AUGUST . 2011
the pulse of what's happening and what's
new with Venice real estate
VENICE REAL ESTATE MARKET UPDATE
NUMBER OF HOMES SOLD INCREASES IN JULY ...
The number of single family homes that sold during July was up 40% over both the month of June this year and July of 2010 showing the market may be coming back a little. Because two of the homes that sold did not report a selling price, the other stats are more difficult to compare. Both homes were in the "higher ticket" price range which, if included, would raise the other stats (total sales volume, average sale price and average dollar per square foot) significantly.
As of August 12th, there were 63 single family homes actively listed for sale on the Multiple Listing Service ... 2 less than a month ago. The number of homes in escrow decreased significantly to 24, 27.3% fewer than a month ago. The average days on market (DOM) for active listings decreased slightly to 68.9 and the average DOM for listings in escrow increased by 10 days (16%) to an average of 72.7 days.
The average list price for the active listings is $1,509,524 ... an increase of .8% from last month and 48.6% higher than the average sales price in July. Of the 63 current listings, 19 (30.2%) are listed below July's average sale price of $1,015,632 and 44 (69.8%) are listed above that average sale price. The average list price for the homes in escrow is $1,119,788 ... 10.3% higher than July's average sales price and 25.8% lower than the average list price of the active listings. (These stats are somewhat skewed due to the two unreported sales for July.)
Of the 63 active single family homes there are 3 short pays and no bank owned. Five short pay homes and one bank owned are currently in escrow.
See below for a list of all of the properties sold in Venice during July 2011 and the charts showing these comparisons.
VIEW THE VENICE PROPERTY SALES FOR THE PAST 12 YEARS
JULY 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.
JUST SOLD !!!
480 SOUTH VENICE BOULEVARD . VENICE
It's all about location ... access to anything and everything you are looking for ... all at your doorstep and walkable! Two blocks to fine dining and shopping on trendy Abbot Kinney, the Venice Canals outside your back door, and four blocks to the sand, bike path, funky shopping and entertainment along Venice Beach. This dramatic, contemporary Mediterranean villa is hidden behind high walls and lush landscape. The large great room that dominates the first floor affords a multitude of possibilities for layout and function of seating areas, including one by the fire. The open cook's kitchen has a walk-in pantry. French doors lead to the flagstone patio, a private oasis for year-around entertaining. Natural light pours into the space through multiple windows in the 25' high wall plus gleaming maple floors add to its warmth. An architectural, open stairwell leads to the second level bedrooms and on up to the roof terrace that overlooks the Venice Canals. The master suite has a luxurious spa bath with oversized his/her vanities and separate shower and spa tub, a large walk-in closet and French doors to a balcony overlooking the gardens! Additionally there are two guest bedrooms, a spacious guest bath and an open library/den. Other features include an oversized double garage with built-in custom storage, security system, dual zone HVAC, high quality dual glazed windows and doors.
Home: Approximately 2428 s/f ... Year Built: 1999 ... Lot Size: 3733 s/f
EXCLUSIVELY OFFERED FOR SALE AT ... $1,450,000
DOWNLOAD THE BROCHURE
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DOWNLOAD THE MLS SHEET
FOUR WAYS ONLINE REAL ESTATE VALUATIONS FAIL ...
Q: Knowing that I would be selling my home, I have been following price ranges for comparable properties to my home on a couple of major real estate websites. Now that I am ready to list, all the agents I've talked to say that the websites are so out of line that their recommendations are worthless. What a shock!
A: Real estate websites have transformed the whole experience consumers have of home buying or selling -- they have made public what used to be private and difficult to get to -- namely, listing and sales data about homes across the country.
Several of these sites offer nearby recent sales, with the promise that savvy sellers like yourself can simply go online, input your address and find out what specific homes in your neighborhood have sold for lately -- some even go so far as to take the leap from what those homes have sold for to placing an estimated value on your home.
BUYERS SHOULD AIM FOR FIT, NOT PERFECTION ...
Many first-time homebuyers may be laboring under the misconception that they will be able to get their dream home on the first try. While many may be able to find great deals on homes that do have some luxuries, consumers should be aware that perfection may take some work after the moving boxes are unpacked, according to The Los Angeles Times.
One common misconception at present is that homebuyers will be able to get the perfect home, complete with all the bells and whistles, for a steal. Prices are relatively low at present, and there are deals to be had, but homebuyers should not tour open houses thinking they will be getting that move-in ready home with the pool and spa attached, according to the source.
What potential buyers should do is make a list of their real estate needs and their housing wants. When making that list, individuals should also consider their lifestyles, according to Bankrate.com. To pick the right house, you really need to evaluate your own personality.
Whether a family wants to expand, or a single person is looking for a low-maintenance place to relax after work, how an individual lives their life should play a big part in a home decision, according to the source.
CONCERN OVER HISTORIC MURAL AT VENICE POST OFFICE ...
As the United States Postal Service deals with cuts - likely brought on by increased internet use - it has announced that several branches will be closed or combined to make up for budget shortfalls. While community inconvenience is typically the only side-effect of such a decision, residents of Venice Beach have an entirely different concern when it comes to their local Post Office.
That is because their local branch includes a historic mural painted by modernist artist Edward Biberman, according to Curbed. Painted in 1941, the artwork is called "The Story of Venice" and features images of industry set against the playful scenery of an amusement park.
Homeowners and city advocates expressed their concern over the mural, which they see as city property, according to the Venice Beach Patch.
"I can understand efficiency," said Venice Neighborhood Council member Clark McHutchinson at a meeting held to discuss the issue, according to the source. "My bigger concern is what happens to our beloved post office."
Another Venice Beach homeowner suggested the city use its powers of imminent domain to seize the real estate in order to ensure the painting would still be available for public viewing, the source reports. While no definitive course of action has been decided upon, residents were assured by the USPS that the mural itself would not be up for private sale.
BUYING IS CHEAPER THAN RENTING IN MOST U.S. CITIES ...
According to real estate web site Trulia, buying was cheaper than renting in 74% of the country's 50 largest cities in July.
READ THE FULL STORY ...
SIX TIPS FOR A HIGHER CREDIT SCORE ...
Your credit score, calculated from information in your credit report, is a measure of how good a risk you are to a credit grantor. A large proportion of borrowers who can't qualify for a mortgage would qualify if their credit score was higher.
READ MORE ...
FAST FACTS ...
California median home price - June 2011: $295,300
California highest median home price by CAR region June 2011: Marin: $843,080(Source: CAR)
California lowest median home price by CAR region May 2011: Lake County $85,600 (Source: CAR)
California Pending Home Sales Index - June 2011: 119, an increase of 1.9% compared with prior month. (Source: CAR)
California First-Time Buyer Affordability Index - First quarter 2011: 53 percent (Source: CAR)
Conforming mortgage rates - week ending 8/4/2011
30-yr. fixed: 4.39%
3.54% Fees/points: 0.7%
3.02% Fees/points: 0.5% (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