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Insider's Guide to Real Estate in Playa Vista
4/8/2023: Buying or selling a home? Welcome to the year of disappointment.
This Week's Contents
1. This Week in Playa Vista
2. Couple Behind Rossoblu Opens New California Osteria in Playa Vista
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: 8 listings (2 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 3 listings
4. This week's avg 30-yr fixed-rate: 6.28%
5. Buying or Selling a Home? Welcome to the Year of Disappointment
6. Should You Invest In Real Estate in a Market Downturn?
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: 1//Flat Inventory | The number of homes for sale in Playa Vista remains unchanged at 14 total homes. This week, two homes went into contract and two new homes were listed. 2//Mortgage Rates | Rates continue to drop, now for 4 straight weeks, down from 6.32% last week to 6.28%. One month ago, the rate was 6.73%. 3//Happy Easter | There are only 2 open houses scheduled this Sunday due to the holiday. 3 listings are having open houses on Saturday. Happy Easter!
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Couple Behind Rossoblu Opens New California Osteria in Playa Vista
by Jada Montemarano, Spectrum News 1, 4/7/2023
The couple behind the popular Italian restaurant Rossoblu has expanded to the west side with Superfine Playa.
The California osteria serves light Italian fare in a family-friendly environment.
Superfine Playa is located at 12746 W. Jefferson Blvd. in Playa Vista.
Watch the video segment by Jada Montemarano at: Spectrum News 1
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A. Phase 1 - Single Family Homes For Sale
Last week: 2 listings, $2,847,500 avg price
This week: 1 listings at $2,700,000
Capri Court, 5744 Celedon Creek
$2,700,000 | 3BR, 3BA | 2931 SF
MLS #23-249193
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B. Phase 2 - Single Family Homes For Sale
Last week: 2 listings, $2,897,000 avg price
This week: no change
Asher, 5848 W Seaglass Circle
$2,745,000 | 3BR, 4BA | 2505 SF
MLS #21-741722
The Collection, 12667 Bluff Creek Drive
$3,049,000 | 4BR, 4BA | 2688 SF
MLS #23-245495
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 7 listings, $1,248,714 avg price
This week: 8 listings, $1,150,125 avg price (2 new!)
Avalon #415, 13075 Pacific Promenade
$960,000 | 2BR, 2BA | 983 SF
new! MLS #23-257509 - open Sat (4/8) & Sun (4/9)
Carabela #110, 12975 Agustin Place
$1,299,000 | 3BR, 3BA | 1860 SF
MLS #23-240997
Carabela #116, 12975 Agustin Place
$1,199,000 | 2BR, 2BA | 1270 SF
new! MLS #23-254037 - open house Sat (4/8)
Concerto Lofts #318, 13045 Pacific Promenade
$1,100,000 | 2BR, 2BA | 1160 SF
MLS #SB23039120MR
Concerto Lofts #424, 13045 Pacific Promenade
$1,550,000 (reduced) | 2BR, 2BA | 1610 SF
MLS #NDP2300224MR
The Metro #126, 5625 Crescent Park
$879,000 (reduced) | 2BR, 2BA | 1230 SF
MLS #23-244121 - open house Sat (4/8)
The Metro #127, 5625 Crescent Park
$915,000 | 2BR, 2BA | 1230 SF
MLS #P1-12994PF
Villa Savona #408, 7101 Playa Vista Drive
$1,299,000 | 2BR, 3BA | 1680 SF
MLS #23-245687 - open house Sun (4/9)
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 3 listings, $1,776,333 avg price
This week: no change
Mason, 5824 Meadowlark Place #1
$1,845,000 | 3BR, 2BA | 1818 SF
MLS #OC23038806MR
Seabluff #410, 6030 Seabluff Drive
$1,289,000 | 3BR, 2BA | 1310 SF
MLS #23-249429
Skylar, 12642 Sandhill Lane #1
$2,195,000 (reduced x3) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
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This week's avg 30-yr fixed-rate: 6.28%
Mortgage rates continue to trend down entering the traditional spring homebuying season. Unfortunately, those in the market to buy are facing a number of challenges, not the least of which is the low inventory of homes for sale, especially for aspiring first-time homebuyers.
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Buying or Selling a Home? Welcome to the Year of Disappointment
by Ronda Kaysen, The New York Times, 4/7/2023
For two years, the housing market was a miserably competitive place. Prices soared by 45 percent, bidding wars became commonplace, and houses flew off the market. The frenzy came to a screeching halt last spring, as mortgage rates doubled in a matter of months, further driving up the cost of buying a home and freezing buyers out of the market.
But this spring, as the market begins to show signs of emerging from hibernation — home searches are up again! — buyers have been hoping that maybe, finally, this is their moment. Instead, they are walking into an environment that is still pretty miserable.
Read more by Ronda Kaysen at: The New York Times
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Should You Invest In Real Estate in a Market Downturn?
by Devin Partida, Nasdaq, 4/8/2023
A market downturn can be a scary time for investors. As people spend less and the economy slows down, many of your investments will likely produce less-than-stellar returns and you may encounter some losses. However, some investments can help you emerge even stronger on the other side of the downturn. Real estate can be one of those assets.
With 58% of economic experts expecting a recession later this year, it’s time to start planning for resiliency. Since stocks will likely take a hit as the market drops, real estate can look like a promising option. But is a market downturn really a good time to invest in real estate? Here’s a closer look at when it may be the right choice and why.
Read more by Devin Partida at: Nasdaq
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in February
Avg List Price of sold home: $1,995,000
Average Sold Price: $1,715,500
Average Sold $/SF: $1,024.48
No. Homes Sold: 6
Sold Range: $830,000 - $3,000,000
Single Family Homes - Sold in February
List Price of sold home: $2,095,000
Sold Price: $2,183,500
Sold $/SF: $947.69
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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