#435 - The Venice Real-Estate Market Is Unstoppable No More
News For Reasonable People
English - March 25, 2021 10:00 - 27 minutes - 19.2 MB - ★★★★★ - 7 ratingsInvesting Business Entrepreneurship san francisco trending news protests defund the police antifa blm seattle conservative republican journalism Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The $2.225 million clapboard house is close enough to a local surf break that Mr. Mazer, a 33-year-old human-resources executive for a videogame company, can run to it with his surfboard tucked under his arm.
Another thing that makes his property emblematic of the neighborhood: He paid $213,000 less than the buyer in 2018, and $450,000 less than the buyer in 2016. The home, for which he paid over $1,000 a square foot, is near the beach but also near the Venice boardwalk, where scores of homeless people are now living.
The property market in Venice, once a working-class community that experienced an extraordinary run-up in prices from 2012 through 2019, is taking a pause. From 2012 to 2019, prices grew by an average of about 17% a year in Venice, vastly outpacing price growth in the rest of Los Angeles, according to an analysis by real-estate website Zillow.
Those trends reversed in July, when price growth across Los Angeles began to outpace price growth in Venice. Throughout the pandemic, while area home prices rose in neighborhoods such as Brentwood, Pacific Palisades and the beaches of Malibu, homes over $3 million in Venice have been a tougher sell, local agents say.
Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.
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