Coldwell Banker: Venice & Marina del Rey Market Update
The view is looking good from here in Silicon Beach. On December 3, 2014, it was reported that Google spent almost $120 million to acquire 12 vacant acres of land in Playa Vista next to a hangar where Howard Hughes built the Spruce Goose airplane. The area is reportedly zoned for nearly 900,000 square feet of commercial space. The move solidifies Google’s presence in Southern California, adds credence to the “Silicon Beach” name recently given to the Venice Beach / Playa Vista / Marina Del Rey area and importantly guarantees a continuing boom in the Playa Vista real estate market by bringing jobs and people to the area.
Google has not yet announced plans for the land, and despite the announcement Google does not have any immediate plans to start building on the site, according to Playa Vista City Councilman Mike Bonin. Coupled with Google’s acquisition are Microsoft, Youtube, and Facebook’s presence in the area, making it extremely attractive for the young, professional crowd.
During the first 3 weeks of January, 2015 we saw a total of 42 new listings come on the market. Of those, 3 single family homes and 9 condos have gone into escrow. This is a definite up-tick in this market.
Average price per square foot for Venice CA was $1,238, an increase of 46% compared to the same period last year. The median sales price for homes in Venice CA for Oct 14 to Jan 15 was $1,575,000 based on 41 home sales. Compared to the same period one year ago, the median home sales price increased 36.2%, or $419,000, and the number of home sales decreased 44.6%. There are currently 55 resale and new homes in Venice which is an improvement in the number of listings. The average listing price for homes for sale in Venice CA was $1,993,189 for the week ending Jan 14, which represents an increase of 4.3%, or $81,929, compared to the prior week.
Actually there were 24 new listings for the 1st 3 weeks of January with four of those in escrow at this time. This is an increase of new listing activity for this new year. This would all seem to indicate that while Venice took a slight breather in the 4th quarter of last year, it is ramping up again.
Average price per square foot for Marina del Rey CA was $590, an increase of 14.6% compared to the same period last year. The median sales price for homes in Marina del Rey CA for Oct 14 to Jan 15 was $758,250 based on 66 home sales. Compared to the same period one year ago, the median home sales price increased 5.7%, or $40,750, and the number of home sales increased 40.4%. There are currently 109 resale and new homes in Marina del Rey. The average listing price for homes for sale in Marina del Rey CA was $1,304,417 for the week ending Jan 14, which represents an increase of 4.3%, or $54,022, compared to the prior week
The bottom line, a good upsurge in listings, good sales activity and with all of our tech industry, we are poised for a good 2015!
By: Linda Black
