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Insider's Guide to Real Estate in Playa Vista
10/1/2022: U.S. housing prices fall for first time in a decade
This Week's Contents
1. This Week in Playa Vista
2. LA is a Growing Tech Hub. But Not Everyone May Fit.
3a. Phase 1 - Single Family Homes For Sale: 1 listings
3b. Phase 2 - Single Family Homes For Sale: 3 listings
3c. Phase 1 - Condos/Townhomes For Sale: 6 listings (1 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 7 listings
4. This week's avg 30-yr fixed-rate: 6.7%
5. U.S. Housing Prices Fall for First Time in a Decade
6. FOMO Helped Drive Up Housing Prices in the Pandemic. What Can We Expect Next?
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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LA is a Growing Tech Hub. But Not Everyone May Fit.
by Nat Rubio-Licht, Protocol, 9/23/2022
LA’s tech scene is on the rise. The number of unicorn companies in Los Angeles is growing, and the city has become the third-largest startup ecosystem nationally behind the Bay Area and New York with more than 4,000 VC-backed startups in industries ranging from aerospace to creators. As the number of tech companies in the region grows, so does the number of tech workers. The city is quickly becoming more and more like Silicon Valley — a new startup and a dozen tech workers on every corner and companies like Google, Netflix, and Twitter setting up offices there.
But with growth comes growing pains. Los Angeles, especially the burgeoning Silicon Beach area — which includes Santa Monica, Venice, and Marina del Rey — shares something in common with its namesake Silicon Valley: a severe lack of housing.
Read more by Nat Rubio-Licht at: Protocol
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A. Phase 1 - Single Family Homes For Sale
Last week: 2 listings, $2,022,500
This week: 1 listings, $2,150,000
Capri Court, 5860 Kiyot Way
$2,150,000 | 3BR, 3BA, | 2849 SF
MLS #SB22195908MR - open Sat (10/1) & Sun (10/2)
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B. Phase 2 - Single Family Homes For Sale
Last week: 3 listings, $3,353,250
This week: no change
Collection, 12650 Sunrise Place
$3,495,000 | 3BR, 5BA, | 3639 SF
MLS #22-200827 - open house Sat (10/1)
Jewel, 5912 Village Drive
$4,980,000 | 4BR, 6BA, | 4279 SF
MLS #SB22204850MR - open house Sat (10/1)
Woodson, 12824 S. Seaglass Circle
$2,389,000 (reduced) | 3BR, 4BA, | 2184 SF
MLS #22-195817 - open Sat (10/1) & Sun (10/2)
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 5 listings, $1,371,800 avg price
This week: 6 listings, $1,434,000 avg price, 1 new!
Chatelaine #406, 5721 S Crescent Park
$1,820,000 | 3BR, 3BA | 2346 SF
MLS #22-194497
Coronado #407, 7100 Playa Vista Drive
$1,745,000 | 4BR, 4BA | 2108 SF
new! MLS #22-203807 - open house Sun (10/2)
The Metro #136, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-189789
The Metro #328, 5625 Crescent Park
$889,000 | 2BR, 2BA | 1675 SF
MLS #22-193956
The Metro #340, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-193956
Paraiso #205, 13173 Pacific Promenade
$1,650,000 | 3BR, 3BA | 2215 SF
MLS #22-194791 - open house Sun (10/2)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 7 listings, $2,181,857 avg price
This week: 7 listings, $2,173,286 avg price
Camden, 12895 Runway Road #2
$2,375,000 | 4BR, 4BA | 2224 SF
MLS #21-100687
Cleo, 12765 Bluff Creek Drive #2
$2,600,000 | 3BR, 3BA | 2242 SF
MLS #21-197897 - open house Sat (10/1)
Mason, 5848 Suncatcher Place #5
$1,895,000 | 3BR, 2BA | 1780 SF
MLS #OC22158583MR
Seabluff #112, 6030 Seabluff Drive
$2,300,000 (reduced) | 3BR, 3BA | 2005 SF
MLS #22-178029
Seabluff #405, 6030 Seabluff Drive
$1,399,000 (reduced) | 3BR, 2BA | 1340 SF
MLS #PV22197998MR
Skylar, 12491 Osprey Lane #1
$2,249,000 | 4BR, 4BA | 2638 SF
MLS #22-195027
Skylar, 12642 Sandhill Lane #1
$2,395,000 | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
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This week's avg 30-yr fixed-rate: 6.7%
The uncertainty and volatility in financial markets is heavily impacting mortgage rates. Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year. This means that for the typical mortgage amount, a borrower who locked-in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range. The large dispersion in rates means it has become even more important for homebuyers to shop around with different lenders.
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U.S. Housing Prices Fall for First Time in a Decade
by Prashant Gopal, Time, 9/27/2022
Say goodbye to the housing bull run. U.S. home prices—for the first time in a decade—are falling.
A national measure of prices in 20 large cities fell 0.44% in July, the first drop since March 2012, the S&P CoreLogic Case-Shiller index showed Tuesday. The last real estate crash ended in 2012, ushering in 10 years of price gains, capped off by the two-year pandemic buying frenzy.
But the Federal Reserve has put a swift end to the party as it fights to curb inflation. Mortgage rates this year doubled, pricing out many buyers and causing sales to plunge. Now values are heading south. The biggest month-over-month declines in July were in San Francisco (-3.6%), Seattle (-2.5%) and San Diego (-2%).
Read more by Prashant Gopal at: Time
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FOMO Helped Drive Up Housing Prices in the Pandemic. What Can We Expect Next?
by Robert J. Shiller, The New York Times, 9/28/2022
Existing home prices in the United States soared 45 percent from December 2019 to June 2022, when Covid emerged and then gripped the nation. That rate of increase over such a short interval had never happened in the history of the U.S. national home price index, dating back to 1987, which the economist Karl Case and I first developed.
Now that growth in the index has started falling on a month-to-month basis, with the annual growth rate down from 18.1 percent in the year ending in June 2022 to 15.8 percent in the year ending July. This may seem a small drop, but it is important to note because it’s the largest deceleration in the history of the index and comes in the face of strong momentum in home prices. It leads one to consider whether the forces behind that 45 percent increase are going to continue.
Read more by Robert J. Shiller at: The New York Times
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in July
Avg List Price of homes sold: $1,298,500
Average Sold Price: $1,319,692
Average Sold $/SF: $874.59
No. Homes Sold: 13
Sold Range: $627,500 - $2,210,000
Single Family Homes - Sold in July
Avg List Price of homes sold: $2,474,500
Average Sold Price: $2,525,000
Average Sold $/SF: $1,048.59
No. Homes Sold: 2
Sold Range: $2,350,000 - $2,700,000 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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