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Insider's Guide to Real Estate in Playa Vista
1/7/2023: Get ready for a massive SoCalGas bill this month, as natural gas prices soar
This Week's Contents
1. This Week in Playa Vista
2. A Controversial 40-Year Overnight Success
3a. Phase 1 - Single Family Homes For Sale: none
3b. Phase 2 - Single Family Homes For Sale: 2 listings (1 new!)
3c. Phase 1 - Condos/Townhomes For Sale: 5 listings (1 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 5 listings (1 new!)
4. This week's avg 30-yr fixed-rate: 6.48%
5. Get Ready For a Massive SoCalGas Bill This Month, As Natural Gas Prices Soar
6. The Rise of 'Zoomtowns' Is Going to Make Home Prices and Rents Cheaper for Everyone
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: 1//Cleo | This week, a new Cleo condo listing debuted which is the most expensive condo ($3,290,000) to ever be listed in Playa Vista; it is a single-level penthouse with LMU/Bluff views and extensive upgrades. 2//Woodson | Also, a new Phase 2 SFH was listed, just under $2.1M. With total bedrooms (three on the top floor) plus office and with some outdoor space, this price represents a good value compared to the previous 2 years when similar Woodsons were selling in the $2.3M range. 3//Skylar | A Skylar 3BR condo (middle floor) reduced its list price by $100,000 yesterday. The home has been on the market since in mid-November and is now asking $2,180,000.
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A Controversial 40-Year Overnight Success
By Morgan Owen, The Argonaut, 1/6/2023
Playa Vista Institute debuts historical documentary
Since the 1970s, the development of Playa Vista has been a controversial subplot in the greater narrative of LA. Its development spurred decades of litigation, innovations in urban planning, environmental activism, celebrity protests, and even an alleged political hit.
The Playa Vista Institute aims to preserve that history as they inaugurated the organization on Oct. 25 with a private film screening of their new documentary, “Playa Vista: A Four-Decade Overnight Success.”
Read more by Morgan Owen at: The Argonaut
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A. Phase 1 - Single Family Homes For Sale
Last week: none
This week: no change
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: 2 istings, $2,497,495 avg price (1 new!)
Asher, 5825 W Seaglass Circle
$2,899,990 | 4BR, 4BA | 2757 SF
MLS #TR22239015MR
Woodson, 5829 Lantern Court
$2,095,000 | 4BR, 4BA | 2304 SF
new! MLS #23-228935 - open Sat (1/7) & Sun (1/8)
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 5 listings, $1,365,200 avg price
This week: 5 listings, $1,264,400 avg price (1 new!)
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 - open Sat (1/7) & Sun (1/8)
The Metro #320, 5625 Crescent Park
$1,499,000 | 3BR, 3BA | 2180 SF
MLS #SB22243806MR
The Metro #407, 5625 Crescent Park
$1,050,000 | 2BR, 2BA | 1659 SF
MLS #22-224853 - open house Sun (1/8)
Tempo #123, 6020 Seabluff Drive
$795,000 | 2BR, 2BA | 910 SF
new! MLS #23-229994 - open house Sun (1/8)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 4 listings, $2,167,500 avg price
This week: 5 listings, $2,372,000 avg price (1 new!)
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
new! MLS #22-227399
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
$2,180,000 (reduced) | 3BR, 3BA | 2026 SF
MLS #22-218334
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This week's avg 30-yr fixed-rate: 6.48%
Mortgage application activity sunk to a quarter century low this week as high mortgage rates continue to weaken the housing market. While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023. Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market. Moreover, if rates continue to decline, borrowers who purchased in the last year will have opportunities to refinance into lower rates.
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Get Ready For a Massive SoCalGas Bill This Month, As Natural Gas Prices Soar
by Russ Mitchell & Rob Nikolewski, Los Angeles Times, 1/6/2023
The warning Southern California Gas Co. issued to its customers was unusually blunt: “There’s no easy way to put this,” the company said. “January bills are likely to be shockingly high.”
Anyone who heats their home with natural gas is likely to see a January bill that is more than double what they paid a year earlier, SoCalGas said.
A typical peak monthly bill of $65 from last winter will probably come in close to $160, SoCalGas said, a 146% increase. A $130 bill will be more like $315, up 142%.
Read more by Russ Mitchell & Rob Nikolewski at: Los Angeles Times
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The Rise of 'Zoomtowns' Is Going to Make Home Prices and Rents Cheaper for Everyone
by James Rodriguez, Business Insider, 1/4/2023
It's easy to blame remote workers for the pandemic's chaotic housing market. Highly paid white-collar employees who exercised their newfound freedom and turned once cheap locales into expensive "Zoomtowns" make for vivid villains.
But a new analysis from the Economic Innovation Group, a bipartisan public-policy organization, argues that, eventually, the shift to working from home may turn into the antidote for the price spikes that we've seen. That's because the places where remote workers are flocking — the Sun Belt region in the Southern US and suburban areas outside big coastal cities — are exactly the kinds of locations that are best-equipped to build cheap housing to absorb the flood of newly remote workers.
Read more by James Rodriguez at: Business Insider
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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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