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Insider's Guide to Real Estate in Playa Vista
12/10/2022: What's happening with the housing market? Mortgage rates, home prices and affordability
This Week's Contents
1. This Week in Playa Vista
2. The Dynamic Duo Behind Rossoblu is Opening a New Italian Restaurant in Playa Vista
3. Los Angeles Weekend Roundup - Epic Mega Cookie Co.
4a. Phase 1 - Single Family Homes For Sale: none
4b. Phase 2 - Single Family Homes For Sale: 1 listings
4c. Phase 1 - Condos/Townhomes For Sale: 9 listings (5 new)
4d. Phase 2 - Condos/Townhomes For Sale: 6 listings
5. This week's avg 30-yr fixed-rate: 6.33%
6. What's Happening with the Housing Market? Mortgage Rates, Home Prices and Affordability
7. Should I Sell My House Now or Wait Until 2023?
8. Statistics - Playa Vista Homes Recently Sold
9. Illustrated Playa Vista Map
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The Dynamic Duo Behind Rossoblu is Opening a New Italian Restaurant in Playa Vista
By Matthew Kang, Eater Los Angeles, 12/7/2022
After establishing himself at Sotto, chef Steve Samson has always wanted to return to the Westside. His popular Downtown LA restaurant Rossoblu has gained recognition over the years for serving a Bologna-inspired menu of wood-fired meats and stellar pasta, but now he and wife Dina Samson are partnering with Heidi and Alan Jackson at the former Bull & Butterfly space to open Superfine Playa by early 2023. Essentially a California-Italian restaurant with the same branding as his casual thin-crust pizzeria next to Rossoblu, Superfine Playa will extend out the idea to become a full-service restaurant that keeps the pizza while adding pasta, wood-grilled proteins, and produce sourced from the nearby Playa Vista Farmers Market.
Read more by Matthew Kang at: Eater Los Angeles
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Los Angeles WEEKEND ROUNDUP
By SoCalPulse, 12/1/22 - 12/4/22
Epic Mega Cookie Co.
Now Open. Celebrity Chef Derrick Fox just opened Epic Mega Cookie Co. at RUNWAY Playa Vista. The shop features oversized cookies with creative flavors such as s’mores, caramel snicker doodle, peanut butter with pumpkin pie, and more. Open daily, 12 p.m. – 6 p.m. 12775 Millennium, Box Shop A, Playa Vista. epicmegacookie.com
Read more at: SoCalPulse
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A. Phase 1 - Single Family Homes For Sale
Last week: none
This week: none
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: no change
Asher, 5825 W Seaglass Circle
$2,899,990 | 4BR, 4BA | 2757 SF
MLS #TR22239015MR
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 4 listings, $1,412,000 avg price
This week: 9 listings, $1,346,667 avg price (5 new!)
Chatelaine #406, 5721 Crescent Park
$1,699,000 | 3BR, 3BA | 2346 SF
new! MLS #22-223393
Coronado #115, 7100 Playa Vista Drive
$1,300,000 | 3BR, 3BA | 1690 SF
new! MLS #22-216245 - open Sat (12/10) & Sun (12/11)
Coronado #407, 7100 Playa Vista Drive
$1,699,000 (reduced) | 4BR, 4BA | 2108 SF
MLS #22-203807
Esplanade #302, 13080 Pacific Promenade
$1,299,000 | 2BR, 3BA | 1652 SF
new! MLS #22-223077 - open Sat (12/10) & Sun (12/11)
The Metro #136, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-189789
The Metro #320, 5625 Crescent Park
$1,499,000 | 3BR, 3BA | 2180 SF
MLS #SB22243806MR
The Metro #341, 5625 Crescent Park
$1,200,000 (reduced) | 2BR, 3BA | 1670 SF
MLS #22-209695
Primera Terra #362, 12920 Runway Road
$1,325,000 | 3BR, 2BA | 1310 SF
new! MLS #22-215087 - open Sat (12/10) & Sun (12/11)
Tempo #323, 6020 Seabluff Drive
$849,000 | 2BR, 2BA | 910 SF
new! MLS #22-223301 - open Sat (12/10) & Sun (12/11)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 6 listings, $1,978,000 avg price
This week: no change
Camden, 12887 Runway Road #4
$1,849,000 (reduced x2) | 3BR, 3BA | 1875 SF
MLS #22-207590
Camden, 12895 Runway Road #2
$2,200,000 (reduced) | 4BR, 4BA | 2224 SF
MLS #21-100687
Mason, 5848 Suncatcher Place #5
$1,845,000 (reduced) | 3BR, 2BA | 1780 SF
MLS #OC22158583MR
Seabluff #408, 6030 Seabluff Drive
$1,349,000 | 3BR, 2BA | 1300 SF
MLS #22-217191 - open house Sun (12/11)
Skylar, 12642 Sandhill Lane #1
$2,345,000 (reduced) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
Skylar, 12695 Sandhill Lane #2
$2,280,000 | 3BR, 3A | 2026 SF
MLS #22-218334 - open house Sun (12/11)
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This week's avg 30-yr fixed-rate: 6.33%
Mortgage rates decreased for the fourth consecutive week, due to increasing concerns over lackluster economic growth. Over the last four weeks, mortgage rates have declined three quarters of a point, the largest decline since 2008. While the decline in rates has been large, homebuyer sentiment remains low with no major positive reaction in purchase demand to these lower rates.
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What's Happening with the Housing Market? Mortgage Rates, Home Prices and Affordability
by Swapna Venugopal Ramaswamy, USA Today, 12/8/2022
Potential buyers remained reluctant to take the plunge on financing a home purchase even as mortgage rates fell for the fourth straight week.
Mortgage applications decreased 2% the week ending Dec. 2 compared to the previous week. And the average loan size for a purchase application was at its lowest level since January 2021.
Meanwhile, the average rate for a 30-year fixed mortgage trended down to 6.33% as of Dec. 8, according to the latest data from Freddie Mac. The fixed-rate mortgage has more than doubled from a year earlier when it averaged 3.1%.
Read more by Swapna Venugopal Ramaswamy at: USA Today
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Should I Sell My House Now or Wait Until 2023?
by Lindsay Frankel, SF Gate, 12/8/2022
Unusual market conditions and dire predictions from some economists have many homeowners asking: should I sell my house now or wait until 2023?
Typically, homeowners who list their homes in the spring can take advantage of higher buyer demand. In 2022, the National Association of Realtors pinned mid-April as the optimal week to sell a home. But most economists believe that affordability pressure from rising mortgage rates will continue to curb demand, causing prices to fall in many markets in 2023. So if you’re poised to sell, some experts contend that now is a better time than next year.
Let’s dig in a bit more on this question of whether now is a good time to sell a house — and what factors to consider when making your decision.
Read more by Lindsay Frankel: SF Gate
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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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