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Insider's Guide to Real Estate in Playa Vista
10/22/2022: Two bright spots in a cooling housing market
This Week's Contents
1. This Week in Playa Vista
2. 17 Apartments Rising at 11863 W. Jefferson Boulevard in Playa Vista
3a. Phase 2 - Single Family Homes For Sale: 2 listings
3b. Phase 1 - Condos/Townhomes For Sale: 8 listings (3 new!)
3c. Phase 2 - Condos/Townhomes For Sale: 8 listings
4. This week's avg 30-yr fixed-rate: 6.94%
5. Two Bright Spots in a Cooling Housing Market
6. She Bought Her House as the Market Peaked. Now She Regrets It.
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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17 Apartments Rising at 11863 W. Jefferson Boulevard in Playa Vista
by Steven Sharp, Urbanize, 10/21/2022
The project, which replaced a pair of smaller multifamily residential buildings completed in the late 1950s, calls for the construction of a four-story edifice which will feature 17 apartments on its upper floors and parking below. Plans call for a mix of two- and three-bedroom dwellings.
Read more by Steven Sharp at: Urbanize
* Note: this location is outside the official boundaries of Playa Vista
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A. Phase 2 - Single Family Homes For Sale
Last week: 4 listings, $3,341,000 avg price
This week: 2 listings, $3,740,000 avg price
Everly, 5933 Coral Place
$2,499,000 | 3BR, 4BA, | 2449 SF
MLS #22-204255 - open Sat (10/22) & Sun (10/23)
Jewel, 5912 Village Drive
$4,980,000 | 4BR, 6BA, | 4279 SF
MLS #SB22204850MR
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B. Phase 1 - Condos/Townhomes For Sale
Last week: 6 listings, $1,225,333 avg price
This week: 8 listings, $1,351,750 avg price, 3 new!
Catalina #202,12963 Runway Road
$829,000 | 2BR, 2BA | 914 SF
MLS #22-208289
Chatelaine #406,12963 Runway Road
$1,799,000 | 3BR, 3BA | 2346 SF
new! MLS #22-208623
Coronado #407, 7100 Playa Vista Drive
$1,745,000 | 4BR, 4BA | 2108 SF
MLS #22-203807
Crescent Walk #309,13200 Pacific Promenade
$829,000 | 2BR, 2BA | 836 SF
MLS #22-208537 - open house Sat (10/22)
The Metro #136, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-189789 - open house Sun (10/23)
The Metro #320, 5625 Crescent Park
$1,488,000 | 3BR, 3BA | 2180 SF
new! MLS #SB22226269MR
The Metro #341, 5625 Crescent Park
$1,275,000 | 2BR, 3BA | 1670 SF
new! MLS #22-209695 - open Sat (10/22) & Sun (10/23)
Paraiso #205, 13173 Pacific Promenade
$1,599,000 (reduced) | 3BR, 3BA | 2215 SF
MLS #22-194791 - open house Sun (10/23)
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C. Phase 2 - Condos/Townhomes For Sale
Last week: 8 listings, $2,222,875 avg price
This week: 8 listings, $2,201,000 avg price
Camden, 12558 Fielding Circle #2
$2,295,000 | 4BR, 4BA | 2224 SF
MLS #22-207547 - open Sat (10/22) & Sun (10/23)
Camden, 12887 Runway Road #4
$1,975,000 | 3BR, 3BA | 1875 SF
MLS #22-207590 - open Sat (10/22) & Sun (10/23)
Camden, 12895 Runway Road #2
$2,200,000 (reduced) | 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
$1,845,000 (reduced) | 3BR, 2BA | 1780 SF
MLS #OC22158583MR
Seabluff #112, 6030 Seabluff Drive
$2,199,000 (reduced) | 3BR, 3BA | 2005 SF
MLS #22-178029 - open house Sun (10/23)
Skylar, 12491 Osprey Lane #1
$2,149,000 | 4BR, 4BA | 2638 SF
MLS #22-195027
Skylar, 12642 Sandhill Lane #1
$2,345,000 (reduced) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
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This week's avg 30-yr fixed-rate: 6.94%
The 30-year fixed-rate mortgage continues to remain just shy of seven percent and is adversely impacting the housing market in the form of declining demand. Additionally, homebuilder confidence has dropped to half what it was just six months ago and construction, particularly single-family residential construction, continues to slow down.
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Two Bright Spots in a Cooling Housing Market
Analysis by Conor Sen, The Washington Post, 10/21/2022
Surging mortgage rates and uncertainty about the economy have put the housing market on ice. Mortgage purchase applications dropped Wednesday morning to their lowest level in 25 years and single-family housing starts will soon be down 20% on a year-over-year basis. Historically, a drop of more than 20% in single-family housing starts has meant pretty good odds for an overall recession.
Yet the US economy added 263,000 jobs in September. And while the labor market is somewhat cooler from earlier in the year, it’s a long way from anything that could be characterized as weak.
Read more by Conor Sen: The Washington Post
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She Bought Her House as the Market Peaked. Now She Regrets It.
by Venessa Wong, BuzzFeed News, 10/17/2022
Christen Riggins had 30 days to move after her landlord’s management company told her they were selling the home she was renting with her three children. Unable to find an affordable rental in time — rents in Columbus, Georgia, were rising — Riggins ended up moving her family into a hotel, uncertain of what to do next. She had been preapproved for a mortgage about a year earlier at a rate near 3.5%, so she started to look more seriously at buying. “I said, ‘Well, if I'm gonna pay this rent, I might as well buy,’” she told BuzzFeed News. Like many people caught in the latest home buying rush, however, Riggins, who processes medical claims for work, was repeatedly outbid. Her agent said she would have to go above a home’s asking price if she wanted to close a deal.
Read more by Venessa Wong at: BuzzFeed News
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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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