Blog

New Listing !!!

NESTLED ON AN ISLAND IN THE VENICE CANALS

Pristine cottage + art studio waiting for a new owner !!!

411 LINNIE CANAL . VENICE

This charming light-filled beach house offers 3 bedrooms and 2 baths in the main house plus a spacious art studio with half bath above the double garage. Tastefully remodeled, the open main level flows from the Canal-front porch to a private back courtyard and features an open living/dining area, kitchen with new cabinetry and butcher-block counter tops, a large media/family room (third bedroom), full bath and laundry room … all with gleaming maple floors and bright white walls and cabinetry. The upper level has two bedrooms, each with vaulted ceilings, new sisal-type carpet and private patio. The all-white bath has a spa tub. All rooms open via French doors to great porches/decks. The studio will be delivered with maple flooring, new paint and remodeled half bath at COE. The landscaping is simple and low maintenance.

EXCLUSIVELY OFFERED FOR SALE AT … $1,600,000.

VIEW THE PROPERTY WEB SITE

Download the Brochure
Download the MLS Info

To arrange a showing or for more information contact CJ & Jay at 310.823.3129.

VENICE INVENTORY OF HOMES FOR SALE DECLINES

For the third month in a row the number of actively listed single family homes on the Multiple Listing Service in Venice decreased significantly. As of November 17th there are 70 home listed for sale … down 37% since August 13th when there were 111 active SFR listings. This is the result of increased sales volume coupled with properties that weren’t selling going off the market. With the smaller inventory, I am seeing a significant increase in buyer interest which, hopefully, will result in stabilizing prices.

The average days on market for the current listings went down one from September’s 115 days to 114 days. The average list price for the active listings is $1,617,502. Of the 70 current listings, 25 (35.7%) are listed below October’s average sale price of $1,094,000 and 45 (64.3%) are listed above that average sale price.

Currently 33 single family homes are in escrow (average days on market is 100). This is a slight decrease from a month ago when there were 35 homes in escrow. The average days on market dropped a smidgen but still well over the low in July (67 days). The average list price for the homes in escrow is $1,184,446; 8.3% higher than October’s average sales price and 26.8% lower than the average list price of the active listings.

The October stats (see below) for Venice single family sales volume showed decreases in all categories. However, the total number of property sales for the month increased by one property from 20 in September to 21 in October.

OCTOBER 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.

NOVEMBER FAST FACTS

California median home price – September 09: $296,090 (Source: CAR)

California highest median home price by CAR region September 09: Santa Barbara So. Coast $750,000 (Source: CAR)

California lowest median home price by CAR region September 09: High Desert $117,820 (Source: CAR)

California First-time Buyer Affordability Index – Third Quarter 2009: 64 percent (Source: CAR)

Conforming mortgage rates – week ending 11/12/09
30-yr. fixed: 4.91% Fees/points: 0.7%
15-yr. fixed: 4.36% % Fees/points: 0.6%
1-yr. adjustable: 4.46 % Fees/points: 0.6% (Source: Freddie Mac) 

VENICE HOME SALES PICK UP IN SEPTEMBER

As I predicted last month, Venice single family sales volume rebounded in September … surpassing both last month (significantly) and September 2008 in all stats except average dollars per square foot which increased over last month but did not reach the level of a year ago.

The Multiple Listing Service statistics as of October 15th show Venice listing inventory decreased by 13 (13.5%) since last month to 83 active single family homes for sale. This decrease echoed the decrease sited in September resulting in a two-month overall decrease in homes available for sale of 25%. The average days on market for the current listings remained the same as a month ago at 115 days. Of the 83 current listings, 52 (62.7%) are listed below September’s average sale price of $1,532,592 and 31 (37.3%) are listed above that average sale price. (The average sale price was somewhat skewed due to a $5,600,000 sale … the median sale price was $1,125,000). The average list price for the active listings is $1,563,890 … about the same as September’s average sale price.

Currently 35 single family homes are in escrow (average days on market is 102). This is an increase over a month ago when there were 30 homes in escrow. The average days on market for the homes in escrow continues to increase over the last four months from 67 (July 15th), 84 (August 13th), 98 (September 10th) to an average DOM of 102 as of October 15th. The average list price for the homes in escrow increased over last month to $1,208,211.

Next Page »