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VENICE REAL ESTATE MARKET UPDATE ARE REAL ESTATE PRICES STABILIZING IN VENICE ???
This is the $24,000 question of the moment. There are many signs on the local front that prices are leveling and activity is picking up. However, there is nothing to indicate that prices will be escalating in the near future. What I am seeing is a quicker reaction by buyers to well-priced, good condition properties. There have even been multiple offers and a couple of properties last month that sold over asking. Looking at the July stats (see below), the level of sales remained fairly high and about the same as last month and a year ago ... In July 2009 16 single family homes, 4 income properties and 7 condos sold, last month's numbers were 18-3-7 and the July 2008 totals were 16-3-2, respectively. When I compare the single family home stats for July vs June 2009, there is very little change in average sale price and average price per square foot ... but there is still a significant drop when comparing to last July. The Multiple Listing Service statistics as of August 13th show Venice listing inventory increased by 8 since last month to 111 active single family homes for sale. The average days on market for the current listings remained about the same at 117 days from 118 days a month ago. Of the 111 current listings, 45 (40.5%) are listed below last month's average sale price of $1,053,055 and 66 (59.5%) are listed above that average sale price. The average list price for the active listings is $1,406,207 ... 33.5% above June's average sale price. Currently 20 single family homes are in escrow (average days on market is 84). This is quite a bit off a month ago when there were 28 homes in escrow with an average DOM of 67. This indicates that there may be a drop in number of closed sales in August and September. The average list price for the homes in escrow is $1,191,200. JULY 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 ???
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. CHECK OUT OUR NEW VENICE BLOG ... We have just launched a new Venice blog entitled "VENICE DIGS." You are welcome (encouraged) to visit http://venicedigs.com (still in it's development stages) and offer your comments, criticisms, editorial input ...
OUR NEW LISTING ON THE VENICE CANALS LOOKING FOR BACK-UP ...
A POSITIVELY FABULOUS HOME ON THE VENICE CANALS !!! … This 1926 shingled beach house, rebuilt with addition in 1999, offers timeless quality and unpretentious, easy-going charm … perfectly suited to the casual way of life on the Venice Canals. Oak floors, timbered ceilings & French doors throughout. First-floor living spaces flow smoothly … great for entertaining. Private second-floor master bedroom retreat with reading cove, walk-in closet, lavish spa bath + sunny balcony. Spacious 2 bedroom + den, 2 bath home ... 2050 s/f. South facing on island. This is a very special property. EXCLUSIVELY OFFERED FOR SALE AT ... $1,990,000. Current Status: Accepted Offer, Looking for Back-Up VENICE CHAMBER OF COMMERCE TO HOLD MIXER AT HOTEL ERWIN WEDNESDAY, AUGUST 26TH ...
The Venice Chamber August mixer will be Wednesday, August 26th from 5:30 to 7:30 pm at Hotel Erwin ... 1697 Pacific Avenue, Venice. Admission is $5 for members and $20 for non-members. This new hotel has just completed major renovations including a new rooftop lounge. This is a great opportunity to network with Chamber members and guests. Bring your business cards. Plus there is always a great Raffle! New Chamber logo mugs are available for purchase! Click for Details. Contact and membership information: 310.392.3809. 'A SALUTE TO THE CALIFORNIA ORANGE' AT VENICE HISTORICAL SOCIETY MEETING AUGUST 22ND ...
The Venice Historical Society quarterly meeting will look into the history of the California orange. "The orange has been a California landmark as early as the 1870s. Join us to hear about its impact on California and the influence Abbot Kinney had on the citrus industry." Saturday, August 22, 1:00 PM - 3:00 PM at Beyond Baroque, 681 Venice Boulevard. Free and open to the public ... Click for Details ... Ample parking. RECYCLED BOOK SALE AUGUST 29TH AT THE VENICE LIBRARY ...
The Friends of the Venice Library will be holding a recycled book sale on Saturday, August 29th between 9:00 AM and 3:00 PM at the Venice-Abbot Kinney Memorial Library, 501 S Venice Boulevard. There will be non-fiction, fiction, hardcover and paperback, videos, audiobooks, cooking and more !!! Go early for the best selection !!! All proceeds benefit the Venice Library directly. Click for Details. Contact: 310.821.1769. UNDERSTANDING THE STRICTER LENDING REGULATIONS ...
Most financial institutions have tightened their lending guidelines and increased their down payment requirements. No longer can someone purchase a home without a down payment or documented income, nor can owners refinance multiple times without sufficient equity in the home. One of the primary factors financial institutions consider in their decision to lend is a strong credit record. Borrowers can increase their chances of being approved for a home loan by requesting their credit report and FICO score at least six months prior to applying for a loan. This allows the consumer to dispute errors and/or pay any outstanding debt. The first step in deciding whether or not to purchase a home is deciding how much a borrower can afford, according to Melinda Opperman at Springboard Nonprofit Consumer Credit Management. Opperman recommends home buyers spend no more than 31 percent of their gross income on a home payment, including principal, interest, insurance, property taxes, and homeowners’ association dues. Home buyers also should have a savings account with funds available to pay for home maintenance and unforeseen emergencies, such as a job loss. Refinancing can provide homeowners lower interest rates and, in some cases, greater financial security. A senior analyst at Bankrate.com, an online consumer information service, advises that anyone with an adjustable-rate mortgage who can refinance to a fixed-rate loan do so now because interest rates are very likely to rise in the future. While most loans require at least some equity to refinance, there are exceptions. A homeowner with an existing FHA mortgage can refinance to another FHA mortgage without having equity. The new loan does not require an updated appraisal of the house, which would show reduced equity. FAST FACTS California median home price - June 09: $274,74 (Source: CAR) California highest median home price by CAR region June 09: Santa Barbara So. Coast $850,000 (Source: CAR) California lowest median home price by CAR region June 09: High Desert $108,600 (Source: CAR) California First-time Buyer Affordability Index - First Quarter 2009: 69 percent (Source: CAR) Conforming mortgage rates - week ending
8/6/09 Please keep us in mind when you have family, friends or associates who are Thanks ... CJ & Jay
CJ COLE, BROKER Phone: 310.823.3129 . 310.773.6945 |
