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Insider's Guide to Real Estate in Playa Vista
7/30/2022: SoCal housing market cools with slow sales and declining prices
This Week's Contents
1. This Week in Playa Vista
2. Amazon One Comes to Playa Vista's Whole Foods Market
3a. Phase 1 - Single Family Homes For Sale: 1 listing
3b. Phase 2 - Single Family Homes For Sale: 2 listings
3c. Phase 1 - Condos/Townhomes For Sale: 10 listings (2 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 5 listings
4. This week's avg 30-yr fixed-rate: 5.3%
5. SoCal Housing Market Cools with Slow Sales and Declining Prices
6. Worried About Mortgage Interest Rates? Here's What the Fed's Rate Hike Means
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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Amazon One Comes to Playa Vista's Whole Foods Market
by Oliver Grynberg, Playa Vista Direct, 7/20/2022
Playa Vista Whole Foods recently introduced customers to Amazon One, a new and optional way of shopping. Amazon’s new biometric-based palm recognition and payment system is now available for use at the Playa Vista Whole Foods Market, which joins a growing list of Whole Foods and other Amazon and third party retailers to offer the contact-free payment and identification system around the country.
To register for Amazon One, a customer needs only to enroll their palm by hovering it above a small circular console and linking a credit card and phone number. When they are ready to pay, customers simply hover their palm over the Amazon One device and the card that is linked to their palm will be charged. The system provides a contact-free option for customers looking to leave a congested store quickly, qualities that are poignant in the midst of a global pandemic.
Read more by Oliver Grynberg at: Playa Vista Direct
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A. Phase 1 - Single Family Homes For Sale
Last week: 1 listing at $2,175,000
This week: 1 listing at $1,999,995
Matisse, 13019 Bluff Creek Drive
$1,999,995 (reduced) | 4BR, 3BA | 2532 SF
MLS #SR22145188CN - open house Sun (7/31)
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B. 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 (7/31)
The Collection, 12652 Seacoast Place
$2,675,000 | 3BR, 4BA, | 2624 SF
MLS #22-161853 - open Sat (7/30) & Sun (7/31)
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 11 listings, $1,447,455 avg price
This week: 10 listings, $1,327,700 avg price, 2 new!
Carabela #110, 12975 Agustin Place
$1,399,000 | 3BR, 3BA | 1860 SF
MLS #22-162137 - open Sat (7/30) & Sun (7/31)
Carabela #112, 12975 Agustin Place
$1,399,000 | 3BR, 3BA | 1860 SF
MLS #22-178921 - open house Sun (7/31)
Carabela #321, 12975 Agustin Place
$1,299,000 | 3BR, 3BA | 1840 SF
MLS #22-119317 - open house Sun (7/31)
Chatelaine #406, 5721 Crescent Park
$1,895,000 | 3BR, 3BA | 2346 SF
MLS #22-164329
Coronado #319, 7100 Playa Vista Drive
$997,000 | 2BR, 2BA | 1210 SF
MLS #22-178585 - open house (Sun 7/31)
The Metro #108, 5625 Crescent Park
$995,000 | 2BR, 2BA | 1310 SF
new! MLS #PV22162210MR - open house Sun (7/31)
Paraiso #103, 13173 Pacific Promenade
$1,350,000 | 3BR, 3BA | 1812 SF
MLS #22-158985 - open house Sun (7/31)
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 - open house Sat (7/30)
Waterstone #214, 6400 Crescent Park
$749,000 | 1BR, 1BA | 790 SF
new! MLS #22-183179 - open Sat (7/30) & Sun (7/31)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 5 listings, $2,142,800 avg price
This week: 5 listings, $2,148,800 avg price
Camden, 12518 Fielding Circle #1
$1,779,000 | 3BR, 2BA | 1601 SF
MLS #22-176297 - open house Sun (7/31)
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: 5.3%
Purchase demand continues to tumble as the cumulative impact of higher rates, elevated home prices, increased recession risk, and declining consumer confidence take a toll on homebuyers. It’s clear that over the past two years, the combination of the pandemic, record low mortgage rates, and the opportunity to work remotely spurred greater demand. Now, as the market adjusts to a higher rate environment, we are seeing a period of deflated sales activity until the market normalizes.
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SoCal Housing Market Cools with Slow Sales and Declining Prices
by Laurenz Busch, Los Angeles Magazine, 7/20/2022
The California housing market has further cooled in June, dropping a remarkable 21 percent in units sold since the same time last year.
The market also saw an eight percent drop in units sold since May, when California’s median home price was pushed to a record-high of $900,170 according to the California Association of Realtors. June’s statewide median dropped four percent, to $863,790.
“Excluding the three-month pandemic lockdown period in 2020, June’s sales level was the lowest since April 2008,” the association’s Vice President and Chief Economist Jordan Levine said in its report. “With inflation remaining high and interest rates expected to climb further in the coming months, the market will normalize further in the second half of the year with softer sales and more moderate price growth.”
Read more by Andrew Khouri at: Los Angeles Times
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Worred About Mortgage Interest Rates? Here's What the Fed's Rate Hike Means
by Jon Healey, Los Angeles Times, 7/27/2022
If you’re in the market for a new mortgage or if you have one with an adjustable interest rate, you may worry that the Federal Reserve’s efforts to choke off inflation will raise your housing costs.
Economists say there is a link between the Fed’s moves and mortgage interest rates, but it’s misleading to focus on the Fed’s short-term interest rate increases. Indeed, the average interest rate for a 30-year fixed mortgage was lower Wednesday than it was a week earlier, even though the Fed was poised to raise short-term rates for the fourth time in a little more than four months.
Read more by Jon Healey at: Los Angeles Times
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in May
Avg List Price of homes sold: $1,303,989
Average Sold Price: $1,328,236
Average Sold $/SF: $867.73
No. Homes Sold: 10
Sold Range: $858,000 - $2,000,000
Single Family Homes - Sold in May
Avg List Price of homes sold: $2,959,333
Average Sold Price: $2,976,667
Average Sold $/SF: $908.91
No. Homes Sold: 3
Sold Range: $2,055,000 - $3,500,000 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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