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Insider's Guide to Real Estate in Playa Vista
5/28/2022: Home listings suddenly jump as sellers worry they may miss out on the red-hot housing market
This Week's Contents
1. This Week in Playa Vista
2. N'ice Cream Serves Ice Cream, Gelato and Other Hand Crafted Treats
3a. Single Family Homes For Sale: 1 listing
3b. Phase 1 - Condos/Townhomes For Sale: 7 listings (3 new!)
3c. Phase 2 - Condos/Townhomes For Sale: 4 listings
4. This week's avg 30-yr fixed-rate: 5.1%
5. Home Listings Suddenly Jump as Sellers Worry They May Miss Out on the Red-Hot Housing Market
6. When the Best Available Home is the One You Already Have
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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N'ice Cream Serves Ice Cream, Gelato and Other Hand Crafted Treats
by Jessica Koslow, Playa Vista Direct, 5/26/2022
In 2017, N’ice Cream fell into Omid Torkian’s lap, metaphorically.
As his wife Elaheh (or Ellie as people call her) tells it, they had been looking to jump into the restaurant business. More specifically, Omid was looking for a business for her to nurture — and she just happened to be pregnant with their third child.
N’ice Cream’s previous owner was looking to sell the Playa Vista location, and the Torkians saw the perfect opportunity to “start small and get the ball rolling,” Ellie says.
Read more by Jessica Koslow at: Playa Vista Direct
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A. Single Family Homes For Sale
Last week: 1 listing at $2,599,000
This week: no change
Asher, 5834 Seahorse Court
$2,599,000 | 3BR, 4BA | 2634 SF
MLS #OC2210427MR
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B. Phase 1 - Condos/Townhomes For Sale
Last week: 4 listings, $1,605,000 avg price
This week: 7 listings, $1,395,571 avg price, 3 new!
Bridgeway Mills, 5400 Playa Vista Drive #23
$1,590,000 | 3BR, 3BA | 2050 SF
MLS #22-149601 - open Sat (5/28) & Sun (5/29)
Crescent Walk, 13200 Pacific Promenade #212
$625,000 | 1BR, 1BA | 642 SF
new! MLS #22-155711 - open house Sat (5/28)
The Dorian, 6241 Crescent Park #111
$1,475,000 | 2BR, 3BA | 1780 SF
new! MLS #22-159519 - open Sat (5/28) & Tues (5/31)
The Metro, 5625 Crescent Park #307
$1,249,000 | 2BR, 2BA | 1670 SF
new! MLS #OC22109007MR
Tapestry, 5701 Kiyot Way #4
$1,495,000 (reduced) | 2BR, 3BA | 1640 SF
MLS #22-140999
Tapestry, 5700 Seawalk Drive #11
$2,090,000 (increased) | 3BR, 4BA | 3207 SF
MLS #22-135999
Tempo #434, 6020 Seabluff Drive
$1,245,000 | 2BR, 3BA | 1410 SF
MLS #22-157813 - open house Sun (5/29)
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C. Phase 2 - Condos/Townhomes For Sale
Last week: 4 listings, $2,355,500
This week: no change
Camden, 12895 Runway Road #2
$2,375,000 | 4BR, 4BA | 2224 SF
MLS #21-100687
Mason, 5848 Suncatcher Place #4
$2,199,000 | 3BR, 3BA | 2100 SF
MLS #22-142015
Seabluff #111, 6030 Seabluff Drive
$2,199,000 | 3BR, 3BA | 2030 SF
MLS #22-156212
Skylar, 12468 Osprey Lane #1
$2,649,000 | 4BR, 4BA | 2638 SF
MLS #PV22088057MR
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This week's avg 30-yr fixed-rate: 5.1%
Mortgage rates decreased for the second week in a row due to multiple headwinds facing the economy. Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods.
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Home Listings Suddenly Jump as Sellers Worry They May Miss Out on the Red-Hot Housing Market
by Diana Olick, CNBC, 5/26/2022
Sharply higher mortgage rates have caused a sudden pullback in home sales, and now sellers are rushing to get in before the red-hot market cools off dramatically.
The supply of homes for sale jumped 9% last week compared with the same period a year ago, according to Realtor.com. That is the biggest annual gain the company has recorded since it began tracking the metric in 2017.
Real estate brokerage Redfin also reported that new listings rose nearly twice as fast in the four weeks ended May 15 as they did during the same period a year ago.
Read more by Diana Olick at: CNBC
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When the Best Available Home is the One You Already Have
by Emily Badger, The New York Times, 5/27/2022
In this housing market, it makes less and less sense to move. American homeowners sitting on the lowest mortgage rates in modern history will find it far costlier to buy their next home. Renters facing steep inflation may be better off renewing a lease than hunting for a new one. And for most everyone, it’s gotten harder to find the right next home when there are so few vacant ones available.
The simplest and most affordable decision for many Americans will be to stay put — even if their homes become too small, too big, too crowded, too far from work, too isolated from family, or too much to maintaing.
Read more by Emily Badger at: The New York Times
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in March
Avg List Price of homes sold: $1,080,018
Average Sold Price: $1,105,286
Average Sold $/SF: $820.47
No. Homes Sold: 14
Sold Range: $705,000 - $1,600,000
Single Family Homes - Sold in March
Avg List Price of homes sold: $3,249,000
Average Sold Price: $3,249,000
Average Sold $/SF: $892.83
No. Homes Sold: 1
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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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