Venice Style E-Newsletter August 2010

July stats show a decline when compared to June figures in the number of homes sold (down 21%), the total sales volume (down 13%) and the average sale price per square foot (down 21%). The average sales price increased 10%. The average sale price was up slightly over July a year ago while the other stats were down as compared to a year ago.

According to the Multiple Listing Service, the number of active single family listings (as of August 23rd) decreased since our last issue by 14 to 90 (13.5%); and the number of homes in escrow increased 16% to 29 (4 more than a month ago). Days on Market (DOM) for active listings increased 13% to an average of 79 days; DOM for listings in escrow decreased 1.5% to an average of 69 days.

The average list price for the active listings decreased 2.6% over last month to $1,583,537. Of the 90 current listings, 35 (38.9%) are listed below July's average sale price of $1,068,261 and 55 (61.1%) are listed above that average sale price. The average list price for the homes in escrow is $977,606 ... 1.2% lower than July's average sales price and 38.3% lower than the average list price of the active listings.

These stats predict that next month will show an increase in the number of sales and a slight decrease in sales prices.

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.

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

JUST SOLD !!!

Brand New Construction on the Venice Canals !!!

2308 GRAND CANAL. VENICE

NOT LISTED ... CJ & JAY REPRESENTED THE BUYER

SELLING PRICE UNDISCLOSED

NEW LISTING ... JUST REDUCED !!!

Great Windward Circle location ...
two blocks to Venice Beach + two blocks to Abbot Kinney !!!

AN OUTSTANDING CONTEMPORARY DUPLEX !!!

225 MARKET STREET . VENICE

Two spacious 2 bedroom + 2.5 bath units
with 4 car garage and bonus storage room/office

CONTEMPORARY VENICE BEACH DUPLEX ... In the middle of all the action ... 2 blocks to the beach and 2 blocks to Abbot Kinney Boulevard ... Two flats featuring wonderfully designed open floor plans with maximum space and flexibility, wood-burning fireplaces, private balconies, private two-car garages and gourmet kitchens with European cabinetry and granite counters. The spacious 2 bedroom, 2 1/2 bath units offer security systems, large walk-in closets, additional sound insulation and convenient interior washer/dryer closet. Additionally there is a large bonus office/ storage space on the first level. And a four-car garage. No rent control !!!

Each Unit: Approx. 1728 s/f + 350 s/f Bonus Office ... Year Built: 1990 ... Lot Size: 2850 s/f

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.

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/

Last Monday the Federal Reserve Board issued final rules for mortgage brokers and the companies that employ them, and mortgage loan officers employed by depository institutions and other lenders. The rules, which go into effect April 1, 2011, are designed to protect mortgage borrowers from unfair, abusive, or deceptive lending practices.

Currently, lenders commonly pay loan originators more compensation if the borrower accepts an interest rate higher than the rate required by the lender (referred to as a "yield spread premium"). The new rule reverses that practice. Loan originators can continue to receive compensation based on a percentage of the loan amount.

The final rule also prohibits a loan originator who receives compensation directly from the consumer from also receiving compensation from the lender or another party. The new rule seeks to ensure that consumers who agree to pay the originator directly do not also pay the originator indirectly through a higher interest rate.

Additionally, the new rule prohibits loan originators from directing or "steering" a consumer to accept a mortgage loan that is not in the consumer's interest in order to increase the originator's compensation. The rule will preserve consumer choice by ensuring that consumers can choose from loan options that include loans with the lowest rate and loans with the least amount of points and origination fees, rather than loans that maximize the originator's compensation.

Over the last five years, one of the newest developments in real estate is the ability for home buyers and sellers to search online for a home’s value. Popular Web sites such a Zillow.com, Cyberhomes.com, and Eppraisal.com offer free home estimates, but some consumers and real estate industry professionals say the values calculated often are inaccurate and misleading.

Online home appraisal Web sites assign home values without knowing the features or upgrades of a home or the neighborhood in which it is located.

Since housing markets are local and not every home of a certain size is the same value, consumers can be misled into believing a home is worth more or less than the actual value. Working with a local REALTOR® can help minimize inaccuracies in home values. REALTORS® can provide local housing market data and show homeowners and buyers recent sales of comparable homes in the area, to help determine an accurate list or offer price.

While some agents report that Web estimates can educate clients and provide a reasonable assessment of market conditions and the home-buying process, working with a local REALTOR® is the best option.

California highest median home price by CAR region June 2010: Santa Barbara So. Coast $914,760 (Source: CAR)

California lowest median home price by CAR region June 2010: High Desert $125,620 (Source: CAR)

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

Conforming mortgage rates - week ending 8/12/2010
30-yr. fixed: 4.44% Fees/points: 0.7%
15-yr. fixed: 3.93% % Fees/points: 0.6%
1-yr. adjustable: 3.53 % 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 !!!