SALES


HOW DOES THIS COMPARE ???

July's snapshot shows a definite improvement as compared with both last month and July 2007. However, it is too early to predict if this is an indication that the market is "bottoming" or not. The volume of sales for Venice is so small, the stats are very easily skewed.

Currently, the Multiple Listing Service Venice inventory is still very high with 88 active single family homes for sale as of August 24th ... up one from a month ago. The average days on market for the current listings has increased to 80 days as compared to 65 days a month ago.

So far in 2008, 84 single family homes have sold (average days on market was 65 days ... remaining the same as last month); 22 are in escrow (average days on market was 62) and 129 listings have been taken off the market without selling (average days on market was 108).

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


40 23RD AVENUE . VENICE

CHEERFUL BEACH BUNGALOW FOR LEASE !!!


Nestled on a charming walk street 1/2 block to the beach, this cheerful two bedroom, one bath beach cottage is a perfect hide-away from the urban lifestyle. Throughout, the original wood trim and floors are beautifully refinished. Open living areas afford a spacious feel while still being cozy ... French doors open to the peaceful garden. The family kitchen has new stainless appliances and a breakfast nook. Just remodeled, the bath features a claw foot tub, sit-in shower and beautiful built-in cabinetry. The home has central heat and each room has a fan lamp to circulate the wonderful beach air. Enclosed with high fences for privacy and security, the outdoor spaces include a large grassy yard below the front porch and a rear patio with picnic table, umbrella and BBQ. There is garage parking for two cars and an equipped laundry room. No cats ... will consider a dog.

Exclusively offered for lease at ... $4200 per month.

Home : 1008 s/f ... Built in 1921
Lot Size: 2650 s/f

DOWNLOAD THE BROCHURE

DOWNLOAD THE MLS INFORMATION


806 MARCO PLACE . VENICE

Just Listed ... In Escrow the First Week !!!

FABULOUS VENICE WALK STREET HIDE-A-WAY !!!

You’ll find this hidden gem behind a lush hedge on a quiet walk street just 3 blocks to Abbot Kinney.  The outdoor spaces are absolutely delightful for entertaining and privacy. This 1 bedroom, 1 bath 20’s beach cottage has been extensively remodeled with today’s amenities…vaulted ceilings, hardwood floors, French doors, top-end appliances, tons of closet and storage space. A wall of cabinetry, including a Murphy bed, hides the garage door creating a terrific studio/guest room in the garage.    

EXCLUSIVELY OFFERED FOR SALE AT ... $1,100,000

DOWNLOAD THE BROCHURE

DOWNLOAD THE MLS INFORMATION


CAR REPORTS SECOND QUARTER 2008 ENTRY-LEVEL HOUSING AFFORDABILITY INCREASES 50 PERCENT

Nearly half of first-time home buyers in California were able to afford an entry-level home in California in the second quarter of 2008, according to a report released yesterday by the California Association of Realtors® (CAR). Affordability rose to 48 percent in the second quarter compared with 24 percent a year ago.

At 68 percent, the High Desert region was the most affordable area in the state. The San Francisco Bay Area region was the least affordable in the state at 32 percent, followed by the Santa Clara region at 33 percent. The Monterey, Northern Wine Country, Palm Springs/Lower Desert, Santa Barbara County, Southern California, Merced, Riverside, and Sonoma regions all reached record-high affordability levels in the second quarter of 2008.


FAST FACTS

California median home price - June 08: $368,250 (Source: CAR)

California highest median home price by CAR region May 08: Santa Barbara So. Coast $1,035.000 (Source: CAR)

California lowest median home price by CAR region April 08: High Desert $180,570 (Source: CAR)

California First-time Buyer Affordability Index - Second Quarter 08: 48 percent (Source: CAR)

Mortgage rates - week ending 08/14/08
30-yr. fixed: 6.52 Fees/points: 0.7%
15-yr. fixed: 6.07 Fees/points: 0.7%
1-yr. adjustable: 5.18 % Fees/points: 0.5% (Source: Freddie Mac)   


GREEN TIP OF THE WEEK: KEEP THE CORD

When purchasing a phone for your home or office, consider buying one with a cord. Cordless models draw power in charging and standby modes, while older models use very little power. The savings per phone: 28 kilowatt hours of electricity annually. If 5 percent of households opted for one phone with a cord, the savings would amount to 140 million kilowatt hours of electricity annually, according to "The Green Book: The Everyday Guide to Saving the Planet One Simple Step at a Time."

California Association of REALTORS®. Copywrite 2008. All rights reserved.


HOW THE HOUSING LAW AFFECTS REVERSE MORTGAGES

The recently signed federal housing bill has many provisions, including changes to reverse mortgages, which are loans against a house that the borrower is not required to pay back as long as they live in the home. Some of the amendments include raising the amount that seniors, age 62 and older, can borrow using a federally backed reverse mortgage; and lowering the cost of receiving the home's equity. Some ageing experts advise consumers to be cautious before refinancing into a reverse mortgage.

• Although seniors can access their home equity by refinancing into a reverse mortgage, many of these loans come with a variety of fees. Once the fees are paid, borrowers may choose to receive a lump sum payment, monthly payments, a credit line, or a combination based on the home's value. A provision in the housing bill reduce the maximum fee to 2 percent on the initial $200,000 of a home's value and 1 percent on the remaining balance, with a maximum set at $6,000. Some lenders charge less fees, so similar to finding a traditional mortgage, consumers should shop around and negotiate with their lender on these fees. In some cases, closing costs, service fees, mortgage insurance premiums, and interest rates also can be negotiated.

• Most reverse mortgages are Home Equity Conversion Mortgages (HECM), which are backed by the Federal Hosing Administration. In order for a borrower to qualify for an HECM, they must discuss the loan with a loan counselor employed by a nonprofit or public agency approved by the U.S. Dept. of Housing and Urban Development. This ensures borrowers understand all of their options and make the right decision.

Some borrowers may not understand that although the loan does not have to be repaid, as long as they remain in the home, they still are responsible for property taxes, insurance, utilities, fuel, maintenance, and other homeowner expenses. If some of these items are not kept up to date, the borrower risks the lender calling the loan due. It is important to note that reverse loans must be paid back with the proceeds, along with any remaining equity, if the home is sold.

To read the full story, please click here.

California Association of REALTORS®. Copywrite 2008. All rights reserved.


TANKLESS WATER HEATERS DON'T ALWAYS REDUCE ENERGY BILLS

Improper installation or product sizing can get in the way of any instant energy savings. Before installing, consider all the specifications.

To read the full story ... click here.


Please keep me in mind when you have family, friends or associates who are
thinking of buying or selling a home ... I'd love to help them achieve their dream !!!

Thanks ... CJ


CJ COLE
Venice Beach Living

Phone: 310.823.3129 . 310.503.4834
Web Site: venicebeachliving.com

 

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