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.

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,

and

* 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.

FAST FACTS