Hot Property

Bulldog Realtors sold 813 Amoroso Place for record shortest time on the market. Courtesy Bulldog Realtors.

by Melanie Camp

The Venice property market has been sizzling. Last year one Venice home sold for a record $9,400,000. That’s $2,727 a square foot. Another home on Amoroso Place was sold by Bulldog Realtors in a record shortest time on the market. However, with interest rates rising will the market continue to climb in 2017? Yo! Venice had a chat with Winston Cenac of Bulldog Realtors to get an idea of what lies ahead for the Venice property market.

How much do you think interest rate rises in 2017 will affect the Venice property market? Somewhat but not much. Easily a third of our Venice sales last year were all-cash transactions. Interest rates go up so incrementally that if the Venice market is moving at 80 mph, then it might slow 70 mph.

Should people be selling their Venice property right now?

Not without a compelling reason.

Is it a good time to sell or buy?

It depends on your personal circumstances or the 3 Ds (death, debt, divorce) as we call them. Otherwise, I tell people they should never sell. Buying is more a function of time. If you’re planning to sell in a short time, then you should move carefully. If you plan to hold for a few years, then it’s never a bad time to buy.

What do you say to people who believe the Venice market is cooling?

$3 million plus properties are taking longer to sell. Some realtors and developers have been taking the buyers for granted with unrealistic prices and subpar marketing.

Were there any record sales in Venice in 2016?

Yes, we had a couple. 2705 Ocean Front Walk sold for a record $9,400,000. That’s $2,727 a square foot. And, we sold 813 Amoroso Place for $3,395,000 in a record shortest time on the market.

So, have we seen the peak?

Look, nothing goes up in a straight line. So yes prices will probably soften for the next six months, but the whole history of property in Venice is one of appreciation. Long term, you ain’t seen nothin’ yet.