This 1910 bungalow on Sherman Canal sold for $2.65 million
Photo courtesy of Pardee Properties
A 1,326-square-foot bungalow on the Venice Canals sold in January for $2.65 million — about $1,998 per square foot.
That’s the most per-square-foot paid for a home along the canals since the 2007 financial meltdown, according to Venice-based real estate broker Pardee Properties, which represented the seller.
“The sale demonstrates that the most desirable Venice properties are enjoying a long run of appreciation,” said Pardee Properties CEO Tami Pardee. “Prices have not yet hit a high-water mark, but they are getting close.”
While the average home price in Venice actually fell by about 5% in 2015, the price per square foot actually rose a staggering 30%, according to a year-end data analysis by Pardee Properties.
A surge in sales of smaller homes was driving the trend. In the canals, where lots are typically small, a series of small homes hit the market in 2015 and traded for between $1,300 and $1,800 per square foot, according to Pardee.
The post-recession record-setter is a two bedroom home on Sherman Canal that was built in 1910 and sits between two newer, larger houses.
— Joe Piasecki
It’s important to note that this home was not sold for “lot value”. The 2 story home is very charming and very well appointed, having been recently restored. It’s certainly enjoyable for the long term by anyone who can appreciate the value of living in a small home. Bungalows that are selling for significantly less are likely much smaller, decrepit enough that they will be razed or renovated with major additions which ultimately yields a far larger $4-5M home. The point is, that this home is probably the most “affordable” livable home in the canals – and a very nice one at that.