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Insider's Guide to Real Estate in Playa Vista
9/10/2022: A cooling housing market gives home buyers more leverage
This Week's Contents
1. This Week in Playa Vista
2a. Phase 1 - Single Family Homes For Sale: 1 listing
2b. Phase 2 - Single Family Homes For Sale: 2 listings
2c. Phase 1 - Condos/Townhomes For Sale: 6 listings (2 new!)
2d. Phase 2 - Condos/Townhomes For Sale: 7 listings (3 new!)
3. This week's avg 30-yr fixed-rate: 5.89%
4. A Cooling Housing Market Gives Home Buyers More Leverage
5. The Housing Market Slowdown, Explained in 7 Charts
6. Statistics - Playa Vista Homes Recently Sold
7. Illustrated Playa Vista Map
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THIS WEEK IN PLAYA VISTA
1. Farmers' Market
9/10 (Saturday) - 9am to 2pm along Millennium Drive
2. Creative Communal Maker's Market
9/10 (Saturday) - 10:30am to 3:30pm at Runway Playa Vista
* 40 Local Makers + Photo Op + Live Music + Brunch & BBQ
3. Runway Kids Club: Zooga Yoga
9/14 (Wednesday) - 10am to 11am at Runway Playa Vista
* Introduction to yoga with an adventure theme that focuses on Fun and Family!
4. Latin Nights at Runway
9/16 (Friday) - 5:30pm - 6:30pm, Salsa Lessons. 6:30pm to 9pm, Live Latin Band.
Upcoming: Saturday, Oct 1st Community Yard Sale in Concert Park
Sign up to be a Seller for this 2x/year event.
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A. Phase 1 - Single Family Homes For Sale
Last week: none
This week: 1 listings at $1,987,000
Capri Court, 5740 Kiyot Way
$1,987,000 | 3BR, 4BA, | 2376 SF
MLS #22-165123
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A. Phase 2 - Single Family Homes For Sale
Last week: 2 listings, $2,561,500
This week: no change
Everly, 5933 Coral Place
$2,673,000 | 3BR, 4BA, | 2449 SF
MLS #22-172961 - open house Sun (9/11)
Woodson, 12824 S. Seaglass Circle
$2,450,000 | 3BR, 4BA, | 2184 SF
MLS #22-195817 - open house Sun (9/11)
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B. Phase 1 - Condos/Townhomes For Sale
Last week: 6 listings, $1,422,333 avg price
This week: 6 listings, $1,394,000 avg price, 2 new!
Catalina #303, 12963 Runway Road
$1,099,000 | 3BR, 2BA | 1154 SF
new! MLS #22-193561 - open house Sun (9/11)
Chatelaine #406, 5721 S Crescent Park
$1,820,000 | 3BR, 3BA | 2346 SF
new! MLS #22-194497
The Metro #136, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-189789
The Metro #340, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-193956 - open Sat (9/10) & Sun (9/11)
Paraiso #205, 13173 Pacific Promenade
$1,650,000 | 3BR, 3BA | 2215 SF
MLS #22-194791 - open house Sun (9/11)
Primera Terra #161, 12920 Runway Road
$1,295,000 | 3BR, 2BA | 1310 SF
MLS #22-175753 - open Sat (9/10) & Sun (9/11)
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C. Phase 2 - Condos/Townhomes For Sale
Last week: 4 listings, $2,241,250 avg price
This week: 7 listings, $2,181,857 avg price, 3 new!
Camden, 12895 Runway Road #2
$2,375,000 | 4BR, 4BA | 2224 SF
MLS #21-100687
Cleo, 12765 Bluff Creek Drive #2
$2,600,000 | 3BR, 3BA | 2242 SF
new! MLS #21-197897
Mason, 5848 Suncatcher Place #5
$1,895,000 | 3BR, 2BA | 1780 SF
MLS #OC22158583MR
Seabluff #112, 6030 Seabluff Drive
$2,300,000 | 3BR, 3BA | 2005 SF
MLS #22-178029
Seabluff #405, 6030 Seabluff Drive
$1,459,000 | 3BR, 2BA | 1340 SF
new! MLS #PV22197998MR - open house Sun (9/11)
Skylar, 12491 Osprey Lane #1
$2,249,000 | 4BR, 4BA | 2638 SF
new! MLS #22-195027
Skylar, 12642 Sandhill Lane #1
$2,395,000 | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
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This week's avg 30-yr fixed-rate: 5.89%
Mortgage rates rose again as markets continue to manage the prospect of more aggressive monetary policy due to elevated inflation. Not only are mortgage rates rising but the dispersion of rates has increased, suggesting that borrowers can meaningfully benefit from shopping around for a better rate. Our research indicates that borrowers could save an average of $1,500 over the life of a loan by getting one additional rate quote and an average of about $3,000 if they get five quotes.
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A Cooling Housing Market Gives Home Buyers More Leverage
by Alex Veiga, Associated Press, 9/8/2022
Years of soaring home prices and sharply higher mortgage rates remain hurdles for many would-be home buyers, but new data show that they’re regaining some leverage at the negotiating table as the housing market slows.
An analysis of home sale data by Redfin shows that, on average, U.S. homes purchased during a four-week period in August sold for less than what sellers were asking. That hasn’t happened since at least March 2021, according to the real estate brokerage.
Read more by Alex Veiga at: Los Angeles Times
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The Housing Market Slowdown, Explained in 7 Charts
by Madeleine Ngo, Vox, 9/4/2022
After mortgage rates hit record lows during the pandemic, driving up demand for new homes and pushing up listing prices, the housing market is now slowing down.
That’s good news for buyers who can afford to stay in the market. But many prospective buyers are being priced out as high mortgage rates and steep prices make it unaffordable for some to purchase a new home. At the same time, new home construction has decreased as builders become warier of falling demand — and rent prices have continued to increase.
“Buyers have negotiating power really for the first time in several years,” said Nicole Bachaud, a senior economist at Zillow. “But that’s with the caveat of, only if you can afford home prices right now.”
Read more by Medeleine Ngo at: Vox
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in July
Avg List Price of homes sold: $1,298,500
Average Sold Price: $1,319,692
Average Sold $/SF: $874.59
No. Homes Sold: 13
Sold Range: $627,500 - $2,210,000
Single Family Homes - Sold in July
Avg List Price of homes sold: $2,474,500
Average Sold Price: $2,525,000
Average Sold $/SF: $1,048.59
No. Homes Sold: 2
Sold Range: $2,350,000 - $2,700,000 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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