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Insider's Guide to Real Estate in Playa Vista
6/18/2022: Home sellers are cutting list prices as more buyers take pause: 'the market is not the same'
This Week's Contents
1. This Week in Playa Vista
2. City of LA Looks to Ban Gas Appliances in New Resi Developments
3a. Phase 1 - Single Family Homes For Sale: 2 listing (1 new!)
3b. Phase 2 - Single Family Homes For Sale: 1 listing (new!)
3c. Phase 1 - Condos/Townhomes For Sale: 7 listings
3d. Phase 2 - Condos/Townhomes For Sale: 2 listings
4. This week's avg 30-yr fixed-rate: 5.78%
5. Home Sellers Are Cutting List Prices as More Buyers Take Pause: 'The Market Is Not the Same'
6. What the Fed's Interest Rate Hike Means for Mortgages
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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City of LA Looks to Ban Gas Appliances in New Resi Developments
by Dana Bartholomew, The Real Deal, 6/1/2022
Aspiring chefs in Los Angeles can toss aside their prized cast-iron skillets. The city aims to ban gas stoves in new residential developments.
Citing a global climate crisis, the Los Angeles City Council has passed a motion to banish most gas appliances in new construction, the Los Angeles Times reported.
The pending policy would result in new homes and businesses coming equipped with electric stoves, clothes dryers, water heaters and furnaces.
Read more by Dana Bartholomew at: The Real Deal
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A. Phase 1 - Single Family Homes For Sale
Last week: 1 listing at $2,599,000
This week: 2 listings, $1,991,000 avg price, 1 new!
Capri Court, 5740 Kiyot Way
$1,987,000 | 3BR, 4BA | 2376 SF
new! MLS #22-165123 - open Sat (6/18) & Sun (6/19)
Matisse, 6692 Para Way
$1,995,000 | 3BR, 3BA | 2444 SF
MLS #SR22120534CN - open Sat (6/18) & Sun (6/19)
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B. Phase 2 - Single Family Homes For Sale
Last week: none
This week: 1 listing at $2,350,000, new!
Woodson, 5837 Lantern Court
$2,350,000 | 4BR, 4BA | 2184 SF
new! MLS #22-167965 - open Sat (6/18) & Sun (6/19)
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 10 listings, $1,398,400 avg price
This week: 7 listings, $1,445,571 avg price
Avalon #419, 13075 Pacific Promenade
$835,000 | 2BR, 2BA | 912 SF
MLS #22-162115 - open house Sun (6/19)
Crescent Walk #212, 13200 Pacific Promenade #212
$625,000 | 1BR, 1BA | 642 SF
MLS #22-155711
The Dorian #106, 6241 Crescent Park
$1,700,000 | 3BR, 3BA | 2400 SF
MLS #22-165995 - open house Sun (6/19)
The Dorian #111, 6241 Crescent Park
$1,475,000 | 2BR, 3BA | 1780 SF
MLS #22-159519 - open house Sat (6/18)
Paraiso #202, 13173 Pacific Promenade
$1,899,000 | 3BR, 3BA | 2660 SF
MLS #22-163545
Tapestry, 5701 Kiyot Way #4
$1,495,000 (reduced) | 2BR, 3BA | 1640 SF
MLS #22-140999
Tapestry, 5700 Seawalk Drive #11
$2,090,000 (increased) | 3BR, 4BA | 3207 SF
MLS #22-135999
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 3 listings, $2,283,000 avg price
This week: 2 listings, $2,100,000 avg price
Camden, 12518 Fielding Circle #1
$1,825,000 | 3BR, 2BA | 1601 SF
MLS #22-161017 - open house Sun (6/19)
Camden, 12895 Runway Road #2
$2,375,000 | 4BR, 4BA | 2224 SF
MLS #21-100687
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This week's avg 30-yr fixed-rate: 5.78%
Mortgage rates surged as the 30-year fixed-rate mortgage moved up more than half a percentage point, marking the largest one-week increase in our survey since 1987. These higher rates are the result of a shift in expectations about inflation and the course of monetary policy. Higher mortgage rates will lead to moderation from the blistering pace of housing activity that we have experienced coming out of the pandemic, ultimately resulting in a more balanced housing market.
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Home Sellers Are Cutting List Prices as More Buyers Take Pause: 'The Market Is Not the Same'
by Andrew Khouri, Los Angeles Times, 6/14/2022
Home sellers are increasingly cutting their asking prices as buyers, constrained by higher mortgage rates and overall inflation, have become less willing to jump into the housing market at any cost.
The growing number of price cuts, a trend showing up in data from Southern California and across the nation, is one of the strongest signs yet that the previously red-hot market, fueled by low mortgage rates and all-cash bidding wars, is cooling.
Read more by Andrew Khouri at: Los Angeles Times
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What the Fed's Interest Rate Hike Means for Mortgages
by Kevin Schaul, The Washington Post, 6/16/2022
The rapid rise in mortgage rates means home buyers will need to pay significantly more for a home loan compared to even just eight months ago.
In November, a 30-year fixed-rate mortgage, the most popular home loan product, was barely 3 percent. As the rate approaches 6 percent, the added cost to a 30-year mortgage is hundreds of thousands of dollars.
A jump in rates from 3 to 6 percent causes the lifetime cost of a standard 30-year fixed-rate mortgage to increase by more than half the price of the home’s price at sale.
Read more by Kevin Schaul at: The Washington Post
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in April
Avg List Price of homes sold: $1,495,876
Average Sold Price: $1,565,118
Average Sold $/SF: $871.08
No. Homes Sold: 17
Sold Range: $820,000 - $2,211,000
Single Family Homes - Sold in April
Avg List Price of homes sold: $2,350,000
Average Sold Price: $2,350,000
Average Sold $/SF: $1,076.01
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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