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Insider's Guide to Real Estate in Playa Vista
9/17/2022: More sellers drop their asking price as the housing market cools
This Week's Contents
1. This Week in Playa Vista
2. Goodbye, Water Cooler; Hello, Pool: More Los Angeles Offices Are Becoming Apartments
3a. Phase 2 - Single Family Homes For Sale: 2 listings
3b. Phase 1 - Condos/Townhomes For Sale: 5 listings (1 new!)
3c. Phase 2 - Condos/Townhomes For Sale: 7 listings
4. This week's avg 30-yr fixed-rate: 6.02%
5. More Sellers Drop Their Asking Price as the Housing Market Cools
6. LA-Area Home Sales Are Still Strong Despite Increased Mortgage Rates
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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THIS WEEK IN PLAYA VISTA
1. Farmers' Market
9/17 (Saturday) - 9am to 2pm along Millennium Drive
2. Runway Kids Club: Wild Child Gym
9/21 (Wednesday) - 10am to 11am at Runway Playa Vista
* Games, music, movement, creative + imaginary play, interactive puppet shows
3. Latin Nights at Runway
9/23 (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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Goodbye, Water Cooler; Hello, Pool: More Los Angeles Offices Are Becoming Apartments
by Roger Vincent, Los Angeles Times, 9/14/2022
Texaco never did things on a small scale.
So when the Texas oil giant needed a Western headquarters in the 1950s, it turned to prominent architect Welton Becket, who designed L.A. landmarks including Hollywood’s Capitol Records building and downtown’s Dorothy Chandler Pavilion.
Becket created a grand high-rise shaped like a T (when viewed from the sky) for a spot on Wilshire Boulevard, Los Angeles’ storied thoroughfare. It rose next door to what was then the Ambassador Hotel, one of the city’s most exclusive inns where celebrities cavorted at its legendary Cocoanut Grove nightclub.
Read more by Roger Vincent at: Los Angeles Times
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A. Phase 2 - Single Family Homes For Sale
Last week: 2 listings, $2,561,500
This week: no change
Everly, 5933 Coral Place
$2,673,000 | 3BR, 4BA, | 2449 SF
MLS #22-172961 - open Sat (9/17) & Sun (9/18)
Woodson, 12824 S. Seaglass Circle
$2,450,000 | 3BR, 4BA, | 2184 SF
MLS #22-195817
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B. Phase 1 - Condos/Townhomes For Sale
Last week: 6 listings, $1,394,000 avg price
This week: 5 listings, $1,371,800 avg price, 1 new!
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
The Metro #328, 5625 Crescent Park
$889,000 | 2BR, 2BA | 1675 SF
new! MLS #22-193956 - open house Sun (9/18)
The Metro #340, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-193956 - open house Sun (9/18)
Paraiso #205, 13173 Pacific Promenade
$1,650,000 | 3BR, 3BA | 2215 SF
MLS #22-194791 - open house Sun (9/18)
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C. 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
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: 6.02%
Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008. Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate. This indicates that while home price declines will likely continue, they should not be large.
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More Sellers Drop Their Asking Price as the Housing Market Cools
by Diana Olick, CNBC, 9/2/2022
Home sellers are getting nervous, as the once-hot housing market cools fast.
One in 5 sellers in August dropped their asking price, according to Realtor.com. A year ago that share was just 11%.
The average home sold for less than its list price for the first time in over 17 months during the four-week period ended Aug. 28, according to a report by Redfin.
Read more by Diana Olick at: CNBC
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LA-Area Home Sales Are Still Strong Despite Increased Mortgage Rates
by Dolores Quintana, Yo! Venice, 9/9/2022
No one knows where the real estate market in Los Angeles is headed. According reports, however,the market has started to slow as mortgage rates have risen steadily and prices of homes have started to drop.
Interest rates on the typical 30-year fixed mortgage have risen to 6.08 percent as of late. This rise is due to high rates of inflation according to UCLA accounting and real estate professor Eric Sussman, as quoted by KCRW.com. In comparison, the average rate for the same mortgage was 2.96 % in 2021 as reported by KCRW.com.
Los Angeles Real Estate Agent Dunia Handy Gill said, as quoted by KCRW.com, “I’m still seeing multiple offers. I’m seeing cash, but I’m also still seeing buyers with mortgages, but not [with] 30-year fixed mortgages, more of a seven ARM [adjustable-rate mortgage], even a 10 ARM. So mortgage companies are getting a little more creative to continue to have buyers that can purchase.”
Read more by Dolores Quintana at: Yo! Venice
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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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