Twenty Venice single family homes closed escrow in March … a whopping increase of 222% over the preceding month and 500% over the number sold in March 2009 !!! This is the highest number of homes to close in a single month since August of 2007. The activity is definitely up; however, prices don’t appear to be increasing.The March average sale price decreased about 21.3% as compared to February’s figure. The price per square foot remained the same. Lesser-priced homes sales is where the action is … 13 homes sold under one million while only one home sold over 2 million. And the trend seems to be continuing.
According to the Multiple Listing Service, over the past 5 weeks, the number of active single family listings (as of April 27th) increased by 2 to 76; and the number of homes in escrow increased to 34 (5 more than a month ago). There was a significant decrease in the days on market for both pending listings and a slight increase for active listings. DOM for active listings increased 3.8% to an average of 82 days; DOM for listings in escrow went down 19.7% to an average of 61 days.
The average list price for the active listings is up 3.0% from last month to $1,586,379. Of the 76 current listings, 27 (35.5%) are listed below March’s average sale price of $1,107,203 and 49 (64.5%) are listed above that average sale price. The average list price for the homes in escrow is $1,114,022 … 3% higher than March’s average sales price and 28% lower than the average list price of the active listings.
See below for a list of all of the properties sold in Venice during March 2010.
MARCH 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.
SHOULD YOU BUY OR RENT A HOME? COST GAP NARROWS …
Affordable home prices and low interest rates have created an ideal time for many buyers to purchase homes, and now a new week-long look at home ownership confirms it. The national study, conducted for The Associated Press, shows that the difference between monthly rents and mortgage payments is at its lowest level in nearly 20 years.
The analysis of 45 metro areas found the difference between the monthly mortgage payment on a median-priced home and the median rent has declined to $256. In some areas, the difference is as low as $100, according to the study. The last time the price gap was that close was in 1993, when it decreased to $264.
The study, conducted by Marcus & Milichap Real Estate Investment Services, used median prices for the last three months of 2009 and calculated mortgage payments by assuming a 10-percent down payment and a 30-year fixed loan at 5.07 percent. It also assumed borrowers paid for private mortgage insurance and didn’t’t include repair costs and tax benefits.
Although the difference between monthly rent and monthly mortgage payments is at its lowest level in nearly 20 years, more stringent lending standards have made the home-buying process more challenging. Home buyers can prepare by ensuring their credit reports are up to date and saving for a down payment of at least 20 percent. Borrowers putting down less than 20 percent likely will have to purchase private mortgage insurance.
Owning a home has significant tax benefits, including deductions for property taxes and loan interest. Homeowners also can enjoy building equity and creating a means of forced savings as they pay down the principal on the home.
Although home buyers should not focus solely on future home price appreciation, according to data collected by the CALIFORNIA ASSOCIATION OF REALTORS® (CAR) over the last 40 years, homeowners who purchase a median-priced house, live in it for at least five years, and sell it at the then-current median price, have averaged an annual rate of return of more than 11 percent.
REVERSE MORTGAGES NOW LOOK CHEAPER …
Reverse mortgages have long been considered one of the most expensive ways to extract cash from your house. But that is changing as some of the country’s biggest reverse-mortgage lenders are slicing closing costs—helping even some affluent homeowners who want to generate additional income.
VERY SPECIAL !!! NEW LISTING …
702 CALIFORNIA AVENUE . VENICE
CALIFORNIA PROVENCE IN VENICE. Open architecture with skylights & 10′ ceilings create a great room perfect for entertaining. Tall 8′ Anderson doors open to the courtyard making the space even larger. The open arrangement of the main living area leads to flexibility in furniture placement. The kitchen has stainless steel high-end appliances & a European feel. In the living room, a limestone fireplace provides warmth on cold winter nights. Striking hard wood floors flow throughout the house. The master bedroom has a wonderful walk-through built-in closet space & French doors that lead to the rose garden. The artist’s studio/guest quarters is a perfect work at home situation. There is a shower plus a large sink in the bathroom, perfect for cleaning paint brushes. The studio has a small fridge under the built-in cabinets & is plumbed for full kitchen. There are double doors which open to the courtyard, the floors are stained cement. Custom wood gates & stone work adds a touch of Provence.
