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VENICE REAL ESTATE MARKET UPDATE AUGUST SALES SHOW DECLINE IN NUMBERS AND PRICES
After three months of increasing sales volume, August was a disappointment with only 7 single family homes selling. This was down from 16 last month and 11 in August a year ago. Sales totaled just under 7 million, the lowest month since last March. The average selling price dropped below $1,000,000 ... only the third time since February of 2005. The average price per square foot remained about the same as last month, trending upward since the first of this year. At $714 a square foot, this average is about the same as it was at the end of 2004. The Multiple Listing Service statistics as of September 10th show Venice listing inventory decreased by 15 (13.5%) since last month to 96 active single family homes for sale. The average days on market for the current listings remained about the same at 115 days from 117 days a month ago. Of the 96 current listings, 35 (36.5%) are listed below August's average sale price of $999,571 and 61 (63.5%) are listed above that average sale price. The average list price for the active listings is $1,444,709 ... 44.5% above August's average sale price. Currently 30 single family homes are in escrow (average days on market is 98). This is large increase over a month ago when there were only 20 homes in escrow, resulting in fewer closed sales in August as predicted last month. (September/October should see an increase in number of sold homes.) The average days on market for the homes in escrow increased significantly over the last two months from 67 (July 15th) and 84 (August 13th) to an average DOM of 98 currently. The average list price for the homes in escrow is $1,147,234; down a little from last month. AUGUST 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. COMING SOON ... BEACH LEASE !!! We will be listing a cute one bedroom, one bath apartment 1/2 block to Venice Beach. It has a one car garage and a nice patio area. And a pet is OK. The lease amount will be about $2000 a month. If you or someone you know is looking, let me know. It will most likely lease quickly. Call us at 310.823.3129 or reply to this email ... CJ & Jay. STUDY FINDS WALKABLE NEIGHBORHOODS COMMAND PRICE PREMIUMS ...
A new study says that homes located in more walkable neighborhoods command a price premium over similar homes in less walkable areas. The study, “Walking the Walk: How Walkability Raises Home Values in U.S. Cities” was commissioned by CEO's for Cities and conducted by Joe Cortright using data from Walk Score and Zip Realty. Key findings include: • In 13 out of 15 metro areas (sales data provided by Zip Realty), higher levels of walkability were directly linked to higher home values. • In the typical metropolitan area, a one point increase in Walk Score was associated with an increase in value ranging from $500 to $3,000. Gains were larger in denser, urban areas and smaller in less dense markets. • In the typical areas studied, the premium commanded for neighborhoods with above-average Walk Scores ranged from $4,000 to $34,000. PRT SHORT FILM NIGHT SEPTEMBER 12TH ...
The Pacific Resident Theatre Film Component will present seven short films featuring PRT talent on Saturday, September 12th. These seven short films were either written, directed, or scored by members of the company, or feature our actors. This is the first of many such exciting evenings to come!
Tickets are only $10. Call 310-822-8392 or purchase tickets on line at PacificResidentTheatre.com. OUR VENICE BLOG ... "VENICE DIGS" welcomes comments and posts on happenings in the community and real estate information. You are encouraged to visit http://venicedigs.com (still in it's development stages) and offer your comments, criticisms, editorial input ...
437 LINNIE CANAL IN ESCROW !!!
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: IN ESCROW JAZZ AT PALMS COURT VENICE MUSIC FESTIVAL SEPTEMBER 20TH ...
Venice Music Festival: 2 - 5 PM. Features world music to celebrate Venice's unique diversity. Performances by the Adaawe and the Susie Hansen Latin Band. Come for an afternoon of fun and community! Tickets $20 in advance or at the door. All proceeds benefit Venice Community Housing Corporation's affordable housing and supportive services for low-income and homeless youth and adults in Venice and the surrounding area. For more information or for tickets, call Marlies at (310) 399-4100 x 103.
CELEBRATING THE 25TH ANNUAL ABBOT KINNEY FESTIVAL ... Celebrating 25 years of giving in Venice, the 2009 Abbot Kinney Festival will be held on Sunday, September 27th, 10:00 AM to 6:00 PM. Almost 150,000 people who reside in communities throughout Southern California are expected to attend the festival. Over the years, the Abbot Kinney Festival has grown to become the second largest community event of its kind in the region. Attendees and participants are best described as adults who are environmentally conscious, focused on health, love animals, enjoy bicycling, family-oriented, unpretentiously hip, and arts-minded. Almost entirely run by volunteers, the popular event was founded by the Abbot Kinney Festival Association (AKFA), which is a 501(c)(3) not-for-profit corporation created in 1984 for the purpose of improving the quality of life for the community of Venice and showcasing the eclectic mix of more than 100 businesses on the famed Abbot Kinney Boulevard. The AKFA is passionate about promoting Abbot Kinney Boulevard as an important cultural and commercial epicenter, and strives to engage residents and visitors in enjoying the vibrant creativity that makes Venice so unique. For the latest information and a line-up of exhibitors and entertainment go to http://abbotkinney.org/abbotkinneyfestival.html. VENICE CHAMBER NEXT MIXER WEDNESDAY, SEPTEMBER 23RD ...
The Venice Chamber September mixer will be Wednesday, the 23rd from 5:30 to 7:30 PM at the Helen Garber Studio ... 801 Ocean Front Walk, Venice. Admission is $5 for members and $20 for non-members. The mixer is sponsored by Helen and Dr. Stuart Garber and Whole Foods Market, Venice. 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. SLIDE SHOW OF HISTORIC VENICE PHOTOS SET FOR SEPTEMBER 30TH ...
A slide show of historic Venice photographs to commemorate the 100th anniversary of Venice will be presented Wednesday, September 30th at the Pacific Resident Theatre. The featured photographers are Charles Brittin, Roderick Bradley, Anthony Friedkin and Frank Talbot. FAST FACTS California median home price - July 09: $285,480 (Source: CAR) California highest median home price by CAR region July 09: Santa Barbara So. Coast $885,000 (Source: CAR) California lowest median home price by CAR region June 09: High Desert $110,650 (Source: CAR) California First-time Buyer Affordability Index - Second Quarter 2009: 67 percent (Source: CAR) Conforming mortgage rates - week ending
9/3/09 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 |
The 17th Annual Jazz at Palms Court Champagne Brunch:
