|
|
|
|
Insider's Guide to Real Estate in Playa Vista
6/25/2022: Cost of owning a home surges above the cost of renting one
This Week's Contents
1. This Week in Playa Vista
2. Stop Trying to Make Silicon Beach Happen
3a. Phase 1 - Single Family Homes For Sale: 1 listing
3b. Phase 2 - Single Family Homes For Sale: none
3c. Phase 1 - Condos/Townhomes For Sale: 11 listings (6 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 2 listings
4. This week's avg 30-yr fixed-rate: 5.81%
5. Cost of Owning a Home Surges Above the Cost of Renting One
6. Here's Why This Housing Downturn Is Nothing Like the Last One
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
|
|
|
|
Stop Trying to Make Silicon Beach Happen
by Andrew Chan, Medium, 6/24/2022
Let me explain.
I was at an event in November where I heard someone use a peculiar term to describe the Santa Monica/Venice area in Los Angeles: they called it “Silicon Beach.” Since then I’ve seen it in pitch decks for funds. TechCrunch articles. Even in the L.A. Times where they’ve seen it adopted as a de-facto moniker for the burgeoning tech ecosystem in the coast of L.A.
When I heard “Silicon Beach” for the first time, I laughed, I cringed, and then I took a nice long sip of the cocktail in my right hand to drown the pain of just how terrible of a name that is. Some of the other investors around me did too. Here’s why:
Read more by Andrew Chan at: Medium
|
|
A. Phase 1 - Single Family Homes For Sale
Last week: 2 listings, $1,991,000 avg price
This week: 1 listings, $1,987,000 avg price
Capri Court, 5740 Kiyot Way
$1,987,000 | 3BR, 4BA | 2376 SF
MLS #22-165123 - open Sat (6/25) & Sun (6/26)
|
|
|
B. Phase 2 - Single Family Homes For Sale
Last week: 1 listing at $2,350,000
This week: none
There are no new listings this week!
|
|
|
C. Phase 1 - Condos/Townhomes For Sale
Last week: 7 listings, $1,445,571 avg price
This week: 11 listings, $1,410,000 avg price, 6 new!
Crescent Walk #212, 13200 Pacific Promenade
$625,000 | 1BR, 1BA | 642 SF
MLS #22-155711
Crescent Walk #330, 13200 Pacific Promenade
$899,000 | 2BR, 2BA | 944 SF
new! MLS #22-169981 - open house Sun (6/26)
The Dorian #106, 6241 Crescent Park
$1,700,000 | 3BR, 3BA | 2400 SF
MLS #22-165995
Mason, 5848 Suncatcher Place #1
$1,865,000 | 3BR, 2BA | 1880 SF
new! MLS #TR22135463MR - open Sat (6/25) & Sun (6/26)
Paraiso #103, 13173 Pacific Promenade
$1,350,000 | 3BR, 3BA | 1812 SF
new! MLS #22-158985 - open Sat (6/25) & Sun (6/26)
Paraiso #202, 13173 Pacific Promenade
$1,899,000 | 3BR, 3BA | 2660 SF
MLS #22-163545
Primera Terra #261, 12920 Runway Road
$1,248,000 | 3BR, 2BA | 1310 SF
new! MLS #22-160989 - open Sat (6/25) & Sun (6/26)
Promenade #209, 13044 Pacific Promenade
$929,000 | 2BR, 2BA | 1100 SF
new! MLS #22-171961
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 #129, 6020 Seabluff Drive
$1,410,000 | 3BR, 3BA | 1750 SF
new! MLS #22-160317 - open Sun (6/26) & Tues (6/28)
|
|
|
D. Phase 2 - Condos/Townhomes For Sale
Last week: 2 listings, $2,100,000 avg price
This week: no change
Camden, 12518 Fielding Circle #1
$1,825,000 | 3BR, 2BA | 1601 SF
MLS #22-161017 - open house Sun (6/26)
Camden, 12895 Runway Road #2
$2,375,000 | 4BR, 4BA | 2224 SF
MLS #21-100687
|
|
|
|
This week's avg 30-yr fixed-rate: 5.81%
Fixed mortgage rates have increased by more than two full percentage points since the beginning of the year. The combination of rising rates and high home prices is the likely driver of recent declines in existing home sales. However, in reality many potential homebuyers are still interested in purchasing a home, keeping the market competitive but leveling off the last two years of red-hot activity.
|
|
|
|
Cost of Owning a Home Surges Above the Cost of Renting One
by Gregory Schmidt, The New York Times, 6/23/2022
Housing costs, pushed higher by soaring home prices and rising mortgage rates, outpaced rental costs in April, making owning a home more expensive on a monthly basis than renting one, according to a new report.
The report, released this month by John Burns Real Estate Consulting, an industry advisory firm based in California, showed that having a mortgage cost $839 more per month than having a lease — a difference nearly $200 higher than at any time in the past two decades. Just a year ago, the difference between owning and renting was virtually flat, according to the firm’s data.
Read more by Gregory Schmidt at: The New York Times
|
|
|
Here's Why This Housing Downturn Is Nothing Like the Last One
by Diana Olick, CNBC, 6/20/2022
As quickly as mortgage rates are rising, the once red-hot housing market is cooling off. Home prices are still historically high, but there is concern now that they will ease up as well.
All of this has people asking: Is today’s housing market in the same predicament that it was over a decade ago, when the 2007-08 crash caused the Great Recession?
The short answer is: no. America’s housing market is in far better health today. That’s thanks, in part, to new lending regulations that resulted from that meltdown. Those rules put today’s borrowers on far firmer footing.
Read more by Diana Olick at: CNBC
|
|
|
Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in April
Avg List Price of homes sold: $1,495,876
Average Sold Price: $1,565,118
Average Sold $/SF: $871.08
No. Homes Sold: 17
Sold Range: $820,000 - $2,211,000
Single Family Homes - Sold in April
Avg List Price of homes sold: $2,350,000
Average Sold Price: $2,350,000
Average Sold $/SF: $1,076.01
No. Homes Sold: 1 source: data compiled from The MLS
|
|
|
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
|
|
|
|
|
|
|
|
|
|