"We built this house 18 years ago & it was a labor of love. We love the feeling of serenity once we walk through the gate we find ourselves in a different world. The sunlight is gorgeous & with the breezes, there is no need for air conditioning. Walking on Abbot Kinney is a favorite past time. It feels like a cross between Paris & So Ho, NYC. & our favorite part is that you don’t have to get in your car for the whole weekend."
Home: Approx 2100 s/f … Studio: Approx 500 s/f … Year Built:1993 … Lot Size: 5400 s/
EXCLUSIVELY OFFERED FOR SALE AT … $1,975,000
To arrange a showing or for more information contact CJ at 310.823.3129.
FABULOUS BUY !!! JUST REDUCED !!!
2213 GRAND CANAL . VENICE CANALS
This exciting waterfront architectural home on the historic Venice Canals offers a unique combination of the peace and quiet of living in a tranquil wetlands area while being just steps from trendy Venice Beach recreational and entertainment activities. Designed by William R Pauli, AIA, it boasts 10′ ceilings and walls of glass to maximize the light and views of the Canals! Features include: spacious public spaces with clean lines & handsome wood floors; stainless, wood & granite gourmet kitchen; exceptional master suite with luxurious marble spa bath + huge walk-in closet; 2 guest bedrooms with bath; office nook; laundry room plus large open penthouse with full bath great for studio, media room, gym or 4th bedroom. The home flows comfortably from in to out via 4 terraces, 3 fronting the Grand Canal, perfect for entertaining and relaxation. Extras include: 2 wood/gas burning fireplaces; wired for telephone, TV, security, computer; built-in vacuum system; dual zone heat and air.
Home: Approximately 3265 s/f … Year Built: 2001 … Lot Size: 2700 s/f
EXCLUSIVELY OFFERED FOR SALE AT … $2,500,000
To arrange a showing or for more information contact CJ at 310.823.3129.
SPECTACULAR VENICE CANALS COMPOUND ON THREE LOTS!
There is absolutely nothing else like this on the Venice Canals !!!
420 + 416 + 414 CARROLL CANAL . VENICE
Seller will consider selling the homes individually …
Call for more information.
This beautiful Mediterranean compound sits on three prime Venice Canals lots enjoying 90 feet of canal frontage and incredible water vistas. The voluminous main house and two detached fully functioning guest houses, each on a separate lot, flow one to another through French doors and shared outdoor spaces. With chic, sophisticated style, the interiors boast large handsome rooms … most with French doors to balconies and terraces … high ceilings, Spanish tile and hardwood flooring, crown moldings, recessed lighting and six fireplaces. Expansive patios and gardens with water features, towering palms and park-like grounds surround the homes … perfect for large-scale entertaining and intimate living. There is garage, carport & open parking for eight cars. Walk to Venice Beach & Abbot Kinney award-wining restaurants & shops. There is absolutely nothing else like this on the Canals!
EXCLUSIVELY OFFERED FOR SALE AT … $6,500,000.
To arrange a showing or for more information contact CJ & Jay at 310.823.3129.
JUST SOLD … $1,375,000 !!!
411 LINNIE CANAL . VENICE CANALS
California median home price – February 2010: $279,840
California highest median home price by CAR region February 2010: Santa Barbara So. Coast $795,000 (Source: CAR)
California lowest median home price by CAR region February 2010: High Desert $122,580 (Source: CAR)
California First-time Buyer Affordability Index – Fourth Quarter 2009: 64 percent (Source: CAR)
Conforming mortgage rates – week ending 4/15/10:
30-yr. fixed: 5.07% Fees/points: 0.6%
15-yr. fixed: 4.40% Fees/points: 0.7%
1-yr. adjustable: 4.13% Fees/points: 05% (Source: Freddie Mac)