As I wrote about a few weeks ago, I’ve noticed a slight change in the market the past couple of months. The market is still incredibly strong, particularly anything under $1.5 million, but the market does seem like it has begun to cool in the higher price points. Anything over $2.5 million seems to be sitting on the market longer, and in general buyers are more discerning and price-sensitive than before.
In truth, it makes a lot of sense. Prices have dramatically risen over a 5 year period, and it just can’t continue forever. That being said, the market is still very strong and demand remains high, but it appears that a bit of a plateau may be in our future.
The homes that are generating the highest demand in our market are tastefully remodeled properties in great locations. This week’s top property is a prime example of that. 4127 Tivoli Ave is a gorgeously remodeled modern farmhouse in the Del Rey area listed for $1,929,000. The home consists of 3 bedrooms and 3 baths, is roughly 1,700 square feet, on a 5,000 square foot lot.
When you first walk up to the house, you can tell it is a special home. A large wood deck with a fire pit greets you and leads you towards French doors that take you in to the sensational great room. The vaulted wood-beamed ceilings give the room great volume, and help seamlessly meld the kitchen, dining room, living room, and outdoor deck. The built in book shelves are a great touch and one of my favorite details of the home.
The master bedroom is what every buyer is looking for right now. It includes a huge bathroom (complete with a dual vanity, soaking tub, spacious shower, and stylish floor tiles), a walk in closet, and even a small patio that leads into the backyard. Whoever said a master bedroom can sell a house was talking about this home.
The backyard is also nicely finished with a garage that has been converted into a bonus space and a covered patio that looks perfect for entertaining.
Finally, the location of this home is excellent, even if it may not be as heralded as some of the nearby neighborhoods. Del Rey has become a quiet, yet vibrant community with well maintained homes and terrific proximity to the new shopping centers in Marina Del Rey, and the new restaurant scene on Washington Blvd. Relative to Venice, Marina Del Rey, and Playa Vista, Del Rey is of value and as a result, it has built a reputation as fun and affordable place to live.
As much as I love this house, the price per square foot for the home is high, so it will be interesting to see what it sells for. Because it is such a well-done home, I expect it to sell quickly.
If you have any questions about this top property, or the market in general, please feel free to contact me.