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

This is a post by Luke Jones.  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 - luke@adnergroup.com

New Listing: 581 N Windsor Boulevard, Los Angeles 90004 - Offered at $1,375,000 - Meticulously Renovated Fourplex with Loads of Charm and Strong Rents

Adner Realty Group is pleased to present our newest listing, 581 N Windsor Boulevard.  This fully remodeled fourplex in the desirable Larchmont Village neighborhood is offered at $1,375,000.

This property has four one-bedroom, one bath units totaling 4,116 sq ft, that have been meticulously renovated preserving the building's 1924 character and charm.

This is a rare opportunity to purchase a fourplex that offers strong income and low expenses in an "A"-quality neighborhood.

Rents totals $7,729/month and expenses, excluding property tax, total $636/month.  

The building is one block from Paramount Studios, a short distance from Larchmont Village, and has a strong rental history.

The property was remodeled in 2010 and 2011 and includes the following upgrades:

• All new kitchens - new cabinets, counters, flooring, appliances
• New central heating
• New electrical panel, new wiring, new light fixtures
• Bathrooms with new sinks, new fixtures, some new tile
• Each unit has separate laundry room with new washer/dryers
• New seismic retrofitting ("bolting")
• New interior and exterior paint
• New concrete and landscaping

This turnkey property is shown by appointment only.  Please contact us if you'd like to set up a viewing.

Westside Los Angeles Home Market Defies Gravity; Median Price Up 25.4% in Past 12 Months in Beverly Hills, Beverly Hills Post Office, Brentwood, Pacific Palisades, Santa Monica and Westwood; This, Despite Prices Dropping 1.3% Nationwide in Past Year

Median price of a Westside Los Angeles home rose 25.4%  in the past 12 months

While gloomy housing data saturates the Internets, what has been happening in the Westside Los Angeles home market?   Guess what folks, median price has been going up.  A lot.  

Median Home Price

Westside Los Angeles can be sliced and diced in many ways, but we included the following neighborhoods in our sample:

• Beverly Hills
• Beverly Hills Post Office
• Brentwood
• Pacific Palisades
• Santa Monica
• Westwood

From January 2011 to January 2012, the median home price in Westside Los Angeles increased from $1,485,000 to $1,862,000, a 25.4% rise in median price in 12 months.  

Quite a contrast to the 1.3% price decline in median price nationwide as reported by the Case Shiller Index.  

But remember, the Westside Los Angeles real estate market is unlike the market nationwide.  

The median sale price for a home nationwide in December was $169,000, one-tenth the price of the average Westside home.

What does this mean? 

Increase in median price is due to many factors, and this 25.4% rise doesn't mean that the average home increased 25.4% in the past year.  
However, the implication is that Sellers can list their properties without worries that we're in a "real estate depression", and Buyers can purchase homes without panicking that they've assumed an enormous risk that will lead to their financial undoing.

The Months'  Supply of Inventory declined 13% from Jan 11 to Jan 12

Months' Supply of Inventory


From January 2011 to January 2012, the months' supply of inventory declined steadily from 9.3 months to 8.0 months -- 13%.  (Months' supply of inventory is a measure of how many months it would take to sell all the homes currently on the market.)


What does this mean? 


A six months' supply of inventory indicates a balanced market between buyers and sellers.  The 8.0 months' supply of inventory recorded in January 2012 means this is still a Buyers' market.  


Nevertheless, the overall trend is Buyers are losing market power, and the market is shifting in the direction of a Sellers' market.


What to do on the Westside this year?  Should I Buy, Should I Sell, Should I Rent?


Yes.  Yes.  And Yes.


The reality is that Westside homes are expensive and there is still a lot of uncertainty in the market.


Our message is, it's a fine time to buy, sell, or rent.  


And the message behind the message is: Fear Not.  Everything is actually OK out there in the streets.  The carnage is behind us.


We expect the market to gradually improve, month by month, as many of the structural real estate problems work their way through market. 


If you have questions about Westside Los Angeles real estate, please give us a call at (310) 845-6810 or email us by clicking on this link.