Venice mania – 667 square foot 1 bed and 1 bath property listed for nearly $1.5 million. Signs of mania putting cracks in the market.
ByThe signs that the market is now deeper into housing bubble territory are becoming more apparent as each month passes by. In SoCal we have certain areas that rival the nutty tech drivenSan Francisco housing market. Take Venicefor example. This once hipster and artist enclave is now largely being driven by big money. People are listing million dollar crap shacks in hopes they can cash out at the top. What many people fail to see is the real estate market is now a volatile asset class. Because of this, we have wild rides when it comes to prices. Some feel the Fed is godlike even though they failed to stop the last implosion. Some tend to think unlimited funds from China will keep flowing in. Some are still waiting for Millennials to buy even though many are broke or living at home with their Taco Tuesday boomer parents. For now, all of this is happening but however you slice it, middle class Californians have been priced out big time. What is certain is that in some markets people are speculating in epic fashion. Let us take a look at a listing in Venice…
