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Insider's Guide to Real Estate in Playa Vista
9/24/2022: In a slowing housing market, sellers ask: Why list a home when you can collect rent?
This Week's Contents
1. This Week in Playa Vista
2. Brella: Recipient of 2022 Innovation by Design Awards
3a. Phase 1 - Single Family Homes For Sale: 2 listings (2 new!)
3b. Phase 2 - Single Family Homes For Sale: 4 listings (2 new!)
3c. Phase 1 - Condos/Townhomes For Sale: 5 listings
3d. Phase 2 - Condos/Townhomes For Sale: 7 listings
4. This week's avg 30-yr fixed-rate: 6.29%
5. Inside the Incredibly Shrinking Southern California Starter Home
6. In a Slowing Housing Market, Sellers Ask: Why List a Home When You Can Collect Rent?
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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THIS WEEK IN PLAYA VISTA
1. Farmers' Market
9/24 (Saturday) - 9am to 2pm along Millennium Drive
2. P.C. Pitstop: Cars & Coffee
9/24 (Saturday) - 9am to 12pm at Main Drive (Runway)
* Cars & Coffee hosted by Free Market Playa & Period Correct.
3. Parker Clay: Sip & Shop
9/24 (Saturday) - 1pm to 7pm inside of Free Market
* Complimentary rosé while you shop.
4. Runway Kids Club: Zooga Yoga
9/28 (Wednesday) - 10am to 11am at Runway Playa Vista
* Introduction to yoga with an adventure theme that focuses on fun and family!
5. Latin Nights at Runway
9/30 (Friday) - 5:30pm - 6:30pm, Salsa Lessons. 6:30pm to 9pm, Live Latin Band.
Upcoming: Saturday, Oct 1st Community Yard Sale in Concert Park
Sign up to be a Seller for this 2x/year event.
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Brella: Recipient of 2022 Innovation by Design Awards
by Fast Company, September 18, 2022
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A. Phase 1 - Single Family Homes For Sale
Last week: none
This week: 2 listings, $2,022,500, 2 new!
Capri Court, 5720 Celedon Creek
$1,895,000 | 3BR, 3BA, | 2931 SF
new! MLS #22-202357 - open house Sun (9/25)
Capri Court, 5860 Kiyot Way
$2,150,000 | 3BR, 3BA, | 2849 SF
new! MLS #SB22195908MR - open Sat (9/24) & Sun (9/25)
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B. Phase 2 - Single Family Homes For Sale
Last week: 2 listings, $2,561,500
This week: 4 listings, $3,353,250, 2 new!
Everly, 5933 Coral Place
$2,549,000 (reduced) | 3BR, 4BA, | 2449 SF
MLS #22-172961 - open Sat (9/24) & Sun (9/25)
Collection, 12650 Sunrise Place
$3,495,000 | 3BR, 5BA, | 3639 SF
new! MLS #22-200827 - open Sun (9/25) & Tues (9/27)
Jewel, 5912 Village Drive
$4,980,000 | 4BR, 6BA, | 4279 SF
new! MLS #SB22204850MR - open house Sat (9/24)
Woodson, 12824 S. Seaglass Circle
$2,389,000 (reduced) | 3BR, 4BA, | 2184 SF
MLS #22-195817
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 5 listings, $1,371,800 avg price
This week: no change
Chatelaine #406, 5721 S Crescent Park
$1,820,000 | 3BR, 3BA | 2346 SF
MLS #22-194497
The Metro #136, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-189789 - open house Sun (9/25)
The Metro #328, 5625 Crescent Park
$889,000 | 2BR, 2BA | 1675 SF
MLS #22-193956 - open house Sun (9/25)
The Metro #340, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-193956 - open house Sun (9/25)
Paraiso #205, 13173 Pacific Promenade
$1,650,000 | 3BR, 3BA | 2215 SF
MLS #22-194791 - open house Sun (9/25)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 7 listings, $2,181,857 avg price
This week: no change
Camden, 12895 Runway Road #2
$2,375,000 | 4BR, 4BA | 2224 SF
MLS #21-100687
Cleo, 12765 Bluff Creek Drive #2
$2,600,000 | 3BR, 3BA | 2242 SF
MLS #21-197897
Mason, 5848 Suncatcher Place #5
$1,895,000 | 3BR, 2BA | 1780 SF
MLS #OC22158583MR
Seabluff #112, 6030 Seabluff Drive
$2,300,000 | 3BR, 3BA | 2005 SF
MLS #22-178029
Seabluff #405, 6030 Seabluff Drive
$1,459,000 | 3BR, 2BA | 1340 SF
MLS #PV22197998MR - open house Sat (9/24)
Skylar, 12491 Osprey Lane #1
$2,249,000 | 4BR, 4BA | 2638 SF
MLS #22-195027
Skylar, 12642 Sandhill Lane #1
$2,395,000 | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
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This week's avg 30-yr fixed-rate: 6.29%
The housing market continues to face headwinds as mortgage rates increase again this week, following the 10-year Treasury yield’s jump to its highest level since 2011. Impacted by higher rates, house prices are softening, and home sales have decreased. However, the number of homes for sale remains well below normal levels.
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Inside the Incredibly Shrinking Southern California Starter Home
by Jack Flemming, Los Angeles Times, 9/23/2022
For decades, the single-family home has been Southern California’s ultimate lure — a chance to live a life of sun and sand from the comfort of your very own property.
Most buyers’ ticket into that life is the starter home. Something modest but not minuscule. Two bedrooms, maybe three. A picket fence in front and a yard out back for the kids and dog to play.
But the starter home has changed. As home prices have soared and higher mortgage interest rates have made everything less affordable, wish lists have become more and more wishful, and buyers have been forced to find something smaller and less practical.
Read more by Jack Flemming at: Los Angeles Times
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In a Slowing Housing Market, Sellers Ask: Why List a Home When You Can Collect Rent?
by Nicole Friedman & Will Parker, Mansion Global, 9/19/2022
After Mark and Melissa Reichert moved from California to Dallas, the couple put their home in the Los Angeles suburbs up for sale this summer. Yet even after they cut the asking price by $10,000, there was hardly any interest.
Instead, they decided to rent out the house. Their monthly payout now covers their ownership costs. If the housing market remains sluggish, they would likely keep the home as a rental once the current two-year lease expires, Mr. Reichert said.
“There’s just not serious buyers out there,” he said.
Read more by Nicole Friedman & Will Parker at: Mansion Global
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in July
Avg List Price of homes sold: $1,298,500
Average Sold Price: $1,319,692
Average Sold $/SF: $874.59
No. Homes Sold: 13
Sold Range: $627,500 - $2,210,000
Single Family Homes - Sold in July
Avg List Price of homes sold: $2,474,500
Average Sold Price: $2,525,000
Average Sold $/SF: $1,048.59
No. Homes Sold: 2
Sold Range: $2,350,000 - $2,700,000 source: data compiled from The MLS
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Brought to you by Playa Vista Premiere
The hardest working team in real estate
Dennis Hsii, MBA
CalDRE License #01919746
dennis@playavistapremiere.com
(844) 99-PLAYA
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