As Spring is drawing to a close, the market in Los Angeles has continued on with the prevailing conditions: low inventory, high demand. Low interest rates have continued to fuel high demand, and the threat of increased rates has only added to that fire.
With that being said, the market is still price sensitive and buyers are becoming more and more conscious of the high rate at which values have increased over the past 5 years. As a result of the increased values, buyers are more focused than ever on finding special properties in excellent locations which should hold their value over time.
With that in mind, one very special property hit the market in Venice this week: 12 Rose Ave. A classic 1924 Craftsman beach house set on a unique 6,500 square foot lot has been reimagined into a chic, contemporary compound. The home has 3 bedrooms, 4 bathrooms, is roughly 3,000 square feet and is listed at a whopping $10,250,000.
The original beach house is filled with restored original Craftsman details and features vaulted open-beam ceilings, original hardwood floors, and a wood-burning fireplace. A few of my other favorite details are the wood paneled ceilings in the bedrooms, the angular, multi-windowed seating area at the front of the house, and the loft that features vaulted ceilings and tons of natural light.
The brick patio is set up as the ultimate entertainer’s paradise. It features a spacious outdoor dining area, lush landscaping that creates a private a serene setting, and a fantastic outdoor fireplace.
The guest house provides a contemporary aspect to the house in the form of a three story structure that has been recently upgraded. The bottom level consists of an almost impossible to find (particularly in Venice) 4 car garage that is perfect for storage or as place to fit your guest’s cars. The second and third levels of the guesthouse are a light filled masterpiece. The West-facing section of the house is nothing but windows that look out to the ocean. They let in natural light to the exposed beam ceilings, lightly colored floors and lofted bedroom to create an airy and bright space.
The location of the home is also very unique. Set just a half block from the world-famous Venice Beach Boardwalk, and also just a stone’s throw from Rose Ave, Main Street and Abbot Kinney, its tough to imagine ever getting bored at this home.
The rare and impossible to recreate features of this home make it an extremely valuable property – which should mean it will garner a lot of interest. However, I do think the asking price is high relative to the square footage. I tend to think the property will sell fairly quickly, but at a much lower price than the asking.
If you have any questions about this top property, or the market in general, please feel free to contact me.