Wednesday, February 22, 2012

Half of Venice Home Sales Were Over $1 Million in In Q4 2011; Median Price Up 25% Over Q1 2011; It's Brokers Caravan, Let's Tour What's For Sale Over $1 Million

Venice continues to surprise. Just when I think I've got Venice nailed, I discover another hidden gem like some of the best ceviche this side of Veracruz or some of the most interesting street art this side of Manhattan's Lower East Side.  Venice is also surprising when it comes to home prices. The median home price in Venice in Q4 of 2011 was $990,000, a full $200,000, or 25% above the median Venice home price in Q1 of 2011.  

Prices are well off the lows hit during the financial/foreclosure maelstrom and are making a steep recovery.

Recognizing that more than half of Venice homes sell for $1 million, I went on Brokers Caravan to see what's on the market in this upper-50% range.


First up is 918 Nowita Place - a 1920's two story traditional style home with 2 + 1 upstairs and 1 + 1 downstairs plus a bonus space in the converted garage. French patio doors lead out to a deck in the backyard and a nice and expansive lawn greets you at the front of the property which is, of course, calm and serene on the car-less walk street. This home is on the market for $1,319,000.


Offering less space but no less charm is 934 Amoroso Place.  Just a couple of walk streets down from Nowita, this is also a Venice bungalow from the 1920's. It is a full 600 sq ft smaller than Nowita but is completely done and full of character with hickory floors and crown moldings throughout, an integrated sound system, and a fabulous kitchen with wine fridge, butchers block and farm sink. Outside, the backyard has been fully landscaped to include fountains, fireplace, BBQ area and more. Priced at $1,238,000 it's still a lot of money for a small amount of square footage but with an idyllic front yard on a quiet walk street yards away from trendy Abbot Kinney -- you can see why these places are in high demand.


However, if you're looking for something that is priced to sell with a larger footprint and a blank canvas to work from, then consider 807 Crestmoore Place. Granted, Crestmoore is not a walk street but it is a one way street leading straight down to Abbot Kinney near the Coeur de Alene school district.

There is a main house with two reception rooms, a kitchen diner and 3 bedrooms and a guest cottage out back with an ensuite and a spa room with plunge pool and waterfall feature! This is an unusual property and with a long private drive way that could fit three cars, this would be fun house to entertain in. Spread over 1,500 sq ft and priced at a competitive $1,100,000, this property beats the other two on size and price. If you don't mind missing out on the private walk street, 807 Crestmoore Place offers much more bang for your buck.


But if quiet walk streets and prime frontage is what your after, how about 217 Linnie Canal. This eclectic 1976 waterfront retreat with 3 bedrooms and 3 baths and a first floor library or media room that could function as a fourth bedroom, had some upgrades in the 1990's. What makes this a standout property is the sunny, south-facing outdoor space -- a spacious patio area with built in BBQ plus a delightful garden with flagstone pathway all overlooking the gorgeous canals. But prepare to pay the price. This property is listed at $1,825,000.


If location, location, location isn't your main priority but space in abundance is, then what about 513 Victoria Avenue. This industrial pocket of Venice, snuck behind the southeast corner of Venice and Abbot Kinney, offers a more 'downtown' vibe. This elegant loft-style complex features a dynamic two story roll-up door opening onto a private patio infusing indoor space with the ocean air.

A second level bridge connects the living area to a cool kitchen diner and the third level has a large master, designer bathroom and flexible space that could either be an art studio/workspace or second large bedroom. Finally, on the fourth floor is a private roof deck with 360 degree views of the entire LA basin. At $1,575,000 this doesn't come cheap, but it's the best value by far in terms of price per sq ft.

"It's a wrap" on these four properties offering very different lifestyles at varying price points. That's Venice for you. 

For any other question or queries about Venice, the Westside, or LA in general - feel free to contact me - jamie@adnergroup.com

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