VENICE REAL ESTATE MARKET UPDATE
JUNE 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 ???
June showed a good increase in the number of homes sold. 18 homes closed escrow in June, up significantly from last month and the same period in 2008. The average sales price continues to decline as buyers seek lower priced properties and what they perceive as "good values." The interesting thing is that the average price/square foot remains relatively steady ... indicating the homes which are selling are both lower in price and smaller in size.
Currently 28 single family homes are in escrow (average days on market is 67). This number remained the same as compared to a month ago. The average days on market decreased slightly from 71 a month ago.
The Multiple Listing Service statistics as of July 15th show Venice listing inventory decreased by 9 since last month to 103 active single family homes for sale. The average days on market for the current listings increased to 118 days from 99 days a month ago. Of the 103 current listings, 33 (32%) are listed below last month's average sale price of $956,684 and 70 (68%) are listed above that average sale price. The average list price for the active listings is $1,465,381 ... 53.2% above June's average sale price.
For a look of all of the Venice property sales by month since 1999, visit my web site at ../sa/index.html.
CHECK OUT OUR NEW VENICE BLOG ...
We have recently launched the beta version of our new Venice blog entitled "VENICE DIGS." You are welcome (encouraged) to visit http://venicedigs.com (still in it's development stages) and offer your comments, criticisms, editorial input ...
NEWLY LISTED ON THE VENICE CANALS ...
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.
Download the Brochure
Download the MLS Info
422 CARROLL CANAL LEASES QUICKLY ...
Our lease on Carroll Canal rented very quickly. We get calls/requests almost daily from people looking for leases in Venice from our web site and sign calls. If you want to lease your property, contact us and we will give you an analysis of where we feel your property will lease and tell you what we can do to assist you to find a good tenant.
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Download the MLS Info
VENICE NEIGHBORHOOD COUNCIL TO MAKE DECISIONS REGARDING HOMELESSNESS & VEHICULAR OCCUPANCY AT BOARD MEETING TUESDAY, JULY 21ST ...
The Venice Neighborhood Council Board will vote on the remaining motions submitted by its Ad Hoc Committee on Homelessness and Vehicular Occupancy at its next Board Meeting on Tuesday, July 21, 2009. A fifth motion, originally passed in June, will be reconsidered. These motions include a proposal to call on the Los Angeles City Council to create a Vehicle-to-Housing Transition program, a proposal to encourage availability of affordable housing by providing for greater density, a proposal to create a single-room occupancy facility in Venice to house the most at-risk homeless, and others. The meeting will be held at Westminster Elementary School Auditorium, 1010 Abbot Kinney Blvd, starting at 7:00 pm.
The current status and history of all motions submitted by the Homelessness and Vehicular Occupancy Committee can be found at http://venicenc.org/files/090721VNC-HVOCDialogueRev.doc.
A detailed agenda will be posted on the internet at http://www.VeniceNC.org and at posting places in the community. There is no charge for this event. It is open to the public. Comments are encouraged.
VENICE CHAMBER OF COMMERCE TO HOLD JULY MIXER AT BAJA CANTINA NEXT WEDNESDAY ...
The Venice Chamber July mixer will be Wednesday, July 22 from 5:30 to 7:30 pm at Baja Cantina ... 311 Washington Boulevard, Venice. Admission is $5 for members and $20 for non-members. Baja Cantina has been a local restaurant favorite for over 29 years. 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 information: 310.392.3809 or email email@example.com
NEW FEDERAL LAW PROTECTS TENANTS DURING FORECLOSURE ...
Federal law includes provisions protecting tenants from eviction if landlord's property is foreclosed during the rental term.
Under the new law, which went into effect on May 20th, tenants will have to receive 90-days notice prior to being evicted, when their rental home is foreclosed upon. In addition, tenants must be allowed to stay in the property through the end of their lease, with two exceptions:
* The new owner wants to occupy the property as a personal residence,
* There is no lease (month to month), or there is a lease but state law allows the lease to be terminated at any time upon notice.
Even under these exceptions, the tenants must be given 90-days before they can be evicted. Notification must be provided by the “immediate successor in interest”. In some cases, this notification will come from the bank (when they assume the home), and in other cases it may be the new owner. Much will depend upon state law.
A number of states have existing laws protecting tenants. This law will preempt existing state law, except where the state law offers greater protection.
The protections of this law apply only to “bona fide” tenants – who have a written contract, the lease was the result of an arms-length transaction, and the rent is not substantially less than the fair market rent for the property. Under any conditions, tenants may still be evicted if they violate the lease terms.
These provisions expire on December 31, 2012.
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LA CITY BUSINESS TAX PENALTY AMNESTY PROGRAM ENDS JULY 31 ...
Avoid up to 40 percent in tax penalties. Through July 31, 2009, businesses and self employed persons with unpaid City of Los Angeles Business Tax or under reported gross receipts or those who have not registered with the Office of Finance can benefit from the City's Tax Penalty Amnesty Program. To take advantage of the amnesty program call the LA Tax Amnesty Hotline at 213.978.1555 weekdays between 8 am and 5 pm.
California median home price - May 09:
California highest median home price by CAR region April 09: Santa Barbara So. Coast $840,000 (Source: CAR)
California lowest median home price by CAR region April 09: High Desert $106,530 (Source: CAR)
California First-time Buyer Affordability Index - First Quarter 2009: 69 percent (Source: CAR)
Conforming mortgage rates - week ending
% Fees/points: 0.7%
% Fees/points: 0.7% (Source: Freddie Mac)