Category Archives: Venice Beach Real Estate

Abbot Kinney Real Estate Price Explosion: Former Hal’s Property Sold For $44.75 Million

Everyone loved Hal’s Bar and Grill, but did anyone think that someone would love the building, that had been home to Hal’s for nearly 30 years, so much that they’d pay $44,750,000 for it?

It’s no surprise that Venice property is in demand but the price tag on this latest exchange on Abbot Kinney has come as a shock to many, including local realtors.

The sale of the property was finalized just over a month ago on June 11. The $44 million price included, not only the old Hal’s restaurant space, but adjacent retail, and the old Casa Linda restaurant space on the corner of Abbot Kinney and California Ave.

At $44,750,000, the price is more than double the amount paid by the property’s previous owners, when just two years prior, on June 14, 2013, DCA Abbot Kinney LLC paid $20,000,200 for the property parcel.

This latest transaction, on the street GQ Magazine famously called “The coolest block in America,” follows the sale of the Wabi-Sabi restaurant building for $7,143,000 in March this year. At this number the price per square foot for the 1,500 square foot space comes out at $4,762. The $44 million dollar Hal’s property parcel sale equates to a whopping $5,498 per square foot.

With new owners paying high prices for real estate it’s no surprise that currently it’s cheaper to rent a store in Beverly Hills than it is on Abbot Kinney. Especially as many new landlords are passing on costs to tenants, such as property tax, in leases known as a “Triple Net,” or “Hell or High Water” lease.

On the same day the sale of the building went through Hal’s Bar & Grill co-owners Don and Linda Novack and Hal Frederick, announced signing a lease with Lincoln Property Company. A move that, by December this year should see the award-winning restaurant re-open at Runway Playa Vista.

Issuing a joint statement, the Novacks and Frederick said, “We’re taking 4,700 square feet of totally raw space and working with an architect and designer to create the same welcoming, relaxed feel as the original Hal’s on Abbot Kinney. It’ll be about the same size, maybe a touch roomier. We plan to preserve the elements people value most – Chef Manuel Mares’ beautifully prepared food, fine art, and live music–and create a vibrant new space and experience that still feels familiar and authentically Hal.”

Little is known about the new owners of the old Hal’s building except that while the LLC has a very Venice name; Speedway Group LLC, its mailing address is as New York as it gets.

It seems New Yorkers are flocking to the West Coast’s Westside, even Beyonce and Jay-Z had been seen dining at Hal’s on multiple occasions in the lead up to the restaurant closing its doors on April 26. The superstar couple were not exclusive to the old school Venice favorite, however, also spotted dinning at Gjelina. It’s been said a staff member was fired after posting pictures of the famous duo on social media.

When asked what the team at Hal’s thought to of $44 million price tag on their old building, they said, “We wish the new owners and our extended Venice community well.”

Price Check: 1346 Abbot Kinney listed at $7,350,000

1346 Abbot Kinney has been listed at $7,350,000.
1346 Abbot Kinney has been listed at $7,350,000.

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.

Click here to read more about the listing.

Price Check: #4 26th Avenue

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?)


Venice Housing Market Update | June 2014

Jeff Marino sent in this month’s report:

Venice Housing Market Update for June 2014

By Redfin agent Matt Jones

The Greater Los Angeles real estate market appears to be stabilizing while Venice remains a seller’s market. Across all of L.A., the:

  • median sale price showed no change from May, holding steady at $475,000;
  • number of homes sold declined a scant 0.9%; and
  • total homes for sale increased 2.0% since May and a significant 13.7% since June of last year.

Most L.A.-area buyers are cheering the return of a balanced market. But Venice is special, as everybody knows.

Here’s how the Venice real estate market looked in June, according to real estate brokerage, Redfin:

  • 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.

Venice Real Estate Market Monthly Data | May 2014

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!

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