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Insider's Guide to Real Estate in Playa Vista
3/4/2023: Home prices fall year over year for the first time since 2012
This Week's Contents
1. This Week in Playa Vista
2. Wheels and Waves — a New Retail Project from LA Wake and Konstantin Mikhaylov
3a. Phase 1 - Single Family Homes For Sale: none
3b. Phase 2 - Single Family Homes For Sale: 1 listing (new!)
3c. Phase 1 - Condos/Townhomes For Sale: 6 listings (3 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 3 listings
4. This week's avg 30-yr fixed-rate: 6.65%
5. Home Prices Fall Year Over Year for the First Time Since 2012
6. 99% of Borrowers Have a Mortgage Rate Lower Than 6%
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: 1//Double-Digit Inventory | The inventory in Playa Vista reached double digits for the first time in 4 weeks. The lowest inventory in 2023 (last week) was 6 homes; this week there are 10 homes for sale. 2//Phase One 3BR Condos | A number of 3 bedroom condos in Phase 1 are starting to hit the market. A Villa d'Este 3BR just went into contract. This week, a 3BR Chatelaine debuted, one of the largest at 2408 SF! There is also a new Carabela unit listed as 3 bedrooms; however, it is officially 2 bedrooms. 3//Mortgage Rates | Average 30-year mortgage rates went up for the 4th consecutive week. They have increased from 6.12% up to 6.32% up to 6.5% and up to 6.65% this week.
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Wheels and Waves — a New Retail Project from LA Wake and Konstantin Mikhaylov
by SES Industry Insight, Shop Eat Surf, 3/2/2023
Los Angeles Wake has been operating wakeboarding, wake surfing, water skiing, and tubing at Castaic Lake and Lake Perris in Southern California since 2015.
Customer demand for boardsports and outdoor hardgoods and apparel has grown, and so the team recently announced plans to open a seasonal Wheels and Waves boardsports pop-up at Castaic Lake, followed by a permanent Wheels and Waves bricks & mortar location in Playa Vista in LA County.
Read more by SES Industry Insight at: Shop Eat Surf
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A. Phase 1 - Single Family Homes For Sale
Last week: none
This week: no change
There are no new homes this week!
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B. Phase 2 - Single Family Homes For Sale
Last week: none
This week: 1 listing at $3,049,000 (new!)
The Collection, 12667 Bluff Creek Drive
$3,049,000 | 4BR, 4BA | 2688 SF
new! MLS #23-245495
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 4 listings, $1,348,250 avg price
This week: 6 listings, $1,420,833 avg price (3 new!)
Carabela #110, 12975 Agustin Place
$1,299,000| 3BR, 3BA | 1860 SF
new! MLS #23-240997
Chatelaine #105, 5721 Crescent Park
$1,729,000| 3BR, 3BA | 2408 SF
new! MLS #23-246131 - open house Sun (3/5)
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
The Metro #126, 5625 Crescent Park
$899,000 | 2BR, 2BA | 1230 SF
MLS #23-244121 - open house Sat (3/4)
Villa Savona #408, 7101 Playa Vista Drive
$1,299,000 | 2BR, 3BA | 1680 SF
new! MLS #23-245687
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 2 listings, $2,342,500 avg price
This week: 3 listings, $2,295,000 avg price
Camden, 12895 Runway Road #2
$2,200,000 (reduced) | 4BR, 4BA | 2224 SF
MLS #21-100687
Mason, 5837 Village Drive #4
$2,390,000 | 3BR, 3BA | 2141 SF
MLS #23-236761 - open Sun (3/5)
Skylar, 12642 Sandhill Lane #1
$2,295,000 (reduced x2) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
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This week's avg 30-yr fixed-rate: 6.65%
As we started the year, the 30-year fixed-rate mortgage decreased with expectations of lower economic growth, inflation and a loosening of monetary policy. However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward seven percent. Lower mortgage rates back in January brought buyers back into the market. Now that rates are moving up, affordability is hindered and making it difficult for potential buyers to act, particularly for repeat buyers with existing mortgages at less than half of current rates.
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Home Prices Fall Year Over Year for the First Time Since 2012
by Emily Peck, Axios, 3/3/2023
It finally happened. Median home sale prices are lower than they were a year ago for the first time since 2012, according to new data from Redfin out Thursday.
Why it matters: High mortgage rates have been clobbering the real estate market but prices haven't budged much, as homeowners are reluctant to sell and give up the low rates they nabbed in an earlier era.
Driving the news: The rate on the 30-year mortgage rose to 6.65%, per Freddie Mac's weekly report on Thursday, while another daily measure topped 7%.
Read more by Emily Peck at: Axios
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99% of Borrowers Have a Mortgage Rate Lower Than 6%
by Alena Botros, MSN, 3/2/2023
Here’s a specter haunting the housing market: the ghost of last year’s mortgage rates. The average 30-year fixed mortgage rate hit 7.10% on Thursday, the highest reading since November of last year. Higher mortgage rates triggered a drop in demand. Meanwhile homeowners who’ve locked in lower mortgage rates are choosing not to sell, tightening available inventory. That means that the market is losing buyers looking to move up and losing sellers looking to move up, so this lock-in effect is constraining both sides of the market.
“Record-low homeowner vacancy rates have essentially depleted housing inventory and materially tightened supply,” Goldman Sachs analysts wrote in a research note last week. “On net, this implies a muted impact from [new build] completions on the current supply/demand balance of housing and, ultimately, prices.”
Read more by Alena Botros: MSN
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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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