VENICE IS 3rd ON FORBES 10 BEST “SUBURBS” TO SELL A HOME

November 9, 2008 on 12:57 am | In Fascinating Information, Market Trends, Of Local Importance, Statistics, Uncategorized |

VENICE IS 3rd ON FORBES 10 BEST “SUBURBS” TO SELL A HOME

Prices in Berkley are up 9% this year, making Santa Monica’s kin city top on

Forbes’ Ten Best Suburbs To Sell A Home. Our fair Venice is third on that list, with the Dallas suburb of Bedford, Texas in 2nd position. Kennesaw, Georgia and Montclair, NJ, round out the top 5.

 

Berkeley was selected as Forbes’ 2008 best suburb to sell a home because
Properties are sitting on the market for 73 days on average, the lowest of any area with positive price trends within the confines of the country’s 75 largest Census-defined metro areas. Only 37% of sellers have been forced to reduce their prices, one of the lowest rates in the country. Prices are up 9% this year with homes selling for a median price of $790,986.


Forbes notes that the only housing-market problem Berkeley seems to have involved four protesters who illegally occupied a tree from the beginning of the year through September. Authorities finally cut off the tree huggers food and water supply, forcing them from their oak home.

 

Venice is considered a suburb because it’s located 16 miles west of Los Angeles.

The impressive details are:

Median home price: $1.5 million
Median days on market: 95
Current inventory: 94
Year-over-year price change: 14%
Percent of sellers decreasing prices: 43%

 

 

 

 Altos Research analyzed information about the suburbs in the country’s 75 largest Census-defined metro areas based on the last 90 days of sales activity. Since a metro area can contain hundreds of suburbs, the analysis was narrowed it to those cities with an inventory of at least 75 homes on the market.

 

 

 


Info courtesy of 

http://www.forbes.com/2008/11/06/homes-sellers-suburbs-forbeslife-cx_mw_1106realestate.html?partner=alerts

http://www.santamonicapropertyblog.com/?p=569 Slide show @

 

 

http://www.forbes.com/2008/11/06/homes-sellers-suburbs-forbeslife-cx_mw_1106realestate_slide_3.html?thisSpeed=15000

 

12 Comments »

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  1. Subject: David Joseph Kennelly House

    Hi,

    I read with great interest your historical inventory of early Santa Monica Landmark Properties, especially the profile of the First Roy Jones Home, when it was located at 1007 Ocean Avenue, because it makes reference to the residence of Captain David Joseph Kennelly being under construction in 1894. Do you know of any information or photographs of the Kennelly house? I am working on a biography of Captain Kennelly and his family who were all quite famous. I have a photograph of Captain Kennelly.

    Please contact me.

    Regards,

    Neil libbey

    Comment by Neil Libbey — November 9, 2008 #

  2. It wasn’t that long ago that Venice was a scary place…or maybe I’m just getting old.

    Comment by Enviro Plumber — November 11, 2008 #

  3. Yes, but does Venice have a Sustainable Landscaping Grant Program the like the City of Santa Monica?

    Comment by Russell Ackerman — November 11, 2008 #

  4. Homes closer to cities with thriving economies and mass transit will outperform outer-ring
    suburbs and “exurban areas,” where high gas prices are making long car commutes prohibitively expensive and rising energy costs mean higher utility bills.

    Comment by Urban Land Institute — November 11, 2008 #

  5. As the median sales price in Southern California dropped 34.6 percent between December 2007 and December 2008 — from $425,000 to $278,000 — sales in the six-county region jumped 50.5 percent, from 13,240 to 19,926. While the median sales price in the San Francisco Bay Area plummeted 43.8 percent — from $587,500 to $330,000 — sales in the nine-county region climbed 36 percent, from 5,065 to 6,889.

    Comment by Inman News — January 22, 2009 #

  6. The Los Angeles metro area topped the list of most-searched areas in the U.S. at Realtor.com in December, parent company Move Inc. announced this week.

    Chicago was second on the list, followed by the Riverside, Calif.; Phoenix, Detroit; Dallas; Tampa, Fla.; Philadelphia; San Diego, Calif.; and Boston metro areas.

    Some of those metro areas have also been hot spots for foreclosure. RealtyTrac, a foreclosure data company, reported that the Riverside metro area had the third-highest rate of foreclosure-related filings in 2008 among metro areas it tracks nationwide, while the Phoenix area was fifth on the list and Detroit placed 10th.

    Comment by Realtor.com — January 28, 2009 #

  7. Washington, D.C. Tops List for Real Estate Buys
    The nation’s capital leapfrogged London this year as the world’s best city for real estate investment. With the federal government on a path to grow bigger and increase spending, the new programs will need offices and its employees will need homes.

    Comment by Daily Real Estate News — January 28, 2009 #

  8. virtually every major initiative from Villaraigosa has been a dismal failure; from a poorly executed program to plant more trees to a subsidized drive to refashion downtown Los Angeles into a mini-Manhattan. Instead of reforming a generally miserable business climate, Villaraigosa has fixated on fostering “elegant density” through massive new residential construction. This gambit has failed miserably, with downtown property values plunging at least 35% since their peak. Many “luxury” condominiums there, as well as elsewhere in the city, remain largely unoccupied or have turned into rentals.

    Comment by Joel Kotkin — February 27, 2009 #

  9. Pew Internet & American Life Project released a study revealing that 57 percent of 12- to 17-year-olds online – 12 million individuals – are creating content of some sort and posting it to the Web.

    Comment by Pew Internet & American Life Project — March 9, 2009 #

  10. California million-dollar home sales plunged last year to their lowest level in five years, the result of a bone-dry mortgage market for prestige-home financing, as well as a decline in the value of many homes just over the million-dollar threshold, a real estate information service reported.

    A total of 24,436 Golden State homes sold for a million dollars or more last year. That was down 42.5 percent from 42,506 in 2007. It was the lowest sales count since 20,595 were sold in 2003. In 2006 the $1 million-plus total was 50,010, in 2005 it was 54,773, and in 2004 it was 36,990, according to MDA DataQuick.

    Of last year’s sub-$1 million sales, at least 2,052 homes had previously sold for more than a million. One in sixteen homes sold for a million dollars or more last year; the year before it was one in nine.

    “Discretionary spending in the housing market has pretty much been on hold the past fifteen months. The core of last year’s distress was clearly in affordable areas that had a lot of turnover in 2005 and 2006. That distress could migrate up the price ladder if this recession proves nasty for high-income households,” said John Walsh, DataQuick president. “A lot of home sales in the upper half of the market have been on hold for months, waiting for financing.”

    Comment by John Walsh — April 6, 2009 #

  11. You don’t have to put credence in the futures market to make a rational decision about whether to rent. Just calculate the earnings yield on a house. Keep renting (or, if you own, sell) if the earnings yield is lower than 3%. Be a buyer if the earnings yield is higher than 4%. In between be influenced by whether you think rental values will hold up over the next decade.

    Comment by FORBES — May 8, 2009 #

  12. I like your post. Good stuff. Keep them coming :)…

    Comment by ArianaNack — May 13, 2009 #

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