Venice Meltdowns
One of the Westside´s best area for appreciation, could show the biggest declines in 2009.
742 Superba, 90291
3+1, 1329 sqft, 3600 sqft lot, YB 1927, Sold for $950K on 9/5/08
810 Superba, 90291
3+2, 836 sqft, 3150 sqft lot, YB 1922, Sold for $1,600K on 7/24/08
This is a bigger house on a bigger lot and is West of Lincoln. Granted 810 was a remodel, but is it worth $650,000 more, only 1.5 months earlier?
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7 comments:
I'm not one who follows charts and graphs...but i read this blog with interest..what i do know is what i hear and see from real people. and i don't see a real venice decline.
someone past away on our block a few months ago and left behind a very nice modern house - about 1200 sq feet on a 5,000+ lot...it went up for 1.15, sold immediately in cash. (to someone moving here from europe to play on a pro sports team.) i think there's just a lot of people with cash who want to be near the beach.
Venice has held it's own as one of the most expensive areas on the Westside. Although, the sales volume has been declining recently. Obviously, it has become desirable for the entertainment industry, which has propelled the area. That being said, it has enjoyed the greatest appreciation. Most of the lots in Venice are small, and many have no parking. Looking at it fundamentally, it seems as it has the most to lose. We will have to see if financing will be a factor, or is everyone still flush with cash.
According to Melissa Data, during December, measured Year Over Year (YOY):
90291
(-49.5%) drop in Total Sales Volume
(-49.5%) drop in Average Sales Price ($931,000)
Latest numbers for Dataquick, show that during December, measured (YOY) Year Over Year:
90291
6 sales
$995,000 median sales price
-33.7%
"Latest numbers for Dataquick, show that during December, measured (YOY) Year Over Year:
90291
6 sales
$995,000 median sales price
-33.7%"
Thats irrelevant if the square footage and location are completely different.Those 6 sales could be for smaller homes,in less desirable areas of venice.
This is true. But, you have to ask, why only these types of homes sold? What's happening with the more expensive homes? And, how come they didn't sell?
Latest from Melissa Data for January (YOY)
Total Sales Volume $4,815,000 (-81.5%)
Average Sales Price $953,000 (-59.2%)
Market Leader to the downside...
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