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Insider's Guide to Real Estate in Playa Vista
4/1/2023: Buyers are making a gradual return to the U.S. property market this spring
This Week's Contents
1. This Week in Playa Vista
2. The Samsons Stand Out With a Bright California Osteria
3a. Phase 1 - Single Family Homes For Sale: 2 listing
3b. Phase 2 - Single Family Homes For Sale: 2 listings
3c. Phase 1 - Condos/Townhomes For Sale: 7 listings
3d. Phase 2 - Condos/Townhomes For Sale: 3 listings
4. This week's avg 30-yr fixed-rate: 6.32%
5. Buyers Are Making a Gradual Return to the U.S. Property Market This Spring
6. More Home Sellers Are Sitting Out of the Spring Housing Market
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: 1//Reduced Inventory | Total homes on the market for sale in Playa Vista dropped this week from 17 total to 14 total. Three Phase 1 homes went into contract this week. There were no new listings! 2//Mortgage Rates | Rates dropped for the 3rd consecutive week, from 6.42% to 6.32%. These are the lowest rates within the past 6 weeks. 3//Measure ULA | The Homelessness and Housing Solutions Tax, also known as the "Mansion Tax" goes into effect today. This is a new transfer tax for properties selling over $5M. Currently, this only affect some of the Jewel homes in Playa Vista and may thwart some of their sales going forward.
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THIS WEEK IN PLAYA VISTA
1. Farmers' Market
4/1 (Saturday) - 9am to 2pm along Millennium Drive
2. Photos With The Bunny
4/1 (Saturday) - 10am to 3pm at Runway (The Turf)
3. Spring Egg Hunt + Story Time
4/2 (Sunday) - 9:30am to 11am at Runway (The Turf)
* Egg Hunt will begin right at 9:30am sharp
4. Runway Kids Club - Zooga Yoga
4/5 (Wednesday) - 10am to 11am at Runway
* an introduction to yoga with an adventure theme that focuses on Fun and Family!
5. Free Market - Happy Hour Social
4/6 (Thursday) - 5:30pm to 7:30pm at Free Market
* Try a variety of wines by Joliet. Enjoy retail specials, pop-ups, cool exhibits and a live DJ set
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The Samsons Stand Out With a Bright California Osteria
by Jessica Koslow, Playa Vista Magazine, 3/29/2023
Superfine Playa’s electric blue building and bright red letters near the roof boldly announce its arrival at Silicon Beach’s RUNWAY Playa Vista. The playful structure is energizing and eye-catching. What used to be The Bull and Butterfly Steakhouse transitioned to a casual California osteria on January 1 and officially opened its doors on March 22.
It was a quick turnaround, explains owner Dina Samson, who shares that her team had to hit the ground running, repurposing and refinishing.
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A. Phase 1 - Single Family Homes For Sale
Last week: 2 listings, $2,847,500 avg price
This week: no change
Capri Court, 5744 Celedon Creek
$2,700,000 | 3BR, 3BA | 2931 SF
MLS #23-249193 - open Sat (4/1) & Sun (4/2)
Park Houses, 13017 Discovery Creek
$2,995,000 | 3BR, 4BA | 3880 SF
MLS #23-572777
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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: 10 listings, $1,278,990 avg price
This week: 7 listings, $1,248,714 avg price
Carabela #110, 12975 Agustin Place
$1,299,000 | 3BR, 3BA | 1860 SF
MLS #23-240997
Chatelaine #105, 5721 Crescent Park
$1,699,000 (reduced) | 3BR, 3BA | 2408 SF
MLS #23-246131 - open house Sun (4/2)
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
The Metro #127, 5625 Crescent Park
$915,000 | 2BR, 2BA | 1230 SF
MLS #P1-12994PF - open house Sat (4/1)
Villa Savona #408, 7101 Playa Vista Drive
$1,299,000 | 2BR, 3BA | 1680 SF
MLS #23-245687
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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 - open house Sun (4/2)
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: 6.32%
Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers.
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Buyers Are Making a Gradual Return to the U.S. Property Market This Spring
by Liz Lucking, Mansion Global, 3/30/2023
As spring emerges, so are potential home buyers across the U.S., according to a report Thursday from Realtor.com.
Homes typically sold in 54 days in March, faster than in January and February, suggesting that buyers are active in the market—even if their numbers are more muted than this time last year, according to Danielle Hale, chief economist at the online property portal.
While properties are sitting on the market for 18 days longer than they were in March 2022, they’re still selling some two weeks faster on average than before the pandemic boom, the data showed.
Read more by Liz Lucking at: Mansion Global
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More Home Sellers Are Sitting Out of the Spring Housing Market
by Diana Olick, CNBC, 3/30/2023
It might seem like a great time to list your home for sale. Buyers are flooding back into the market, mortgage rates have fallen off their recent highs, and there are still far too few homes for sale to meet demand. But potential sellers aren’t budging.
New listings continued to fall in March, according to Realtor.com, down 20% from the same month last year. That decline in new listings outpaced the 16% drop posted in February. New listings in March were nearly 30% below pre-pandemic levels.
Read more by Diana Olick at: CNBC
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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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