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Insider's Guide to Real Estate in Playa Vista
2/11/2023: Mortgage costs lock out California home buyers
This Week's Contents
1. This Week in Playa Vista
2. Apple Expands Los Angeles Office Footprint in Silicon Beach
3a. Phase 1 - Single Family Homes For Sale: none
3b. Phase 2 - Single Family Homes For Sale: 2 listings
3c. Phase 1 - Condos/Townhomes For Sale: 3 listings (1 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 4 listings
4. This week's avg 30-yr fixed-rate: 6.12%
5. Mortgage Costs Lock Out California Home Buyers
6. Spring Homebuying and Selling Season Is Here. Are You Ready?
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: 1//Low Inventory | The Playa Vista inventory continues to dwindle, now with one fewer listing than last week, with only 2 SFH and 7 condos currently listed for sale. This week, 2 homes went into contract and one new listing came up. 2//Serenade | A top floor 2BR + loft Serenade unit (1760 SF) was listed on Thursday. At $1,399,000, it is currently the lowest-priced home in Playa Vista. With kitchen/bathroom upgrades, high ceilings and views towards the Santa Monica Mountains, this home is poised to go fast. 3//Mortgage Rates | Average 30-year mortgage rates ticked up very slightly (up to 6.12%), in part due to strong jobs numbers released for December and the slight Fed rate hike last week.
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Apple Expands Los Angeles Office Footprint in Silicon Beach
by Jack Witthaus, CoStar, 2/1/2023
Tech Giant Agrees to Lease More Than 90,000 Square Feet in Playa Vista
Apple, one of the world's largest tech companies, is moving into more office space in Los Angeles with a lease in the area's Silicon Beach.
Read more by Jack Witthaus at: CoStar
*New story is intended only for CoStar subscribers.
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A. Phase 1 - Single Family Homes For Sale
Last week: 1 listing at $2,795,000
This week: none
There are no new homes this week!
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B. Phase 2 - Single Family Homes For Sale
Last week: 2 listings, $4,148,995 avg price
This week: no change
Asher, 5825 W Seaglass Circle
$2,899,990 | 4BR, 4BA | 2757 SF
MLS #TR22239015MR
Jewel, 5920 Village Drive
$5,398,000 | 5BR, 7BA | 4494 SF
MLS #23-233251
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 3 listings, $1,666,000 avg price
This week: 3 listings, $1,566,000 avg price (1 new!)
Concerto Lofts #424, 13045 Pacific Promenade
$1,600,000| 2BR, 2BA | 1610 SF
MLS #NDP2300224MR
Coronado #407, 7100 Playa Vista Drive
$1,699,000 (reduced) | 4BR, 3BA | 2108 SF
MLS #22-203807
Serenade #420, 13031 Villosa Place
$1,399,000 | 2BR, 3BA | 1760 SF
new! MLS #23-238327 - open Sat (2/11) & Sun (2/12)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 4 listings, $2,266,238 avg price
This week: 4 listings, $2,241,238 avg price
Mason, 5837 Village Drive #4
$2,390,000 | 3BR, 3BA | 2141 SF
MLS #23-236761 - open Sat (2/11)
Skylar, 12642 Sandhill Lane #1
$2,295,000 (reduced x2) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
Skylar, 12671 Sandhill Lane #3
$2,099,950 (reduced) | 2BR, 3BA | 1909 SF
MLS #SR23008159CN
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: 6.12%
Following an interest rate hike from the Federal Reserve and a surprisingly strong jobs report, mortgage rates increased slightly this week. The 30-year fixed-rate continues to hover close to six percent, and interested homebuyers are easing their way back to the market just in time for the spring homebuying season.
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Mortgage Costs Lock Out California Home Buyers
by Alejandro Lazo, Cal Matters, 1/28/2023
Back in 2021, when mortgage interest rates were plumbing all time-lows, Caitlyn O’Connell and her fiance nearly closed on a home in San Luis Obispo.
They backed out of the deal after discovering major issues with mold, she said. Over the course of the next year, the cost of a typical mortgage payment in California increased by as much as 56% in some markets, according to housing data firm Zillow.
O’Connell feared she and her now-husband were locked out of homeownership forever. This year they abandoned their search.
Read more by Alejandro Lazo at: Cal Matters
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Spring Homebuying and Selling Season Is Here. Are You Ready?
by Anna Bahney, CNN, 2/9/2023
Super Bowl weekend is the unofficial kick-off to the peak spring home buying and selling season, according to many real estate agents.
Are you ready?
If you’re feeling unsure and confused, you’re not alone. The US housing market is giving off mixed signals: Home prices are falling, but they’re also rising. Mortgage rates have been ticking down, yet remain volatile. Sales have fallen for 11 straight months even as the US job market is the strongest in 50 years.
Read more by Anna Bahney: CNN
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in December
Avg List Price of homes sold: $1,229,043
Average Sold Price: $1,212,059
Average Sold $/SF: $815.10
No. Homes Sold: 8
Sold Range: $474,343 - $2,039,000
Single Family Homes - Sold in December
Avg List Price of homes sold: $1,900,000
Avg Sold Price: $1,910,000
Sold $/SF: $844.01
No. Homes Sold: 2
Sold Range: $1,850,000 - $1,970,000 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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