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Insider's Guide to Real Estate in Playa Vista
11/12/2022: The housing market is slowing. It's time for homeowners to sit tight.
This Week's Contents
1. This Week in Playa Vista
2. Classic Car Storage: What You Need To Know
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: 4 listings (1 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 5 listings (1 new!)
4. This week's avg 30-yr fixed-rate: 7.08%
5. The Housing Market Is Slowing. It's Time for Homeowners to Sit Tight.
6. What Is a Housing Market Price Correction?
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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Classic Car Storage: What You Need To Know
by Tim Suddard, Classic Motorsports, 11/9/2022
“Where am I going to put it?”
Almost all of us have uttered this question when purchasing something–especially a collector car. Space is finite, a fact that many of us know all too well.
...
This idea was echoed by Matt Farah, owner of Westside Collector Car Storage. His facility in Playa Vista, California, sits just a few miles from LAX and offers airport pickup and drop-off service. He reports that several customers live elsewhere and like keeping cars near the airport.
Read more by Tim Suddard at: Classic Motorsports
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A. Phase 1 - Single Family Homes For Sale
Last week: 1 listing at $1,850,000
This week: 1 listing at $1,950,000 (new!)
Capri Court, 5740 Kiyot Way
$1,950,000 | 3BR, 4BA | 2376 SF
new! MLS #22-216539
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B. Phase 2 - Single Family Homes For Sale
Last week: 1 listings at $4,980,000
This week: 2 listings, $3,939,500 (1 new!)
Asher, 5825 W Seaglass Circle
$2,899,000 | 4BR, 4BA | 2757 SF
new! MLS #TR22239015MR
Jewel, 5912 Village Drive
$4,980,000 | 4BR, 6BA, | 4279 SF
MLS #SB22204850MR
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 4 listings, $1,271,000 avg price
This week: 4 listings, $1,312,250 avg price (1 new!)
Coronado #407, 7100 Playa Vista Drive
$1,699,000 (reduced) | 4BR, 4BA | 2108 SF
MLS #22-203807 - open house Sun (11/13)
The Metro #136, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-189789
The Metro #324, 5625 Crescent Park
$1,100,000 | 2BR, 2BA | 1620 SF
new! MLS #22-212153 - open Sat (11/12) & Sun (11/13)
The Metro #341, 5625 Crescent Park
$1,200,000 (reduced) | 2BR, 3BA | 1670 SF
MLS #22-209695 - open house Sun (11/13)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 7 listings, $2,190,571 avg price
This week: 5 listings, $1,927,800 avg price, 1 new!
Camden, 12887 Runway Road #4
$1,900,000 (reduced) | 3BR, 3BA | 1875 SF
MLS #22-207590 - open house Sun (11/13)
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
Seabluff #408, 6030 Seabluff Drive
$1,349,000 | 3BR, 2BA | 1300 SF
new! MLS #22-217191 - open house Sun (11/13)
Skylar, 12642 Sandhill Lane #1
$2,345,000 (reduced) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
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This week's avg 30-yr fixed-rate: 7.08%
As the housing market adjusts to rapidly tightening monetary policy, mortgage rates again surpassed seven percent. The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve. Home sales have declined significantly and, as we approach year-end, they are not expected to improve.
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The Housing Market Is Slowing. It's Time for Homeowners to Sit Tight.
by Marc Zandi, The Philadelphia Inquirer, 11/6/2022
Sorry if this is breaking news, but if you own your home, it probably isn’t worth as much as you think. House prices are falling as the Federal Reserve hits the brakes hard, jacking up interest rates to rein in painfully high inflation.
For most homeowners this isn’t a big financial deal — as long as they don’t plan to sell the house anytime soon. But it won’t feel good, particularly combined with the sharp decline in stock prices.
Read more by Marc Zandi: The Philadelphia Inquirer
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What Is a Housing Market Price Correction?
by Devon Thorsby, US News, 11/10/2022
As a homeowner or would-be homeowner, news of housing market conditions can feel stressful – especially when you haven’t endured those conditions in the past.
But not all terms are as complicated as they may seem, or as scary for you as a homeowner. While a housing price correction or housing market correction describes a drop in home prices, it’s not necessarily bad for homeowners – and can even help homebuyers who are struggling to afford a home purchase.
Read more by Devon Thorsby at: US News
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in August
Avg List Price of homes sold: $1,087,375
Average Sold Price: $1,105,029
Average Sold $/SF: $832.10
No. Homes Sold: 8
Sold Range: $815,000 - $1,410,000
Single Family Homes - Sold in August
Avg List Price of homes sold: $2,231,650
Average Sold Price: $2,213,942
Average Sold $/SF: $873.92
No. Homes Sold: 3
Sold Range: $1,950,000 - $2,671,825 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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