Spectacular live/work building in the heart of Abbot Kinney Blvd. this unique property can be configured for many uses.
Located one block from Gjelina and next door to Tom’s, this opportunity features: A one bedroom, 1 1/2 bath loft style second floor apartment that includes an open roof deck, hot tub, chef’s kitchen, hardwood floors, and patio; a two bedroom, one bath ground floor apartment; with hardwood floors and direct access parking a 600 square foot street level studio/gallery with its own 3/4 bath.
The building was remodeled and restored in 2000 and updated in 2009 by architect Eva Sobesk , a protege of Frank Gehry.
My brother’s favorite house in Venice, a Greene and Greene craftsman style home originally built in 1935 and previously the residence of songwriter Jerry Leiber, who died of cardio-pulmonary failure in August 2011, is on the market. You’re probably going to need to dip into your rainy-day fund in order to afford it because it’s listed at $10.85 million. That’s Ten Million Eight-hundred Fifty Thousand and xx/00 Dollars when you’re filling out the check. (related: does anyone still write checks?)
The median sale price increased 12% since May and is now $1.62M (16% higher than one year ago).
4% more homes were sold in Venice than last May; 33% more than last year.
The number of single-family homes for sale tumbled 4% from May, which means Venice inventory remains 10% lower than one year ago.
Some super high-tier homes ($2M plus range) are sitting on the market a little longer. But for the most part, competitively priced homes are selling very quickly.
Some Venice homeowners are concerned they will not be able to afford to find a suitable replacement home (dare they say, “upgrade”?) given the past price increases across all of the Southland. Affluent beach communities like Venice will almost always be the last to cool off. But that means right now could be great timing to sell if you are looking to move inland to one of the markets that has already showed signs of stabilizing.
Jeffery Marino at Redfin contacted us about the idea of running monthly stats on the local housing market, and given that we are big fans of numbers and chart porn, we agreed. Here’s Jeffery’s wrap up for May 2014:
The latest real estate data is in from real estate brokerage Redfin, and it looks like Venice is still pretty darn hot compared with the greater L.A. area.
In May, the median sale price for all of L.A. was $475,000 – a 10.5% increase over last year. While this price appreciation is significant, it’s nowhere near the highs seen in mid-2013. L.A. as a whole also saw inventory increase by about 15% from last year.
In Venice the median sale price was $1,427,500, which is 21.5% higher than in May of last year! A significant portion – 43.8% – of Venice homes sold above their listing price and homes spent an average of just 13 days on the market in May.
This all likely has a lot to do with the fact that Venice is still suffering from low housing inventory. There were 17.6% fewer homes for sale in May compared with the same time last year.
So, while things are leveling out for the rest of So Cal, Venice remains a tough market for buyers. But hey, demand is always high to live in the coolest city in L.A.
You can check out Redfin’s full report here – but the Venice data is exclusive to Yo! Venice!