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Insider's Guide to Real Estate in Playa Vista
1/28/2023: More homebuyers jump back in as the year kicks off
This Week's Contents
1. This Week in Playa Vista
2. The Freshwater Marsh Comprehensive Cleanup - A Step in the Right Direction
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: 6 listings
4. This week's avg 30-yr fixed-rate: 6.13%
5. The Real Estate Market Wakes From the Dead
6. 'A Real Estate Bottom?' More Homebuyers Jump Back in as the Year Kicks Off
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: 1//Low Inventory | There are no new listings this week in Playa Vista! Inventory is relatively tight, with only 3 SFH and 9 condos listed for sale. 2//Under Contract | A 2BR condo (910SF) at Tempo went under contract this week, after being listed for two weeks. Originally listed at $795,000, the seller increased the list price to $829,000 due to significant interest in the home. 3//Mortgage Rates | Average mortgage rates for 30-year fixed have been steadily falling, thus motivating a number of buyers to resume their home search. Since Nov 10, rates have fallen every week except for 2 weeks in December. On Nov 10, the rate was 7.08% (the highest in 20 years); this week, it is back down to 6.13%.
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The Freshwater Marsh Comprehensive Cleanup - A Step in the Right Direction
by Friends of Ballona Wetlands, 1/26/2023
On the morning of Monday, January 23rd, several City of Los Angeles departments and agencies, including LAPD, Los Angeles Department of Sanitation, Los Angeles Homeless Services Authority (LAHSA), Los Angeles Department of Transportation, St. Joseph's Center, and others came together for a long-awaited comprehensive cleanup to remove debris and hazardous materials on the street, in the parking lane, and on the public trail at the Ballona Freshwater Marsh on Jefferson Blvd. between Lincoln and Culver Boulevards. We are grateful to Councilwoman Traci Park and her team from Council District 11, who initiated and oversaw the action.
Read more by Friends of Ballona Wetlands at: ballonafriends.org
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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: 4 listings, $1,456,750 avg price
This week: 3 listings, $1,666,000 avg price
Chatelaine #406, 5721 Crescent Park
$1,699,000 | 3BR, 3BA | 2346 SF
MLS #22-223393
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
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 6 listings, $2,334,992 avg price
This week: no change
Camden, 12895 Runway Road #2
$2,200,000 (reduced) | 4BR, 4BA | 2224 SF
MLS #21-100687
Cleo, 12785 Bluff Creek #3
$3,290,000 | 3BR, 3BA | 2050 SF
MLS #22-227399
Mason, 5848 Suncatcher Place #5
$1,845,000 (reduced) | 3BR, 2BA | 1780 SF
MLS #OC22158583MR
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 - open house Sun (1/29)
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This week's avg 30-yr fixed-rate: 6.13%
Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market. Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers.
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The Housing Market Wakes From The Dead
by Emily Peck, Axios, 1/27/2023
The housing market is showing signs of life after veering into a dead zone late last year.
Why it matters: These green shoots are a good sign for the economy overall, and run counter to some of the dire predictions made last fall when mortgage rates were skyrocketing.
What's happening: Home buyers are making peace with higher mortgage rates, and sellers are making peace with the need to cut prices and make concessions.
- While home prices will likely keep falling, there's reason to think a recovery in sale activity is already underway.
Read more by Emily Peck at: Axios
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'A Real Estate Bottom?' More Homebuyers Jump Back in as the Year Kicks Off
by Gabriella Cruz-Martinez, Yahoo! Finance, 1/23/2023
Real estate agents confirm what housing data is starting to show: More homebuyers are emerging from their self-imposed hibernation.
The volume of mortgage applications for home purchases rose 25% week over week, the Mortgage Bankers Association (MBA) survey for the week ending Jan. 13 found. Housing sentiment ticked higher at the end of last year, per Fannie Mae. And home builders are reporting an increase in buyer traffic in January, the first uptick since December 2021, according to an industry survey.
These buyers are hoping to reap the rewards from a more favorable market, bagging seller incentives along with a slightly lower mortgage rate, before the spring-buying season attracts more competition.
Read more by Gabriella Cruz-Martinez at: Yahoo! Finance
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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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