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Insider's Guide to Real Estate in Playa Vista
2/4/2023: Falling mortgage rates bring some home buyers back to market
This Week's Contents
1. This Week in Playa Vista
2. Los Angeles' Silicon Beach Goes Back to USC's Information Sciences Institute
3a. Phase 1 - Single Family Homes For Sale: 1 listing
3b. Phase 2 - Single Family Homes For Sale: 2 listings
3c. Phase 1 - Condos/Townhomes For Sale: 3 listings
3d. Phase 2 - Condos/Townhomes For Sale: 4 listings (1 new!)
4. This week's avg 30-yr fixed-rate: 6.09%
5. LA-Orange County Home Sales Plummet 46% to Record Low
6. Falling Mortgage Rates Bring Some Home Buyers Back to Market
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: 1//Low Inventory | The number of listings in Playa Vista continues to drop, with only 3 SFH and 7 condos currently listed for sale (2 fewer homes than last week). 2//Mason | A 3BR Mason (1780 SF) went under contract last week and a new 3BR Mason (2141 SF) came on the market! The new one is in the former model home building and shows beautifully; it is priced in line with the other Phase 2 condos that have been listed this year. 3//Cleo | The Cleo penthouse (highest-ever priced condo in Playa Vista) on Bluff Creek Drive went into contract this week with a short escrow. Congrats and good luck to the Seller!
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THIS WEEK IN PLAYA VISTA
1. Farmers' Market
2/4 (Saturday) - 9am to 2pm along Millennium Drive
2. Jeni's: Ice Cream for Breakfast Day
2/4 (Saturday) - 9am to 12pm at Jeni's at Free Market
* The first 50 Splendid Rewards members in line get a free limited-edition mug
3. CFL Valentine's Workshop
2/8 (Wednesday) - 6:30pm to 8pm at County Line Florals at Free Market
* Create a floral arrangement inspired by the colors of this loving season. Register: $165
4. Alchemy is for Lovers Happy Hour
2/10 (Friday) - 4pm to 6pm at Alchemy Works at Free Market
* Complimentary glass of wine and chocolates, plus 20% off store wide
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Los Angeles' Silicon Beach Goes Back to USC's Information Sciences Institute
by Magali Gruet & Habeeba Kamel, USC Viterbi School of Engineering, 2/1/2023
From Dogtown and Z-boys to Silicon Beach, the Westside of Los Angeles’s mix of media, entrepreneurship and technology has shaped the city’s culture and economy alike. Its tech hub, Silicon Beach, is no exception, transforming from a small string of promising companies to a global tech powerhouse.
But who was here first? USC’s Information Sciences Institute (ISI) is the indubitable answer. Established in 1972 in the newly built Marina Towers in Marina Del Rey – the first employees moved in when some floors of the building did not have exterior walls yet! – ISI was created to help build the Arpanet, the ancestor of the internet.
Read more by Magali Gruet & Habeeba Kamel at: USC Viterbi School of Engineering
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A. Phase 1 - Single Family Homes For Sale
Last week: 1 listing at $2,795,000
This week: no change
Park Houses, 13015 Discovery Creek
$2,795,000 | 3BR, 4BA | 3820 SF
MLS #23-232671
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B. Phase 2 - Single Family Homes For Sale
Last week: 2 listings, $4,148,995 avg price
This week: no change
Asher, 5825 W Seaglass Circle
$2,899,990 | 4BR, 4BA | 2757 SF
MLS #TR22239015MR
Jewel, 5920 Village Drive
$5,398,000 | 5BR, 7BA | 4494 SF
MLS #23-233251
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 3 listings, $1,666,000 avg price
This week: no change
Chatelaine #406, 5721 Crescent Park
$1,699,000 | 3BR, 3BA | 2346 SF
MLS #22-223393 - open house Sun (2/5)
Concerto Lofts #424, 13045 Pacific Promenade
$1,600,000| 2BR, 2BA | 1610 SF
MLS #NDP2300224MR
Coronado #407, 7100 Playa Vista Drive
$1,699,000 (reduced) | 4BR, 3BA | 2108 SF
MLS #22-203807 - open house Sun (2/5)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 6 listings, $2,334,992 avg price
This week: 4 listings, $2,266,238 avg price (1 new!)
Mason, 5837 Village Drive #4
$2,390,000 | 3BR, 3BA | 2141 SF
new! MLS #23-236761 - open Sat (2/4) & Sun (2/5)
Skylar, 12642 Sandhill Lane #1
$2,295,000 (reduced x2) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
Skylar, 12671 Sandhill Lane #3
$2,199,950 | 2BR, 3BA | 1909 SF
MLS #SR23008159CN
Skylar, 12695 Sandhill Lane #2
$2,180,000 (reduced) | 3BR, 3BA | 2026 SF
MLS #22-218334
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This week's avg 30-yr fixed-rate: 6.09%
Mortgage rates inched down again, with the 30-year fixed-rate down nearly a full point from November, when it peaked at just over seven percent. According to Freddie Mac research, this one percentage point reduction in rates can allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan, which is the median home price.
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LA-Orange County Home Sales Plummet 46% to Record Low
by Jonathan Lansner, The Orange County Register, 1/28/2023
Homebuying in Los Angeles and Orange counties tumbled 46% over 12 months to the slowest December on record.
Sales totaled 5,772 in the two counties — down 4,833 from December 2021, according to data from CoreLogic.
Just how slow is the market?
Read more by Jonathan Lanser at: The Orange County Register
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Falling Mortgage Rates Bring Some Home Buyers Back to Market
by Gregory Schmidt, The New York Times, 2/2/2023
Earlier in the pandemic, when many urbanites were leaving New York to work remotely in far-flung locations, Molly Parker Wade instead moved from the West Coast to Brooklyn to be closer to her family.
After a year of renting, Ms. Wade, a 35-year-old public relations executive for Amazon, was ready to buy, just as the cost of home loans began to climb sharply. Late last year, mortgage rates hit a two-decade high, putting a chill on the housing market — and her buying plans.
“I spent 2022 learning about mortgages,” she said.
Read more by Gregory Schmidt at: The New York Times
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in November
Avg List Price of homes sold: $1,444,500
Average Sold Price: $1,399,833
Average Sold $/SF: $829.86
No. Homes Sold: 6
Sold Range: $889,000 - $2,100,000
Single Family Homes - Sold in November
List Price of homes sold: $2,981,667
Sold Price: $2,896,708
Sold $/SF: $842.23
No. Homes Sold: 3
Sold Range: $2,150,000 - $3,300,000 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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