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We want to wish all of our friends and clients VENICE REAL ESTATE MARKET UPDATE NOVEMBER 2008 VENICE SALES
Sales are for all of Venice and do not necessarily represent sales of CJ Cole. Information is compiled from sources deemed reliable; however, no representation of any kind is made as to its accuracy. HOW DOES THIS COMPARE ??? Only five single family homes sold in the month of November ... a large decrease from the previous month's sales (15) and sales a year ago (10 in November 2007). The price per square foot dropped to $673/sf vs $908/sf a year ago ... a 26% decrease. The Multiple Listing Service statistics as of December 15th show Venice listing inventory decreased by one a month ago to 98 active single family homes for sale. The average days on market for the current listings increased 10% to 91 days from 82 days a month ago. Of the 98 current listings, 52 (53.1%) are listed below last month's average sale price of $1,363,150 and 46 (46.9%) are listed above that average sale price. The average list price for the active listings is $1,674,719 ... 22.8% above October's average sale price. Currently 10 properties are in escrow (average days on market is 46). So far in 2008, 125 single family homes have sold (average days on market was 66 days ... up one from last month) and 200 listings have been taken off the market without selling (average days on market was 104).
For a look of all of the Venice property sales by month since 1999, visit my web site at ../sa/index.html. 20 PARK AVENUE. VENICE ON A QUIET WALK STREET STEPS TO THE BEACH !!! SOLD !!! LISTED TO CLOSED IN 76 DAYS !!! Chic Venice beach house on prime walk street just a few steps to the Venice boardwalk and four blocks to trendy Abbot Kinney shops and restaurants. This recently remodeled classic features formal living and dining rooms with beautiful original windows, box beams, wood floors and fireplace. The huge entertainer’s kitchen has top-of-the-line appliances, a bar surrounding the cook top that seats 4-6 guests, fireplace and French doors opening to a private courtyard. Upstairs each of the 3 bedrooms have a private bath and balcony. The master also has fireplace, spa tub and ocean view from the balcony. 3 car garage + parking for 3 more behind the garage. Exclusively offered for sale ... $1,550,000. Beach House: Approximately 2209 s/f ... Built in 1911 SELF-EMPLOYED ARE FROZEN OUT OF MORTGAGES Although the credit freeze has thawed for many well-qualified borrowers, those who are self-employed and cannot fully document their income still are facing a credit squeeze despite having pristine FICO scores and sizable down payments. Most financial institutions are reluctant to approve loans for borrowers who cannot provide W-2 forms from an employer to fully document their wages. To read the full story, please click here: http://online.wsj.com/article/SB122818315556971151.html RATE DROPS ARE OF LITTLE HELP TO MANY IN CALIFORNIA The proposed plan by the U.S. Treasury Dept. to have Fannie Mae and Freddie Mac purchase mortgage loans with interest rates of 4.5 percent spurred many homeowners to apply for refinancing, and some home buyers to apply for new loans. However, the proposed plan, if approved, would not help homeowners and home buyers in California or other high-cost areas with jumbo loans, because Fannie Mae and Freddie Mac only can purchase mortgage loans up to $729,750 – the current conforming loan limit. The current loan limits expire Dec. 31, 2008 and the “new” conforming loan limit will be lowered to $625,500 in January. To read the full story, please click here: http://www.latimes.com/business/la-fi-mortgage5-2008dec05,0,7289395.story STUDY TRACKS MOST COST EFFECTIVE REMODELING PROJECTS Exterior remodeling projects return the most money as a percentage of cost, according to the 2008 Remodeling Cost vs. Value Report. On a national level, wood deck additions and all types of siding replacements -- upscale fiber cement, midrange vinyl, and upscale foam-backed vinyl -- returned more than 80 percent of project costs upon resale. The 2008 Remodeling Cost vs. Value Report compares construction costs with resale values for 30 midrange and upscale remodeling projects comprising additions, remodels and replacements in 79 markets across the country.The report is produced by Hanley Wood, LLC in cooperation with "REALTOR®" magazine. In addition to wood decks and siding, window replacements and kitchen remodels also returned a relatively high percentage of remodeling costs. A midrange bathroom remodel was estimated to return 74.4 percent on resale, comparable to a midrange attic-to-bedroom conversion, at 73.6 percent of costs recouped, and a midrange basement remodel, at 72.7 percent of costs recouped. As in last year's report, the least profitable remodeling projects in terms of resale value were home office remodels, sunroom additions, and back-up power generators, returning only 54.4 percent, 56.6 percent, and 57.1 percent, respectively, of project costs. FAST FACTS California median home price - October 08: $311,060 (Source: CAR) California highest median home price by CAR region October 08: Santa Barbara So. Coast $860,000 (Source: CAR) California lowest median home price by CAR region October 08: High Desert $154,660 (Source: CAR) California First-time Buyer Affordability Index - Third Quarter 08: 53 percent (Source: CAR) Mortgage rates - week ending 12/4/08 Please keep me in mind when you have family, friends or associates who are Thanks ... CJ
CJ COLE, BROKER Phone: 310.823.3129 . 310.773.6945 |
