Venice Leasing Market December 2011 -- Hip, Grunge & Upscale -- You Have It All -- At a Price

With Google moving into the Frank Gehry “Binoculars” building on Main in Venice, the rental market in Venice is going through a boom time. Added to that, the factor that Christmas / New Year is a time for new starts and new beginnings, the lease market is keeping Realtors unusually busy at this otherwise fallow time of year. As was reported in the LA Times in January, Google has leased over 100,000 square feet at the landmark building and has started moving its Santa Monica headquarters to the hip neighborhood of Venice Beach. They’re also adding around 6,000 new employees to their roster, so expect to see an uptick in the real estate market.

As I’ve reported previously, Rose Avenue is also going through a micro boom time with new bars, restaurants and boutiques opening around the Bakery building between 4th and 6th Streets. Whilst there has been a lot of controversy about this new construction, there is little doubt that it will bring a much needed boost to the local area and ensure that Rose continues to rival Abbot Kinney as the main destination in Venice. Given the spate of rental business, here’s a quick breakdown of what’s available on the market right now. Venice has it all – but at a price. Venice Beach is still one of the most expensive areas on the West Side, if not the whole of Los Angeles, and with the resale market going through a slump, rental prices are on the rise. But, if you’re persistent, aggressive and tenacious – you can find that needle in a haystack to call home.

First up is 120 Westminster. Situated a couple of blocks back from the beach and right opposite the dog park, this grungy building is a throwback to Old School Venice. With a pet-friendly policy, beat up communal areas, basic accommodation and a groovy roof deck with 360 degree views, this low rent brownstone is ideal for those on a budget or those who suit the more urban Venice lifestyle. Expect a vibrant community, beach vibes and impossible parking. But with units as low as $2,000/ month, this is at the cheaper end of the scale.

If you’re looking for the beach life but without the crowds like at the north end of the boardwalk, how about the Marina Peninsula. Just south of Washington, this little enclave is quieter and more upscale but no-less hip. At 125 Catamaran, there are 2 units on offer. One is a spacious 3 bedroom unit with bamboo flooring and a great kitchen priced at $3,950 / month and the ground floor unit is a spacious one, priced at $1,995 / month. On a quiet walk street with the ocean at one end and the Canal at the other, this is one of my favorites.

If a single family home is more your style and you don’t mind being just “east of Lincoln”, you could do a lot worse than 1057 Palms. At $3,600 per month, this bank owned property is being leased out for a bargain price. With 3 large bedrooms, a spacious kitchen, front and back yard, plenty of parking and utilities all included this property is my pick of the week. They’re even repainting the house, throwing in new appliances and putting down new flooring in the master bedroom.

This is a mere fraction of what’s currently available out there in the rental market and, as the prices go higher, so does the luxury. So, once again: Venice has something for every taste, every budget range and every lifestyle.

For further questions or for a free consultation, please don’t hesitate to call us.  We welcome your business!

On the Property Hunt: Fixers, Probates and More: Opportunities Abound in Venice and Mar Vista

This is a post by Luke Jones.  One of the really interesting aspects of my job is being able to find "diamonds in the rough" or a "fixer" as we, in the trade, like to call it. Whether it's a probate, a foreclosure, a construction job gone wrong or simply that the incumbent owner hasn't done any upgrades or work for decades, there are always properties out there that, with a little vision and some dough, can be restored to glory or torn down altogether to make way for something bigger, bolder and better.

It takes a brave person in this financial climate to embark on a "fixer" but if you have the know-how, access to the capital, and relish a challenge, then this market can be fantastic if only because prices and interest rates are so low.

First up is a fascinating opportunity at 644 Brooks Avenue in Venice.  This large, modernist structure is pretty plain from the outside but has great "bones" and looks to be in very solid shape. It has 5 bedrooms, 4 bathrooms, an attached garage, a huge basement, balconies, fireplaces, roof deck, hot tub and a large garden. The downside - it's halfway through a major remodel that has been done over the course of the past ten years and you might just have to start from scratch...But if you salvage the top-notch fittings, keep some of the expensive flooring / tiling, you could end up with something really special. Unfortunately for the current owners, they are HIGHLY motivated sellers. In fact, the lawyers are even on commission and so you can expect a quick negotiating process. At a very motivated list price of $1,299,000 and 3,810 sq ft across a 5,200sq ft lot, this is a real bargain. But it ain't pretty!

For something equally challenging but at a much lower cost, consider 12012 Marine Street. This probate property doesn't need court confirmation and so could have a relatively speedy escrow. It's being sold "as is" and is need of some major TLC or it could even be a tear-down. Built in 1948, it's a classic traditional style with 3 bedrooms and only one bathroom, a living room and a galley kitchen with a dining nook. It's only 1,200 sq ft, but it's across a decent 5,500 sq ft lot. The best thing about this "fixer" is its location at the base of the very pretty Mar Vista Hills and is therefore in an "up and coming" neighborhood. Significantly cheaper than its Venice neighbor, this home is listed for $649,000...It's totally habitable right now and so could be a project for someone who wanted a decent size home with opportunity to improve over time.

As always, if you have any questions or comments about these or other properties, please contact us.  We'd love to hear from you!