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Insider's Guide to Real Estate in Playa Vista
10/29/2022: The reason home prices are finally dropping. But not everywhere
This Week's Contents
1. This Week in Playa Vista
2. Next Stop for Waymo One: Los Angeles
3a. Phase 1 - Single Family Homes For Sale: 1 listing (new!)
3b. Phase 2 - Single Family Homes For Sale: 1 listing
3c. Phase 1 - Condos/Townhomes For Sale: 6 listings
3d. Phase 2 - Condos/Townhomes For Sale: 8 listings
4. This week's avg 30-yr fixed-rate: 7.08%
5. The Reason Home Prices Are Finally Dropping. But Not Everywhere
6. Southern California Home Prices Fall For 4th Straight Month
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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Next Stop for Waymo One: Los Angeles
by Waymo One, The Waymo Team, 10/19/2022
Los Angeles will be Waymo’s next ride-hailing city, joining Phoenix and San Francisco as we expand to more locations. We’ve gotten to know many LA neighborhoods, including Downtown and Miracle Mile, Koreatown, Santa Monica, Westwood and West Hollywood, and we’ll begin driving autonomously in several central districts over the coming months as we prepare to serve Angelenos.
We’ll deploy a round-the-clock service that provides more accessible and dependable mobility options to all residents of LA – whether they’re carpooling to work along Pico, catching a ride to the nearest Metro stop, meeting up with friends at The Broad, or taking the kids to Dodger Stadium.
Read more by Waymo One at: The Waymo Team
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A. Phase 1 - Single Family Homes For Sale
Last week: none
This week: 1 listing at $1,850,000, new!
Matisse, 6682 Para Way
$1,850,000 | 3BR, 4BA, | 2150 SF
new! MLS #22-211659 - open Sat (10/29) & Sun (10/30)
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B. Phase 2 - Single Family Homes For Sale
Last week: 2 listings, $3,740,000 avg price
This week: 1 listings at $4,980,000
Jewel, 5912 Village Drive
$4,980,000 | 4BR, 6BA, | 4279 SF
MLS #SB22204850MR
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 8 listings, $1,351,750 avg price
This week: 6 listings, $1,252,333 avg price
Catalina #202,12963 Runway Road
$829,000 | 2BR, 2BA | 914 SF
MLS #22-208289
Coronado #407, 7100 Playa Vista Drive
$1,745,000 | 4BR, 4BA | 2108 SF
MLS #22-203807
Crescent Walk #309,13200 Pacific Promenade
$815,999 (reduced) | 2BR, 2BA | 836 SF
MLS #22-208537 - open house Sun (10/30)
The Metro #136, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-189789
The Metro #341, 5625 Crescent Park
$1,275,000 | 2BR, 3BA | 1670 SF
MLS #22-209695 - open house Sun (10/30)
Paraiso #205, 13173 Pacific Promenade
$1,599,000 (reduced) | 3BR, 3BA | 2215 SF
MLS #22-194791
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 8 listings, $2,201,000 avg price
This week: 8 listings, $2,191,625 avg price
Camden, 12558 Fielding Circle #2
$2,295,000 | 4BR, 4BA | 2224 SF
MLS #22-207547 - open house Sun (10/30)
Camden, 12887 Runway Road #4
$1,900,000 (reduced) | 3BR, 3BA | 1875 SF
MLS #22-207590 - open Sat (10/29) & Sun (10/30)
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 Sat (10/29)
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: 7.08%
The 30-year fixed-rate mortgage broke seven percent for the first time since April 2002, leading to greater stagnation in the housing market. As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month. In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward.
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The Reason Home Prices Are Finally Dropping. But Not Everywhere
by Timothy B. Lee, Slate, 10/27/2022
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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Southern California Home Prices Fall For 4th Straight Month
by Jeff Collins, Orange County Register, 10/25/2022
Southern California’s housing slowdown of 2022 trudged into September with rising interest rates continuing to dampen sales and causing the fourth straight month of home price drops.
Homebuyers are moving to the sidelines, unable to afford a home or waiting for prices and mortgage rates to come down. Sellers, meanwhile, are slowly realizing after weeks without an offer they have to drop their prices and be open to negotiations if they want to make a deal.
Read more by Jeff Collins at: Orange County Register
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in August
Avg List Price of homes sold: $1,087,375
Average Sold Price: $1,105,029
Average Sold $/SF: $832.10
No. Homes Sold: 8
Sold Range: $815,000 - $1,410,000
Single Family Homes - Sold in August
Avg List Price of homes sold: $2,231,650
Average Sold Price: $2,213,942
Average Sold $/SF: $873.92
No. Homes Sold: 3
Sold Range: $1,950,000 - $2,671,825 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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