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Insider's Guide to Real Estate in Playa Vista
1/14/2023: Mortgage buydowns are the hot new thing helping the housing market
This Week's Contents
1. This Week in Playa Vista
2. Lunar New Year Community Event
3a. Phase 1 - Single Family Homes For Sale: none
3b. Phase 2 - Single Family Homes For Sale: 2 listings
3c. Phase 1 - Condos/Townhomes For Sale: 5 listings (1 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 6 listings (1 new!)
4. This week's avg 30-yr fixed-rate: 6.33%
5. Mortgage Buydowns Are the Hot New Thing Helping the Housing Market
6. When Will Housing Prices Drop?
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: 1//Mason | A spectacular new Mason penthouse unit came on the market this week, with beautiful, unobstructed views of The Lawn & Runway Retail. With finishes and styling like the original model home, this condo is listed at $2,500,000 and already has offers. 2//Woodson | This Phase 2 SFH was listed last week at $2,095,000 and has multiple offers already. It is expected to go under contract by the end of this weekend for over the list price. 3//Concerto Lofts | Another penthouse condo became available this week, this one a unique loft-style unit facing Concert Park! With high ceiling, large windows and lots of natural light, this one is listed at $1,600,000 and negotiable.
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Lunar New Year Community Event
Sunday, January 15, 10:30am - 3:30pm
Runway Playa Vista celebrates Lunar New Year this Sunday with a community event featuring traditional Chinese arts and crafts, games, live performances, food trucks, and over a dozen local vendors. Free to attend. Runs 10:30 a.m. to 3 p.m. More info here.
- Free Admission
- Food Trucks
- Traditional Chinese Arts & Crafts
- Games & Activities
- Live Performances
- Raffle Prizes
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A. Phase 1 - Single Family Homes For Sale
Last week: none
This week: no change
there are no new listings this week!
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B. Phase 2 - Single Family Homes For Sale
Last week: 2 listings, $2,497,495 avg price
This week: no change
Asher, 5825 W Seaglass Circle
$2,899,990 | 4BR, 4BA | 2757 SF
MLS #TR22239015MR
Woodson, 5829 Lantern Court
$2,095,000 | 4BR, 4BA | 2304 SF
MLS #23-228935 - open Sat (1/14) & Sun (1/15)
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 5 listings, $1,264,400 avg price
This week: 5 listings, $1,374,400 avg price (1 new!)
Chatelaine #406, 5721 Crescent Park
$1,699,000 | 3BR, 3BA | 2346 SF
MLS #22-223393
Concerto Lofts #424, 13045 Pacific Promenade
$1,600,000| 2BR, 2BA | 1610 SF
new! MLS #NDP2300224MR
Coronado #115, 7100 Playa Vista Drive
$1,279,000 (reduced) | 3BR, 3BA | 1690 SF
MLS #22-216245 - open house Sun (1/15)
The Metro #320, 5625 Crescent Park
$1,499,000 | 3BR, 3BA | 2180 SF
MLS #SB22243806MR
Tempo #123, 6020 Seabluff Drive
$795,000 | 2BR, 2BA | 910 SF
MLS #23-229994 - open house Sun (1/15)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 5 listings, $2,372,000 avg price
This week: 6 listings, $2,385,000 avg price (1 new!)
Camden, 12895 Runway Road #2
$2,200,000 (reduced) | 4BR, 4BA | 2224 SF
MLS #21-100687
Cleo, 12785 Bluff Creek #3
$3,290,000 | 3BR, 3BA | 2050 SF
MLS #22-227399
Mason, 5848 Suncatcher Place #5
$1,845,000 (reduced) | 3BR, 2BA | 1780 SF
MLS #OC22158583MR
Mason, 5848 Suncatcher Place #6
$2,500,000 | 3BR, 3BA | 2141 SF
new! MLS #23-230191 - open Sat (1/14) & Sun (1/15)
Skylar, 12642 Sandhill Lane #1
$2,295,000 (reduced x2) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
Skylar, 12695 Sandhill Lane #2
$2,180,000 (reduced) | 3BR, 3BA | 2026 SF
MLS #22-218334 - open house Sun (1/15)
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This week's avg 30-yr fixed-rate: 6.33%
While mortgage rates have resumed their decline, the market remains hypersensitive to rate movements, with purchase demand experiencing large swings relative to small changes in rates. Over the last few weeks latent demand has been on display with buyers jumping in and out of the market as rates move.
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Mortgage Buydowns Are the Hot New Thing Helping the Housing Market
by Emily Peck, Axios, 1/9/2023
The hot new thing in the moribund housing market is called a mortgage buydown — it's one of the concessions home sellers are increasingly offering buyers to seal a deal.
Why it matters: Though they've been around a while, buydowns seem a tailor-made solution for the current real estate market's biggest problem: High mortgage rates hovering around 6% have turned off buyers.
How it works: Sellers, homebuilders or even lenders pay cash to lower the buyer's mortgage rate by typically one to three points.
Read more by Emily Peck at: Axios
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When Will Housing Prices Drop?
by Devon Thorsby, U.S. News & World Report, 1/12/2023
For just about any homeowner, talk of falling housing prices can spark panic. With homeownership being the major financial and personal investment it is, there's a natural anxiety that comes with any potential threat to that investment.
However, housing market activity to date does not show a year-over-year decline of home prices on a national scale – at least not yet. While some data sets show month-to-month home price declines, month-to-month data is more volatile and does not signal a drastic shift in the market on its own.
Read more by Devon Thorsby at: U.S. News & World Report
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in October
Avg List Price of homes sold: $1,265,857
Average Sold Price: $1,299,571
Average Sold $/SF: $807.62
No. Homes Sold: 7
Sold Range: $983,000 - $1,850,000
Single Family Homes - Sold in October
List Price of homes sold: $1,895,000
Sold Price: $2,050,000
Sold $/SF: $646.54
No. Homes Sold: 1 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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