Wednesday, June 17, 2009

Venice Market Round-Up -- March - May 2009

What’s happened in the Venice home market in the past three months? This neighborhood continues to attract buyers and everything from bank-owned bungalows to canal palazzos are selling.

There were 23 home sales in Venice in the March – May 2009 period, with a median sale price of $1,105,000.

428 Linnie CanalThe highest priced sale between March and May 2009 was 428 Linnie Canal, which closed at its $2,499,000 asking price after 31 days on the market. This 3 bedroom, 3 bath home features 3,000 sq ft of living area on a 2,849 sq ft, and was built in 2003. Rehabbed homes on the canals are trading at about $833/sq ft.
853 Amoroso PlaceRehabbed homes on the walk streets are trading at about $760/sq ft. 853 Amoroso Place, a 3 bedroom, 3.5 bath 3,017 sq ft home built in 2008 on a 3,330 sq ft lot sold for $2,295,000, below its $2,795,000 asking price, after 151 days on the market.

931 Nowita Place
Plenty of modest properties also sold during the period. 931 Nowita Place, a 2 bedroom, 1 bath, 816 sq ft bungalow on a 3,400 sq ft lot sold for $675,000, below its $849,000 asking price, after 55 days on the market.

Venice Home MarketVenice experienced such a dramatic run-up in median sale price over the past real estate cycle, from $247,000 in 1996 to $1,150,000 for 2007 and 2008. Where does the Venice market stand today?

In spite of the hard times, the Venice prices remain at lofty levels. In the first five months of the year, the Venice median sale price dropped to $1,102,000, 4% off its high. Venice homeowners can breathe a sigh of relief knowing that prices on their home turf are holding firm.