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Insider's Guide to Real Estate in Playa Vista
8/6/2022: The housing market is slowing down, but buying a home isn't getting easier. Here's why.
This Week's Contents
1. This Week in Playa Vista
2. Wave of Subleases Rises Over Silicon Beach
3a. Phase 2 - Single Family Homes For Sale: 2 listings
3b. Phase 1 - Condos/Townhomes For Sale: 9 listings (2 new!)
3c. Phase 2 - Condos/Townhomes For Sale: 4 listings
4. This week's avg 30-yr fixed-rate: 4.99%
5. The Housing Market is Slowing Down, But Buying a Home Isn't Getting Easier. Here's Why
6. What's Next for the US Housing Market
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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Wave of Subleases Rises Over Silicon Beach
by Isabella Farr, The Real Deal, 8/3/2022
Tech and streaming companies are ratcheting back their office presence in Silicon Beach, as both industries struggle with declining stock prices, hiring freezes and remote work.
NFL Network, Yahoo and 20th Century Studios are some of the firms that are each trying to sublease at least 120,000 square feet of office space across a stretch from Century City down to Santa Monica and across to Playa Vista, according to a Savills report obtained by TRD.
Read more by Isabella Farr at: The Real Deal
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A. Phase 2 - Single Family Homes For Sale
Last week: 3 listings, $2,682,667
This week: 2 listings, $2,687,500
The Collection, 12673 Bluff Creek Drive
$2,700,000 | 3BR, 4BA, | 2624 SF
MLS #22-174225 - open house Sun (8/7)
The Collection, 12652 Seacoast Place
$2,675,000 | 3BR, 4BA, | 2624 SF
MLS #22-161853 - open Sat (8/6) & Sun (8/7)
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B. Phase 1 - Condos/Townhomes For Sale
Last week: 10 listings, $1,327,700 avg price
This week: 9 listings, $1,504,700 avg price, 2 new!
Carabela #112, 12975 Agustin Place
$1,399,000 | 3BR, 3BA | 1860 SF
MLS #22-178921 - open house Sun (8/7)
Carabela #321, 12975 Agustin Place
$1,299,000 | 3BR, 3BA | 1840 SF
MLS #22-119317 - open house Sun (8/7)
Chatelaine #406, 5721 Crescent Park
$1,895,000 | 3BR, 3BA | 2346 SF
MLS #22-164329
Paraiso #103, 13173 Pacific Promenade
$1,295,000 (reduced) | 3BR, 3BA | 1812 SF
MLS #22-158985 - open house Sun (8/7)
Paraiso #202, 13173 Pacific Promenade
$1,899,000 | 3BR, 3BA | 2660 SF
MLS #22-163545
Primera Terra #161, 12920 Runway Road
$1,295,000 | 3BR, 2BA | 1310 SF
MLS #22-175753
Tapestry, 6700 Seawalk Drive #11
$2,090,000 (increased) | 3BR, 4BA | 3207 SF
MLS #22-135999 - open Sat (8/6) & Sun (8/7)
Tempo #137, 6020 Seabluff Drive
$1,165,000 | 2BR, 3BA | 1640 SF
new! MLS #22-168465 - open Sat (8/6) & Sun (8/7)
Tempo #409, 6020 Seabluff Drive
$1,199,000 | 2BR, 3BA | 1410 SF
new! MLS #22-180595 - open Sat (8/6) & Sun (8/7)
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C. Phase 2 - Condos/Townhomes For Sale
Last week: 5 listings, $2,148,800 avg price
This week: 4 listings, $2,241,250 avg price
Camden, 12895 Runway Road #2
$2,375,000 | 4BR, 4BA | 2224 SF
MLS #21-100687
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
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: 4.99%
Mortgage rates remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth. The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment.
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The Housing Market Is Slowing Down, But Buying a Home Isn't Getting Easier. Here's Why
by Jon Reed, Time, 8/2/2022
Frustrated homebuyers may have hoped during the scalding hot housing market of the past two years for there to please, pretty please, be less competition.
They’ve gotten their wish. It doesn’t mean those homes on the market are any easier to afford. In fact, that part has gotten worse.
“We’re starting to see more homes available for sale. That should eventually shift things back into buyers’ favor,” says Danielle Hale, chief economist at Realtor.com. But, she adds, “we haven’t seen a lot of evidence of it yet.”
Read more by Jon Reed at: Time
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What's Next for the US Housing Market
by Anna Bahney, CNN.com, 8/2/2022
So far this year, the real estate market has not been going the way many prospective homebuyers had hoped. Home prices – already at all-time highs – have continued to climb and mortgage rates have risen much faster than expected.
While some buyers have forged ahead, others have put their home search on hold or have given up entirely because the rising costs have put ownership out of reach.
But as recession fears for the larger economy loom, the housing market is showing signs of slowing. Sales of new construction homes are down and construction is stalling. Sales of existing homes have dropped and are trending below 2019 levels. As mortgage rates remain above 5%, applications have fallen to their lowest level in 22 years.
Read more by Anna Bahney at: CNN.com
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in June
Avg List Price of homes sold: $1,307,192
Average Sold Price: $1,293,193
Average Sold $/SF: $882.46
No. Homes Sold: 9
Sold Range: $560,738 - $2,199,000
Single Family Homes - Sold in June
Avg List Price of homes sold: $3,561,250
Average Sold Price: $3,557,000
Average Sold $/SF: $975.39
No. Homes Sold: 4
Sold Range: $2,858,000 - $5,000,000 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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