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Insider's Guide to Real Estate in Playa Vista
8/20/2022: Home sales dropped in July, the sixth month in a row
This Week's Contents
1. This Week in Playa Vista
2. California Home Builders Pays $231M for Playa Vista Complex
3a. Phase 2 - Single Family Homes For Sale: 2 listings
3b. Phase 1 - Condos/Townhomes For Sale: 9 listings (2 new!)
3c. Phase 2 - Condos/Townhomes For Sale: 4 listings
4. This week's avg 30-yr fixed-rate: 5.13%
5. Home Sales Dropped in July, the Sixth Month in a Row
6. Mortgage Rates Drop Amid Signs That Inflation May Have Finally Peaked
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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California Home Builders Pays $231M for Playa Vista Complex
by Isabella Farr, The Real Deal, 8/16/2022
California Home Builders, traditionally a developer of multifamily housing, has bought an apartment complex in Playa Vista, on the border of Fox Hills.
The firm bought a 376-unit complex at 5901 Center Drive for $230.7 million, according to public property records filed with L.A. County. The price works out to $614,000 per unit. California Home Builders did not respond to a request for comment.
Read more by Isabella Farr at: The Real Deal
* article clarification - this location is outside of Playa Vista
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A. Phase 2 - Single Family Homes For Sale
Last week: 2 listings, $2,649,000
This week: no change
Everly, 5933 Coral Place
$2,673,000 | 3BR, 4BA, | 2449 SF
MLS #22-172961
The Collection, 12652 Seacoast Place
$2,625,000 (reduced) | 3BR, 4BA, | 2624 SF
MLS #22-161853 - open Sat (8/20) & Sun (8/21)
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B. Phase 1 - Condos/Townhomes For Sale
Last week: 10 listings, $1,425,400 avg price
This week: 9 listings, $1,549,111 avg price, 2 new!
Carabela #321, 12975 Agustin Place
$1,299,000 | 3BR, 3BA | 1840 SF
MLS #22-119317 - open house Sat (8/20)
Chatelaine #406, 5721 Crescent Park
$1,895,000 | 3BR, 3BA | 2346 SF
MLS #22-164329
Concerto Lofts #426, 13045 Pacific Promenade
$1,450,000 | 2BR, 2BA | 1720 SF
new! MLS #22-183077 - open house Sun (8/21)
The Metro #136, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
new! MLS #22-189789 - open Sat (8/20) & Sun (8/21)
Paraiso #202, 13173 Pacific Promenade
$1,899,000 | 3BR, 3BA | 2660 SF
MLS #22-163545
Primera Terra #161, 12920 Runway Road
$1,295,000 | 3BR, 2BA | 1310 SF
MLS #22-175753 - open house Sat (8/20)
Serenade #437, 13031 Villosa Place
$1,599,000 | 4BR, 3BA | 2730 SF
MLS #22-188371 - open Sat (8/20) & Tues (8/21)
Tapestry, 5700 Seawalk Drive #11
$2,090,000 (increased) | 3BR, 4BA | 3207 SF
MLS #22-135999 - open house Sun (8/21)
Tempo #137, 6020 Seabluff Drive
$1,165,000 | 2BR, 3BA | 1640 SF
MLS #22-168465
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C. Phase 2 - Condos/Townhomes For Sale
Last week: 4 listings, $2,241,250 avg price
This week: no change
Camden, 12895 Runway Road #2
$2,375,000 | 4BR, 4BA | 2224 SF
MLS #21-100687
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
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: 5.13%
Inflation appears to be beyond its peak, which has stopped the rapid increase in mortgage rates that the housing market was experiencing earlier this year. The market continues to absorb the cumulative impact of the large price and rate increases that led to a plunge in affordability. As a result, over the rest of the year purchase demand likely will continue to drag, supply will modestly increase, and home price growth will decelerate.
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Home Sales Dropped in July, the Sixth Month in a Row
by Stephen Gandel & Gregory Schmidt, The New York Times, 8/18/2022
Existing-home sales fell for the sixth-straight month in July, a new housing report showed, as higher mortgage rates continue to push would-be buyers to the sidelines.
Sales of existing homes dropped 5.9 percent last month from June, to a seasonally adjusted annual rate of 4.81 million, the National Association of Realtors reported on Thursday. Sales in July were 20.2 percent lower than they were one year ago, the report said.
“The surge in mortgage rates and gas prices combined with the stock market sell-off have thrown a bucket of ice water on a formerly red-hot housing market,” said Bill Adams, the chief economist for Comerica Bank, a national lender based in Dallas.
Read more by Stephen Gandel & Gregory Schmidt at: The New York Times
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Mortgage Rates Drop Amid Signs That Inflation May Have Finally Peaked
by Anna Bahney, CNN, 8/19/2022
Mortgage rates ticked lower last week, falling back toward the 5% mark following economic reports that indicated inflation might have finally peaked.
The 30-year fixed-rate mortgage averaged 5.13% in the week ending August 18, down from 5.22% the week before, according to Freddie Mac. Despite the latest drop, rates are still significantly higher than this time last year, when the 30-year was 2.86%.
After starting the year at 3.22%, mortgage rates rose sharply during the first half of the year, hitting a high of 5.81% in mid-June. But since then, concerns about the economy and the Federal Reserve’s mission to combat inflation have made them more volatile.
Read more by Anna Bahney at: CNN
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in June
Avg List Price of homes sold: $1,307,192
Average Sold Price: $1,293,193
Average Sold $/SF: $882.46
No. Homes Sold: 9
Sold Range: $560,738 - $2,199,000
Single Family Homes - Sold in June
Avg List Price of homes sold: $3,561,250
Average Sold Price: $3,557,000
Average Sold $/SF: $975.39
No. Homes Sold: 4
Sold Range: $2,858,000 - $5,000,000 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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