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Insider's Guide to Real Estate in Playa Vista
11/5/2022: Los Angeles housing inventory remains 'well below pre-pandemic levels'
This Week's Contents
1. This Week in Playa Vista
2. 67 of the Best Places to Shop for Creative Gifts in L.A.
3a. Phase 1 - Single Family Homes For Sale: none
3b. Phase 2 - Single Family Homes For Sale: 1 listing
3c. Phase 1 - Condos/Townhomes For Sale: 4 listings
3d. Phase 2 - Condos/Townhomes For Sale: 7 listings
4. This week's avg 30-yr fixed-rate: 6.95%
5. Los Angeles Housing Inventory Remains 'Well Below Pre-Pandemic Levels'
6. The Housing Market is Stuck in Neutral. Why Home Prices Must Fall for Things to Change
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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THIS WEEK IN PLAYA VISTA
1. Farmers' Market
11/5 (Saturday) - 9am to 2pm along Millennium Drive
2. Time Change
11/6 (Sunday) at 2am. End of Daylight Savings Time!
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67 of the Best Places to Shop for Creative Gifts in L.A.
by Lisa Boone, Los Angeles Times, 11/2/2022
Purchasing a gift for someone from an independent store is always a safe bet in a creative community like Los Angeles. Your giftee will get something unique and you’ll support local shops still struggling during the pandemic.
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Alchemy Works, Playa Vista
Several years after opening Alchemy Works in the Arts District in downtown Los Angeles (which has since closed), husband and wife Raan and Lindsay Parton added a showroom in Newport Beach and most recently the Free Market at Playa Vista. The stylish showrooms are designed to feel like a well-appointed home where vintage furnishings mix with handwoven linens by Heather Taylor Home, bedding by Morrow Soft Goods, market bags by Apolis and skincare by Noto Botanics. Creative director Raan Parton describes it as “a California edit on everything.”
Read more by Lisa Boone at: Los Angeles Times
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A. Phase 1 - Single Family Homes For Sale
Last week: 1 listing at $1,850,000
This week: none
There are no new listings this week!
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B. Phase 2 - Single Family Homes For Sale
Last week: 1 listings at $4,980,000
This week: no change
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: 6 listings, $1,252,333 avg price
This week: 4 listings, $1,271,000 avg price
Catalina #202,12963 Runway Road
$814,000 (reduced) | 2BR, 2BA | 914 SF
MLS #22-208289
Coronado #407, 7100 Playa Vista Drive
$1,745,000 | 4BR, 4BA | 2108 SF
MLS #22-203807
The Metro #136, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-189789 - open house Sun (11/6)
The Metro #341, 5625 Crescent Park
$1,275,000 | 2BR, 3BA | 1670 SF
MLS #22-209695 - open house Sun (11/6)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 8 listings, $2,191,625 avg price
This week: 7 listings, $2,190,571 avg price
Camden, 12558 Fielding Circle #2
$2,295,000 | 4BR, 4BA | 2224 SF
MLS #22-207547 - open house Sun (11/6)
Camden, 12887 Runway Road #4
$1,900,000 (reduced) | 3BR, 3BA | 1875 SF
MLS #22-207590 - open Sat (11/5) & Sun (11/6)
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
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: 6.95%
Mortgage rates continue to hover around seven percent, as the dynamics of a once-hot housing market have faded considerably. Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint. Yesterday’s interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.
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Los Angeles Housing Inventory Remains 'Well Below Pre-Pandemic Levels'
by V. L. Hendrickson, Mansion Global, 10/27/2022
A lack of supply continued to keep Los Angeles home prices up and pushed buyers into bidding wars in the third quarter, according to a report Thursday from Douglas Elliman.
The median price of a Los Angeles residence was $1.7 million between July and September, down 1.5% year over year and 6.8% compared to the previous quarter, according to data covering the city’s affluent west side and downtown.
At the same time, inventory dropped 7.1% annually, the sixth straight quarter of declines, the report said. Although supply was expected to pick up in 2022, it remains “well below pre-pandemic levels,” Jonathan Miller, president and CEO of the appraisal company Miller Samuel, said in the report.
Read more by V. L. Hendrickson: Mansion Global
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The Housing Market Is Stuck in Neutral. Why Home Prices Must Fall for Things to Change
by Katherine Watt, Time, 11/4/2022
Housing demand has dropped, but supply is returning. When will the housing market find its balance?
The number of active home listings in October was up 33.5% year-over-year, the highest level since 2020, according to data from Realtor.com. However, actual home sales have declined almost everywhere, dropping 23.8% year-over-year, according to the National Association of Realtors (NAR).
High prices and rising mortgage rates are pushing homebuying out of reach for many, particularly first-time buyers. It will stay that way until prices or mortgage rates drop and the market comes back to balance.
Read more by Katherine Watt at: Time
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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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