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Insider's Guide to Real Estate in Playa Vista
3/11/2023: Why there are no houses to buy in many U.S. metro areas
This Week's Contents
1. This Week in Playa Vista
2. Playa Company Partners With NBA
3a. Phase 1 - Single Family Homes For Sale: 1 listing (new!)
3b. Phase 2 - Single Family Homes For Sale: 2 listings (1 new!)
3c. Phase 1 - Condos/Townhomes For Sale: 9 listings (3 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 4 listings (2 new!)
4. This week's avg 30-yr fixed-rate: 6.73%
5. Why There Are No Houses to Buy in Many U.S. Metro Areas
6. The Housing Market Will Test Parents — and Kids
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: 1//Increased Inventory | Playa Vista inventory is steadily increasing as we head towards the spring season. Last week, there were 10 homes for sale; this week there are 16 total (6 new listings)! 2//Daylight Savings Time | Tomorrow, clock should be set ahead by 1 hour. Many open houses will start to adjust their schedules to start at 2pm and end at 5pm. 3//Mortgage Rates | It has been 5 consecutive weeks of increases for average 30-year mortgage rates. They have increased from 6.12% five weeks ago to 6.65% last week and 6.73% this week.
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Playa Company Partners With NBA
by Mark R. Madler, LA Business Journal, 2/27/2023
Cosm has partnered with the National Basketball Association to present a new live game-viewing experience for fans.
The Playa Vista-based technology, media and entertainment company will produce and present select games from NBA League Pass, the league’s streaming service, in 8K resolution on large-scale LED-dome systems at its soon-to-be-opened venues, according to a release from Cosm.
Read more by Mark R. Madler at: LA Business Journal
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A. Phase 1 - Single Family Homes For Sale
Last week: none
This week: 1 listing at $2,075,000 (new!)
Capri Court, 5744 Celedon Creek
$2,700,000 | 3BR, 3BA | 2931 SF
new! MLS #23-249193 - open Sat (3/11) & Sun (3/12)
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B. Phase 2 - Single Family Homes For Sale
Last week: 1 listing at $3,049,000
This week: 2 listings, $2,897,000 avg price (1 new!)
Asher, 5848 W Seaglass Circle
$2,745,000 | 3BR, 4BA | 2505 SF
new! MLS #21-741722
The Collection, 12667 Bluff Creek Drive
$3,049,000 | 4BR, 4BA | 2688 SF
MLS #23-245495
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 6 listings, $1,420,833 avg price
This week: 9 listings, $1,308,111 avg price (3 new!)
Avalon #318, 13075 Pacific Promenade
$849,000 | 2BR, 2BA | 912 SF
new! MLS #23-248911
Carabela #110, 12975 Agustin Place
$1,299,000| 3BR, 3BA | 1860 SF
MLS #23-240997
Chatelaine #105, 5721 Crescent Park
$1,729,000| 3BR, 3BA | 2408 SF
MLS #23-246131 - open house Sun (3/12)
Concerto Lofts #318, 13045 Pacific Promenade
$1,100,000 | 2BR, 2BA | 1160 SF
new! MLS #SB23039120MR
Concerto Lofts #424, 13045 Pacific Promenade
$1,550,000 (reduced) | 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
MLS #23-244121 - open house Sat (3/11)
Paraiso #206,13173 Pacific Promenade
$1,349,000 | 2BR, 3BA | 1890 SF
new! MLS #23-248578 - open Sat (3/11) & Sun (3/12)
Villa Savona #408, 7101 Playa Vista Drive
$1,299,000 | 2BR, 3BA | 1680 SF
MLS #23-245687
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 3 listings, $2,295,000 avg price
This week: 4 listings, $1,932,000 avg price (2 new!)
Mason, 5824 Meadowlark Place #1
$1,845,000 | 3BR, 2BA | 1818 SF
new! MLS #OC23038806MR
Mason, 5837 Village Drive #4
$2,299,000 (reduced) | 3BR, 3BA | 2141 SF
MLS #23-236761
Seabluff #410, 6030 Seabluff Drive
$1,289,000 | 3BR, 2BA | 1310 SF
new! MLS #23-249429 - open Sat (3/11) & Sun (3/12)
Skylar, 12642 Sandhill Lane #1
$2,295,000 (reduced x2) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
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This week's avg 30-yr fixed-rate: 6.73%
Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy. Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory.
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Why There Are No Houses to Buy in Many U.S. Metro Areas
by Alana Semuels, Time, 3/9/2023
Mortgage rates are rising, and the housing market appears to be softening nationwide.
But in many U.S. markets, would-be buyers are facing a big problem: there’s just nothing to buy. Housing inventory—the number of homes on the market—has been falling since the rebound from the Great Recession as investors snapped up homes and as more older Americans decided to age in place.
Read more by Alana Semuels: Time
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The Housing Market Will Test Parents — and Kids
by Conor Sen, Bloomberg, 3/8/2023
It's a rite of passage for many parents in the spring — the kids are getting older, maybe starting kindergarten or moving up to middle or high school, and it's time to move houses in order to access a better school. Except … with the current state of the housing market, they may not be going anywhere this year.
This isn’t the first time we’ve had a difficult housing market for buyers and sellers in the peak season, but the situation now is unusually bad. Essentially freezing homeowner parents in place will have consequences that spillover into communities — both the ones that people are unable to leave, and the ones they’re unable to join.
Read more by Conor Sen at: Bloomberg
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in January
Avg List Price of homes sold: $1,042,600
Average Sold Price: $987,800
Average Sold $/SF: $790.87
No. Homes Sold: 5
Sold Range: $585,000 - $1,300,000
Single Family Homes - Sold in January
List Price of sold home: $1,995,000
Sold Price: $1,995,000
Sold $/SF: $723.61
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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