Venice Style E-Newsletter June 2011

Venice single family home sales for May showed significant increases compared with April. The number of sales and the total sales volume increased 28.6% and 81.7% respectively . The average sale price and price per square foot also came in above the previous month by 41.3% and 23.7%. However, the sales figures were below those from May of 2010 in all categories except the average price per square foot ... total sales volume down 18.7%; number of homes sold down 21.7%; average price per square foot down 3.5% and the average sale price increased by 3.9%.

As of June 7th, there are 68 single family homes actively listed for sale on the Multiple Listing Service ... the same number as a month ago. The number of homes in escrow increased by 24% to 31. The average days on market (DOM) for active listings decreased by 9 days (14.9%) to 60.6 days and the average DOM for listings in escrow decreased by 1.8 days (2.6%) to an average of 65.6 days.

The average list price for the active listings is $1,506,323 ... an increase of .6% from last month and 16.9% higher than the average sales price in May. Of the 68 current listings, 35 (51.5%) are listed below May's average sale price of $1,288,167 and 33 (48.5%) are listed above that average sale price. The average list price for the homes in escrow is $1,288,537 ... almost exactly the same as May's average sales price and 14.5% lower than the average list price of the active listings.

Of the 68 active single family homes there are 4 short pays. Six short pay homes and one bank owned are currently in escrow.

See below for a list of all of the properties sold in Venice during May 2011 and the charts showing these comparisons.

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.

For a look of all of the Venice property sales by month since 1999, visit my web site at ../sa/index.html.

LANDLORD-TENANT LAW AND PETS ...

There is often confusion and misinformation out there about what is and is not permissible under landlord-tenant law. Let’s talk about the rights of the landlord to restrict their tenants from having pets.

As a general rule, a landlord can completely disallow a tenant from having a pet or animal, except in those situations when it is necessary as part of the landlord’s duty to reasonably accommodate a tenant’s disability (which I will discuss in more detail below). So a landlord can state that he or she does not accept pets. A landlord can only allow some pets. A landlord can also say cats and dogs less than 15 pounds. And a landlord can restrict pets by breed.

WE'RE SOLD OUT OF INVENTORY !!!

Currently, we are sold out of inventory. All of our listings have sold or leased and we are looking forward to new properties coming on the market soon.

OUR MISSION: to be the best real estate brokerage in Venice, not the biggest; to serve our clientele with honesty and integrity; to commit our extensive knowledge of the market place and the transaction process; to provide personalized service to every client; to have one more satisfied seller/homeowner at the end of each sale.

To learn more about our extraordinary services please go to our web site. CLICK HERE.

THE 10-YEAR RULE FOR REAL ESTATE ...

It may not be the best time to sell, but it might not be the worst either. Recent economic forecasts suggest that the housing recovery could take years. As a seller who has a strong motivation to sell, do you try to sell now or hold on for a better market? First consider where you want to be in 10 years. How do you envision your lifestyle? Is your current home too big, too small, or in the wrong location? Homeowners intent on moving from one house to another can take advantage of low interest rates, if they are able to sell their current home. You'll probably sell for less than you would have several years ago, but you may get a deal on the home you buy.

MORE INFO

Being a buyer in today's market is nearly as frustrating as being a seller. You read and hear all day long about what a strong buyer's market it's supposed to be and what great deals there are to be had via foreclosures and short sales.

Your credit score, calculated from information in your credit report, is a measure of how good a risk you are to a credit grantor. A large proportion of borrowers who can't qualify for a mortgage would qualify if their credit score was higher.

California highest median home price by CAR region April 2011: Marin $726,060 (Source: CAR)

California lowest median home price by CAR region Apri 2011: Merced $103,890 (Source: CAR)

California First-Time Buyer Affordability Index - First quarter 2011: 53 percent (Source: CAR)

Conforming mortgage rates - week ending 6/2/2011
30-yr. fixed: 4.55% Fees/points: 0.6%
15-yr. fixed: 3.74% Fees/points: 0.7%
1-yr. adjustable: 3.13% Fees/points: 0.6% (Source: Freddie Mac)

Please keep us in mind when you have family, friends or associates who are
thinking of buying or selling a home ... We'd love to help them achieve their dream !!!