On Tuesdays in Los Angeles, real estate brokers hold open houses for other agents to preview their listings. Generally, these are scheduled prior to any public open houses for buyers. This week- VENICE, in honor of Coeur d’Alene Elementary School’s Annual Spooky Saturday fundraiser (Saturday, October 28 12-5)- Stop by for games, booths, a petting zoo, costume contest, a 3-D blacklight exhibit by world-renowned artist, Debi Cable, and food by local fave, Lemonade. Please support this great school with a direct donation. Property owners who list their properties for sale with me, will have 10% of my commission donated to a nonprofit of your choice, including Friends of CDA.
Since I stayed so local, was able to preview even more properties than usual for you! Without further ado, here’s what I saw this week:
Have kids and want to walk to school? Developers, don’t skip this paragraph, either
This property could be for you, assuming you are ready for a project- an opportunity to remodel this property on the same street as Coeur d’Alene Elementary, an excellent school. Although this location is also close walking distance to the great shops and restaurants on Abbot Kinney, if you don’t like kids, you may want to skip it, as every morning and afternoon it is drop off and pick up for every pre-K to 5th grader that goes there. If you have elementary school aged children or plan to, you will be the envy of every parent searching for a parking spot. This is a great part of Venice, with some great family homes, and part of a wonderful community.
So, here’s the property: This was previously used as a duplex, but combined to a single family. For $2M, it currently is a 4 br/2ba home with about 1700 sf. It is on a large lot for this neighborhood, of about 7500 SF. Although it could be torn down for a new construction mansion or possibly townhouses/condos, and that might not be the craziest price I’ve seen for a tear down, considering the desirability of the neighborhood, it doesn’t have to be. This was built in 1948 and the options are endless- yes, it needs a full remodel- just do a cosmetic remodel and move in, or use the framework while adding a second story? It feels like a lot of house, a lot of property, in an area that keeps going up in value. Oh, there is even a bonus structure/studio on the property. Call me if you would like a private showing.
Hipsters Only
Brand new townhouse construction- 3br/3ba, approximately 2700 SF of very indoor/outdoor designed space. Very of the moment in Venice new construction, it’s got concrete flooring in kitchen and baths, collapsible glass doors that open to your outdoor space, increasing the main living area. The third-floor penthouse master is well done, with more outdoor space. To the builders’ credit, even the outdoor space is private. This is so important, because this $2.8M property is located on a very busy street in Venice- a busy, very commercial street, and not in a good way. The property is next door to several commercial businesses However- I’m going to help the listing agent out here- walkability is a feature that is valuable, especially in this town. This property scores in the highest range, with a score of 89, and a whopping 96 for Bike score!!! That means that most of your errands can be done on foot, and there are bike lanes and/or flat biking terrain. (Check out www.walkscore.com to search for walkability scores for any property.) There is only so much of Venice left to be rebuilt, my friends. Slower than most beach cities to completely turn over, this area is abundant with new, modern construction. The neighborhood should continue to improve, with those small commercial properties likely not remaining what they are forever. Is it overpriced? Good question. Depends how much you love it. It is a high price for where it is- according to the listing agent, the second townhome is already in escrow (was never listed for sale), and the developer is retaining the last parcel for themselves. The comparable sale will be this unit next door. A loan appraiser may otherwise need to go a bit out of area and to less comparable, fully residential streets to justify the price. But, if you want a very modern, cool, large townhouse in an area where you can walk to the hippest streets in L.A., it might be worth it to you. Call me to see it and we’ll see if your heart goes all aflutter.
Looking for a fixer?
$1,650,000 for 1920s single story in residential neighborhood. About 1500 sf, 3 br/2ba, bring this into 2017 and live here or take your profit and move on to the next. Good opportunity, with new construction booming in this neighborhood. Call for details.
Oh no, you didn’t.
Every week there is one property that leaves me SMH, as the kids say. Venice condo in large complex, mixed use area. You are living upstairs from retail and fast food. Yes, you can walk to better stuff and the beach, easily. This street is really due for a resurgence, since Abbot Kinney stole all the premium businesses, and now is unaffordable- I expect this area of Venice to bounce back up soon. For $1.4M you can live close to the beach, restaurant, shops. 1500 SF or so 2 br/2bath, plus loft if you aren’t afraid of spiral staircases… So, why am I shaking my head? Not only was the condo owner torturing his poor listing agents by sitting on the couch, looking unfriendly, at that, he was doing laundry during the open house. By doing laundry, I mean the bathroom sink was soaking his whites, and the clean laundry was in piles all over the bed and the whole bedroom floor. Combined with an absolute disastrous amount of clutter, I couldn’t wait to get out of there. Please, people, listen to your Realtor when they tell you to get rid of clutter, and to leave the house when they are showing it. This could be the basis of an article on how not to get a good price for your property. Anyway, relatively affordable, I’ll sage the place for you before you move in.
Nice Venice condo in slightly weird building
This is a secure building, or I should say set of buildings, connected by a maze like group of staircases that got me lost right away, and feeling like a hamster with very mean owners. Finally found the cheese- entered this zen, spacious (over 1600 SF) loft-style unit. Quiet, light, 2br/2ba, very nicely done. This has been on the market for a while, but may have been overlooked by those who didn’t bother to go inside. Meanwhile, the Seller has already relocated and the price has been lowered to under $1.5M, a number that now makes it worth checking out. FYI, there is also a mixed-use aspect to this building, but it had a very peaceful, community vibe inside the gates.
Modern Zen Venice Home
Sorry peeps- I was busy today. Hang in there. This one is worth the wait. Almost 3000 SF home with 3br/ba. Built in 2009, and I remember this property from that time. As opposed to some other construction from that time, the design and materials hold up, and this is equal to much of the new construction in the neighborhood. After a month on the market priced over $5M, the price has been reduced by a couple hundred thousand dollars. Does that seem high still? Well, maybe, but I have news for you- there are comparable sales to support this price. Of course, it’s all up for negotiation, but the Sellers have indicated they are serious about selling rather than holding out. Quite a beautiful property, full of wood, indoor/outdoor living, surrounded by greenery, in nice residential neighborhood.
High End Duplex
This was my final stop of the day. For $4M, this is brand new on the market. Two units, townhouse style, each with 2br/2ba (one has an extra ½ ba). Total square footage combined is approx. 4500. Rents for each would be between $6-7k per month. The units are very spacious, and well done. Master bedroom with nice sized private patio. Fancy. Modern. Live in one and rent out the other, or simply add this rental property to boost your portfolio. Don’t get bogged down on listing prices, do some number crunching, or I’ll walk you through that, and you make your move. If you sit on the sidelines afraid to offer, you will end up empty handed. I don’t want that for you.
That’s it for today, fair readers. Disclaimer: This article includes my personal opinions, semi-facts, estimates, and jokes. Not to be taken as gospel. Meant to be semi-informative entertainment. Facts are available- call for information.
ABOUT LISA PHILLIPS, ESQ / CA Bureau of Real Estate Lic# 01189413
Lisa Phillips is an active Realtor in the Los Angeles area, with more than twenty years as a practicing real estate broker and attorney. Her unparalleled knowledge of real estate, from local markets and pricing to legal issues and deal-making, has made her a trusted and valuable asset to her clients. In addition to her real estate and business savvy, Lisa is passionate about helping others, and works tirelessly to achieve the best results for her clients. For more information, please visit www.LisaPhillipsRealEstate.com
