Saturday, April 14, 2007

Venice Meltdowns

This blog is meant to document the current real estate decline in Venice. Here is the first Venice Meltdown :

615 Hampton Dr. #A304, Venice 90291
CONDO Loft+1, 946 sq ft, SOLD 6/21/06, $865K, $914/sq ft

615 Hampton Dr. #A106, Venice 90291
CONDO Loft+1, 1037 sq ft, SOLD 1/31/07, $822K, $792/sq ft (-13.4%)


latesummer2008 said...

Some food for thought:

As stated by the LA Times on 3/18/07, the MEDIAN sales price for the zip code 90291 was DOWN 23.9% year over year (YOY) on 10 SALES for the month of FEBRUARY 07'.

Why only 10 sales ????

latesummer2008 said...

According to the LA Times (4/22/07), median sales prices of SFRs last month were FLAT (0.1%), when measured YOY, year over year.

Anonymous said...

I would look at sales on Hampton as having more problems with auto body shops and a big blue bus repair yard as neighbors to bring prices down.

latesummer2009 said...

Yes definitely! Those forms of external obsolescense have a profound effect on properties during a down market. You can't correct those problems and when there are lots of properties to choose from, they will suffer the most.

Venice will get hit the hardest in my opinion, as it has appreciated the most, for many houses on small lots, with little or no parking..