Bungalow on Venice Canals sells for record price

Buyer pays highest per-square-foot price on Canals since recession

TRD LOS ANGELES /
Jan.January 28, 2016 01:00 PM

A 1,326-square-foot home on the Venice Canals just sold for $2.65 million. The buyer paid almost $2,000 a square foot for the two-bedroom bungalow, the highest per-square-foot price on the Canals since 2005.  

The home at 416 Sherman Canal, which was built in 1910, sold for its listing price and was paid for in cash.  The sale was brokered by Kerry Ann Sullivan of Venice brokerage Pardee Properties. The seller, a family trust, had acquired the property for $1.5 million — a comparably low $1,131 a square foot — in Jan. 2010.

While home prices in Venice actually fell 5.1 percent last year, according to data from Pardee Properties, per-square-foot prices rose by 30 percent. This dichotomy has been driven by a surge in small home sales. On the Canals, where lots are already little, a series of even-tinier homes hit the market in 2015 and traded for between $1,300 and $1,800 per square foot.

For all of Venice, the median per-square-foot-price was $1,196 in 2015, according to PropertyShark. It was still not as high as the area’s pre-recession peak in 2006, when the median was $1,243 a square foot.  

The record per-square-foot price on the Venice canals was set in 2005, when a diminutive 536-square-foot home at 445 Sherman Canal sold for $1.4 million, or $2,751 a square foot. 

L.A.’s Venice Canals were the vision of millionaire Abbot Kinney, who had them built to resemble the actual Venice Canals in Italy, a project that was completed in 1905. In the 1960s, Jim Morrison of The Doors lived there. Today, the dwellings along the canals are mostly the second or fourth homes of celebrities and other wealthy individuals.

The canals are also a tourist attraction and people can walk right up to the houses, many of which have large glass windows. In other words, exhibitionism is in the contract.

Got a tip? Reach out to [email protected]


Related Articles

arrow_forward_ios
AvalonBay Communities CEO Timothy J. Naughton, TA Realty Managing Partner James O. Buckingham, and Avalon Venice

TA Realty pays $65M for luxury Venice apartment complex

TA Realty pays $65M for luxury Venice apartment complex
Councilmember Mike Bonin and the Ellison (Credit: Google Maps)

Venice landlord says city is using the coronavirus pandemic to settle a score

Venice landlord says city is using the coronavirus pandemic to settle a score
NeueHouse is preparing to open Venice co-working space

NeueHouse is preparing to open Venice co-working space

NeueHouse is preparing to open Venice co-working space
LA home prices up 8.5% YOY amid plummeting inventory

LA home prices up 8.5% YOY amid plummeting inventory

LA home prices up 8.5% YOY amid plummeting inventory
GPI Companies founders Cliff Goldstein and Drew Planting with a rendering of West End (Credit: GPI Companies)

GPI turning Westside Pavilion Macy’s into offices

GPI turning Westside Pavilion Macy’s into offices
Four of the top residential listings this week

Here are the priciest resi listings in LA County last week

Here are the priciest resi listings in LA County last week
The West L.A. skyline

Westside gives boost to LA’s office market in Q3

Westside gives boost to LA’s office market in Q3
LA County’s top five sales of the last week

Here are the 5 priciest residential sales in LA County last week

Here are the 5 priciest residential sales in LA County last week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...