Summer is here in Los Angeles, and the biggest talk in the real estate market is interest rates. The Fed has made it clear that their intent is to continue to steadily increase rates for the foreseeable future and that has put real estate on watch. Many buyers are pushing to find a home and lock in a low interest rate before prices and rates affect affordability too much.
The good news is that the Fed’s execution seems to working in that rates have slowly increased, versus a quick spike, and that has allowed the market to adjust without any panic. If this continues, the market should slowly start to plateau over the coming years as prices and rates will slowly increase and lessen demand.
The one constant in the market is that if you have a special home in a great location, you are going to get a lot of interest. This new listing at 249 Rennie Ave in Venice is a great example of that. Listed this week for $3,195,000, the home is a wonderful display of modern architecture, and it consists of 4 bedrooms, 4 baths in roughly 2,400 square feet.
What I immediately loved about this house was the brightness and open floor that encompasses you the second you step in. The walls of glass in every corner of the house serve to brighten the polished concrete floors and illuminate the wood paneled ceiling. The floor plan blends the kitchen, living room, dining room, and outdoor areas in one free-flowing space that is complete with a floating staircase.
Upstairs the master bedroom mirrors the light and airy feeling of the living space and is highlighted by a gorgeous en-suite bathroom. The bedroom is spacious, and the bathroom has a modern vanity and unique tile work that works perfectly with the design of the house.
In addition to the main house, there is a also a finished guest studio above the two car garage. This is a flexible space that could be used as a creative work space, guesthouse, or exercise room and is exactly the sort of thing that most buyers in Venice are looking for.
The location of the home is excellent. It is just a few doors down from the heart of the Rose corridor where there are plenty of shops and restaurants, and yet it is still located on a quiet street.
Because of the uniqueness in design of the home, and the terrific location, I expect this home will get a lot of attention right away. The price feels a little high to me, but given the lack of inventory and rareness of the property, it may sell near the asking price.
If you have any questions about this top property, or the market in general, please feel free to contact me.