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Insider's Guide to Real Estate in Playa Vista
12/31/2022: 2022 marked the end of cheap mortgages and now the housing market has turned icy cold
This Week's Contents
1. This Week in Playa Vista
2. REI Coming to Marina del Rey
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: 5 listings
3d. Phase 2 - Condos/Townhomes For Sale: 4 listings
4. This week's avg 30-yr fixed-rate: 6.42%
5. 2022 Marked the End of Mortgages and Now the Housing Market Has Turned Icy Cold
6. The Housing Market Continues to Skid. What to Expect Next Year.
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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REI Coming to Marina del Rey
By Staff Report, WestsideToday.com, 12/21/2022
Specialty outdoor retailer REI Co-op will open a new store in Marina del Rey soon.
According to a press release from the company, the store is set to open in spring 2023 at The Boardwalk of Marina del Rey; 4655 Admiralty Way.
The location will offer a wide assortment of apparel, gear and expertise for camping, cycling, running, fitness, hiking, paddling, climbing, snow sports and more. In addition, there will be a full-service bike shop will be staffed by certified mechanics. The store will also have a ski and snowboard shop with professional tuning, waxing and repairs.
Read more at: WestsideToday.com
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A. Phase 1 - Single Family Homes For Sale
Last week: none
This week: no change
there are no new listings this week!
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B. Phase 2 - Single Family Homes For Sale
Last week: 1 listing at $2,899,990
This week: no change
Asher, 5825 W Seaglass Circle
$2,899,990 | 4BR, 4BA | 2757 SF
MLS #TR22239015MR
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 6 listings, $1,334,333 avg price
This week: 5 listings, $1,365,200 avg price
Chatelaine #406, 5721 Crescent Park
$1,699,000 | 3BR, 3BA | 2346 SF
MLS #22-223393
Coronado #115, 7100 Playa Vista Drive
$1,279,000 (reduced) | 3BR, 3BA | 1690 SF
MLS #22-216245
Esplanade #302, 13080 Pacific Promenade
$1,299,000 | 2BR, 3BA | 1652 SF
MLS #22-223077
The Metro #320, 5625 Crescent Park
$1,499,000 | 3BR, 3BA | 2180 SF
MLS #SB22243806MR
The Metro #407, 5625 Crescent Park
$1,050,000 | 2BR, 2BA | 1659 SF
MLS #22-224853 - open house Sun (1/1)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 4 listings, $2,167,500 avg price
This week: no change
Camden, 12895 Runway Road #2
$2,200,000 (reduced) | 4BR, 4BA | 2224 SF
MLS #21-100687
Mason, 5848 Suncatcher Place #5
$1,845,000 (reduced) | 3BR, 2BA | 1780 SF
MLS #OC22158583MR
Skylar, 12642 Sandhill Lane #1
$2,345,000 (reduced) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
Skylar, 12695 Sandhill Lane #2
$2,280,000 | 3BR, 3A | 2026 SF
MLS #22-218334
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This week's avg 30-yr fixed-rate: 6.42%
The housing market remains in the doldrums with declining sales, inventory and prices. The declines in sales and deceleration in home prices began swiftly earlier in 2022 but have moderated more recently. While the intensity of weakness is moderating, the market continues to decline and forward leading indicators suggest housing will remain weak throughout the winter.
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2022 Marked the End of Cheap Mortgages and Now the Housing Market Has Turned Icy Cold
by Arezou Rezvani, NPR, 12/26/2022
Evan Paul and his wife entered 2022 thinking it would be the year they would finally buy a home.
The couple — both scientists in the biotech industry — were ready to put roots down in Boston.
"We just kind of got to that place in our lives where we were financially very stable, we wanted to start having kids and we wanted to just kind of settle down," says Paul, 34.
This year did bring them a baby girl, but that home they dreamed of never materialized.
Read more by Arezou Rezvani at: NPR
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The Housing Market Continues to Skid. What to Expect Next Year.
by Shaina Mishkin, Barron's, 12/29/2022
Higher mortgage rates put pressure on home buyers’ bottom lines in 2022, and kept some potential sellers on the sidelines. The new year could bring some relief through lower rates and weaker home prices—but don’t expect a surge in sales.
Existing-home sales in November slumped for the 10th month in a row, according to National Association of Realtors, as higher mortgage rates combined with still-high prices to keep some buyers on the sidelines. Pending home sales, a measure of contract signings that precedes the closing of a home sale, also fell, according to the trade group.
Read more by Shaina Mishkin at: Barron's
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in October
Avg List Price of homes sold: $1,265,857
Average Sold Price: $1,299,571
Average Sold $/SF: $807.62
No. Homes Sold: 7
Sold Range: $983,000 - $1,850,000
Single Family Homes - Sold in October
List Price of homes sold: $1,895,000
Sold Price: $2,050,000
Sold $/SF: $646.54
No. Homes Sold: 1 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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