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Insider's Guide to Real Estate in Playa Vista
2/25/2023: Some buyers find deals in shifting Southern California housing market
This Week's Contents
1. This Week in Playa Vista
2. Some Employers Are Snatching Back Job Offers, Blaming the Economy
3a. Phase 1 - Single Family Homes For Sale: none
3b. Phase 2 - Single Family Homes For Sale: none
3c. Phase 1 - Condos/Townhomes For Sale: 4 listings (2 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 2 listings
4. This week's avg 30-yr fixed-rate: 6.5%
5. Some Buyers Find Deals in Shifting Southern California Housing Market
6. Homes in the U.S. Are Taking Longer to Sell Now Than at Any Point During the Peak of the Pandemic
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: 1//Lowest Inventory | Housing inventory in Playa Vista dropped this week from 9 homes to 6. There were 3 listings that went into contract and there was one new listing that debuted. 2//Metros | Condos at The Metro (near Crescent Park) continue to make a lot of movement this year. The new resale listing this week is at The Metro. A few have also gone into contract this year already and/or are expected to close soon. 3//Mortgage Rates | Average 30-year mortgage rates increased for the 3rd consecutive week. The increases were quite substantial, from 6.12% up to 6.32% and up to 6.5% this week.
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THIS WEEK IN PLAYA VISTA
1. Farmers' Market
2/25 (Saturday) - 9am to 2pm along Millennium Drive
2. RVIVL The Festival
2/26 (Sunday) - 10am to 1pm at RVIVL Studio, Purchase Tickets
* Kickstart your wellness Sunday for a rockstar collaboration between RVIVL, Alo Yoga & more incredible sponsors.
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Some Employers Are Snatching Back Job Offers, Blaming the Economy
by Samantha Masunaga, Los Angeles Times, 2/22/2023
After a successful summer internship at a mortgage tech company, Alana Klopstein was thrilled to get a job offer.
She signed the contract in January 2022, giving her peace of mind during her final year at UC San Diego. Then in June, three months before her start date, she got an email from the company. The market downturn had forced the firm to make difficult decisions, it read. Her offer was being rescinded.
Read more by Samantha Masunaga at: Los Angeles Times
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A. Phase 1 - Single Family Homes For Sale
Last week: none
This week: no change
There are no new homes this week!
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B. Phase 2 - Single Family Homes For Sale
Last week: none
This week: no change
There are no new homes this week!
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 5 listings, $1,378,400 avg price
This week: 4 listings, $1,348,250 avg price (1 new!)
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
The Metro #126, 5625 Crescent Park
$899,000 | 2BR, 2BA | 1230 SF
new! MLS #23-244121
Villa d'Este #105, 5935 Playa Vista Drive
$1,195,000 | 3BR, 2BA | 1442 SF
MLS #23-241467 - open house Sun (2/26)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 4 listings, $2,253,750 avg price
This week: 2 listings, $2,342,500 avg price
Mason, 5837 Village Drive #4
$2,390,000 | 3BR, 3BA | 2141 SF
MLS #23-236761 - open Sun (2/19)
Skylar, 12642 Sandhill Lane #1
$2,295,000 (reduced x2) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR - open house Sun (2/26)
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This week's avg 30-yr fixed-rate: 6.5%
The economy continues to show strength, and interest rates are repricing to account for the stronger than expected growth, tight labor market and the threat of sticky inflation. Our research shows that rate dispersion increases as mortgage rates trend up. This means homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among lenders to find a better rate.
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Some Buyers Find Deals in Shifting Southern California Housing Market
by Andrew Khouri, Los Angeles Times, 2/19/2023
Stephen Jackson lost out on more than a dozen properties as home prices surged during the pandemic housing boom. He finally called off his search in 2021 when someone outbid him for a Tarzana condo by $25,000 — and paid in cash.
“I was like, ‘I am never going to get a freaking home here,’” the 31-year-old human resources manager said.
Last year, mortgage rates exploded, making the sky-high prices even less affordable and tanking home sales.
Read more by Andrew Khouri at: Los Angeles Times
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Homes in the U.S. Are Taking Longer to Sell Now Than at Any Point During the Peak of the Pandemic
by Liz Lucking, Mansion Global, 2/24/2023
January appears to have marked the end of the lightning-fast property market that became the taxing norm during the peak of the pandemic, according to a report Friday from Redfin.
Across the U.S. the typical home sold last month was on the market for 51 days, or more than seven weeks, the longest time they have taken to sell since February 2020—just as the pandemic was starting to take hold, and almost twice as long as the 27 days homes were selling in during the same time last year, the online property portal said.
Partly responsible for the slowdown is dwindling competition among buyers.
Read more by Liz Lucking: Mansion Global
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in December
Avg List Price of homes sold: $1,229,043
Average Sold Price: $1,212,059
Average Sold $/SF: $815.10
No. Homes Sold: 8
Sold Range: $474,343 - $2,039,000
Single Family Homes - Sold in December
Avg List Price of homes sold: $1,900,000
Avg Sold Price: $1,910,000
Sold $/SF: $844.01
No. Homes Sold: 2
Sold Range: $1,850,000 - $1,970,000 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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