JULY . 2011
the pulse of what's happening and what's
new around Venice
VENICE REAL ESTATE MARKET UPDATE
JUNE AVERAGE SALES PRICE OF VENICE HOMES INCREASES OVER THE PRIOR MONTH AND JUNE OF 2010 ...
Even though the number of single family homes sold in June dropped as compared to the previous month and June of 2010, the average sale price and dollar per square foot increased. Fifteen homes were sold in June ... a decrease of 16.7% compared to the previous month and 21.0% when compared to a year ago. Total sales volume decreased slightly (3.7%) from May but increased significantly (21.5%) over a year ago. The result was that the average sale price increased by 15.6% over May and 53.8% over last year. The average price per square foot increased slightly (1.7%) over May and quite a bit (9.3%) over June of 2010.
As of July 11th, there are 65 single family homes actively listed for sale on the Multiple Listing Service ... 3 less than a month ago. The number of homes in escrow increased by 2 to 33. The average days on market (DOM) for active listings increased by 9.5 days (15.7%) to 70.1 days and the average DOM for listings in escrow decreased by 2.9 days (4.4%) to an average of 62.7 days.
The average list price for the active listings is $1,497,106 ... a decrease of .6% from last month and 0.6% higher than the average sales price in June. Of the 65 current listings, 38 (58.5%) are listed below June's average sale price of $1,288,167 and 27 (41.5%) are listed above that average sale price. The average list price for the homes in escrow is $1,232,686 ... 17.2% below June's average sales price and 17.7% lower than the average list price of the active listings.
Of the 65 active single family homes there are 2 short pays and one bank owned ... the number of troubled properties on the market in Venice is steadily decreasing. Five 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 June 2011 and the charts showing these comparisons.
VIEW THE VENICE PROPERTY SALES FOR THE PAST 12 YEARS
JUNE 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 ../sa/index.html.
FABULOUS NEW VENICE BEACH LISTING IN ESCROW IN 10 DAYS ... STILL SHOWING FOR BACK-UP OFFERS !!!
480 SOUTH VENICE BOULEVARD . VENICE
It's all about location ... access to anything and everything you are looking for ... all at your doorstep and walkable! Two blocks to fine dining and shopping on trendy Abbot Kinney, the Venice Canals outside your back door, and four blocks to the sand, bike path, funky shopping and entertainment along Venice Beach. This dramatic, contemporary Mediterranean villa is hidden behind high walls and lush landscape. The large great room that dominates the first floor affords a multitude of possibilities for layout and function of seating areas, including one by the fire. The open cook's kitchen has a walk-in pantry. French doors lead to the flagstone patio, a private oasis for year-around entertaining. Natural light pours into the space through multiple windows in the 25' high wall plus gleaming maple floors add to its warmth. An architectural, open stairwell leads to the second level bedrooms and on up to the roof terrace that overlooks the Venice Canals. The master suite has a luxurious spa bath with oversized his/her vanities and separate shower and spa tub, a large walk-in closet and French doors to a balcony overlooking the gardens! Additionally there are two guest bedrooms, a spacious guest bath and an open library/den. Other features include an oversized double garage with built-in custom storage, security system, dual zone HVAC, high quality dual glazed windows and doors.
Home: Approximately 2428 s/f ... Year Built: 1999 ... Lot Size: 3733 s/f
EXCLUSIVELY OFFERED FOR SALE AT ... $1,450,000
DOWNLOAD THE BROCHURE
DOWNLOAD THE FLOOR PLAN
DOWNLOAD THE MLS SHEET
FOR THOSE OF YOU WHO STILL CRAVE MORE GRAPHS ... THE QUARTER-BY-QUARTER COMPARISONS FOR THE LAST TWO YEARS ...
CALIFORNIA ASSOCIATION OF REALTORS® NEWS FLASH !!!
Lenders prepare for lower loan limits; stop accepting certain applications. In anticipation of the expiration of current loan limits on Sept. 30, 2011, Bank of America has decided to stop accepting conventional and government applications for loan amounts that will exceed the permanent loan amounts. The deadline to submit loan applications was July 1.
According to an email from Bank of America, conventional loans that exceed the permanent loan limits will now be required to use non-conforming programs.
Barring Congressional action, the maximum FHA, Fannie Mae, and Freddie Mac conforming loan limit will decline to $625,500 beginning Oct. 1, 2011, from the current $729,750 limit, though the majority of counties will fall far below the $625,500 maximum. The conforming loan limit determines the maximum size of a mortgage that FHA, Fannie Mae, and Freddie Mac government-sponsored enterprises (GSEs) can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan and require a higher down payment, increasing the monthly payment and negatively impacting housing affordability for California home buyers.
CHOOSE THE RIGHT CONTRACTOR FOR YOUR REMODEL ...
Avoiding the misery of remodeling by choosing the right contractor ... As more people are turning to remodeling instead of moving – and with the decline in new construction meaning more eager contractors to choose from – it makes sense to know how to choose a general contractor.
READ THE FULL STORY ...
FAST FACTS ...
California median home price - May 2011: $291,760
California highest median home price by CAR region May 2011: San Mateo $810,000 (Source: CAR)
California lowest median home price by CAR region May 2011: Merced $113,000 (Source: CAR)
California Pending Home Sales Index - May 2011: 118.3, an increase of 1.6% compared with prior month. (Source: CAR)
California First-Time Buyer Affordability Index - First quarter 2011: 53 percent (Source: CAR)
Conforming mortgage rates - week ending 6/30/2011
30-yr. fixed: 4.51%
3.69% Fees/points: 0.7%
2.97% 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 !!!
Thanks ... CJ & Jay
CJ COLE, BROKER
Venice Beach Living
Phone: 310.823.3129 . 310.773.6945
Web Site: venicebeachliving.com