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Insider's Guide to Real Estate in Playa Vista
12/24/2022: Housing market doesn't need much for buyers to return
This Week's Contents
1. This Week in Playa Vista
2. Superfine Pizza Owners to Open Playa Vista Restaurant
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: 6 listings
3d. Phase 2 - Condos/Townhomes For Sale: 4 listings
4. This week's avg 30-yr fixed-rate: 6.27%
5. Housing Market Doesn't Need Much for Buyers to Return
6. What You Need to Earn to Buy a Home in the Largest U.S. Cities
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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THIS WEEK IN PLAYA VISTA
Farmers' Market
12/24 (Saturday) - 9am to 12pm (reduced hours) along Millennium Drive
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Superfine Pizza Owners to Open Playa Vista Restaurant
By Yo! Venice, 12/24/2022
The owners of Rossoblu and Superfine Pizza, Steve and Dina Sampson, have plans for a new eatery in Playa Vista as reported by What Now Los Angeles.
Reportedly, this new restaurant Superfine Playa should open early in 2023. Superfine Playa will be located at 12746 W Jefferson Blvd, where the recently shuttered Bull & Butterfly used to be.
According to WNLA, as the name suggests, the restaurant will not only serve the pies that Superfine DTLA is already celebrated for but, as a full-service restaurant, the menu will also come with pasta, “wood-grilled proteins” and vegetable-based dishes that would include items brought straight from the “nearby Playa Vista Farmers Market.”
Read more by Yo Venice Staff at: Yo! Venice
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A. Phase 1 - Single Family Homes For Sale
Last week: 1 listing at $1,995,000
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 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: 10 listings, $1,314,900 avg price
This week: 6 listings, $1,334,333 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 #341, 5625 Crescent Park
$1,180,000 (reduced x2) | 2BR, 3BA | 1670 SF
MLS #22-209695 - open house Sat (12/24)
The Metro #407, 5625 Crescent Park
$1,050,000 | 2BR, 2BA | 1659 SF
MLS #22-224853
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 5 listings, $2,103,800 avg price
This week: 4 listings, $2,167,500 avg price
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 - open house Sun (12/18)
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This week's avg 30-yr fixed-rate: 6.27%
Heading into the holidays, mortgage rates continued to move down. Rates have declined significantly over the past six weeks, which is helpful for potential homebuyers, but new data indicates homeowners are hesitant to list their homes. Many of those homeowners are carefully weighing their options as more than two-thirds of current homeowners have a fixed mortgage rate of below four percent.
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Housing Market Doesn't Need Much for Buyers to Return
by Conor Sen (Bloomberg), The Washington Post, 12/20/2022
Surging mortgage rates have brought the housing market down from its giddy highs earlier this year. Now the question on everyone’s mind is how low will building, buying and prices go? We’ve already seen people who follow the market speculate about housing prices falling 10% or even 20% from peak levels.
But that kind of shock-and-awe analysis is incomplete, and based on an assumption that housing affordability has to snap back to pre-pandemic levels, or match some theoretical monthly payment-to-income ratio. A better guess about where the housing market will stabilize would take into account the fact that housing activity was still just fine up until April, even though affordability was much worse than pre-pandemic. You also would need to account for the squiggles in the data as mortgage rates have moved up and down since then.
Read more by Conor Sen (Bloomberg) at: The Washington Post
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What You Need to Earn to Buy a Home in the Largest U.S. Cities
by Michael Kolomatsky, New York Times, 12/22/2022
As prices rise, higher mortgage payments follow, and after nearly three years of rapid home appreciation during the pandemic, qualifying for a home loan is more difficult than ever. Today’s buyers also face the additional cost of rising interest rates.
In its most recent quarterly report, HSH.com, a source for national mortgage and home equity rates and news, charted the annual income required to qualify for a mortgage on a median price home in the country’s 50 largest metropolitan areas.
Read more by Michael Kolomatsky: New York Times
*above graphic has been modified to fit section
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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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