The market in Venice continues to improve, as well priced houses in good locations are selling quickly. For example, this short sale on Boccaccio that was listed last week had six offers on it within the first seven days. It was in a good location, was beautifully done, and was well priced – thus all the activity.

Luckily another a great opportunity in Venice popped up this week and it is my top property. 523 Rialto Ave is one of the original craftsman style houses built in Venice, all the way back in 1910! The main house has 3 bedrooms, 2 bathrooms and is about 2,600 square feet. The garage has been converted (most likely not legally though) into a one-bedroom rental unit, but could be easily switched back a garage or an office space.

The house has retained its Craftsman charm and remains in remarkably good shape. Sure, there is cleaning up and updating to be done, but the wood floors are in excellent shape, and the Craftsman details are largely left in tact, including a beautiful wood-pocketed ceiling in the living room and wooden built-ins in the living room.

The location is excellent. Being just a block from Abbot Kinney and just a few minutes to the beach, all while being on a quiet street has made Rialto one of the hottest streets in Venice. The house across the street recently sold for $2.5 million and another Craftsman just a block away on Cabrillo that was smaller, but had been updated went into escrow for $1.5 million.

These are terrific comps for anyone looking to remodel and flip or for someone who just wants to know that there is home will be a sound investment. Apparently I’m not the only one to see the potential in this property because as of the first showing today, the house already had three offers.

The downside to the house is that it will need some work. The property needs a new kitchen, new bathrooms, some landscaping, and the former garage either needs to be returned to a garage or completely redone as a new space. While it may seem simple enough to update the home, most likely an experienced fluff-and-buffer will purchase it and do the necessary work.

The Week in Review: A Look at What’s New and What’s Sold

New Listings

1. 237 Linnie Canal for $1,595,000.

2. 817 Crestmoore Place for $1,150,000.

3. 614 Brooks Ave for $699,000.

Sold Listings:

1. 44 Horizon Ave for $1,600,000.

If you have any questions about this top property or any of these homes — or the market in general — please do not hesitate to contact me.