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Insider's Guide to Real Estate in Playa Vista
4/29/2023: Home buyers are eager but sellers are scarce, creating 'real gridlock'
This Week's Contents
1. This Week in Playa Vista
2. Venice Family Clinic's Mural Mash Up at Runway Playa Vista
3a. Phase 1 - Single Family Homes For Sale: 1 listing (new!)
3b. Phase 2 - Single Family Homes For Sale: 2 listings
3c. Phase 1 - Condos/Townhomes For Sale: 8 listings (1 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 1 listing
4. This week's avg 30-yr fixed-rate: 6.43%
5. Home Buyers Are Eager but Sellers Are Scarce, Creating 'Real Gridlock'
6. Los Angeles Saw Lower Sales Amid Higher Prices in the First Quarter
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: 1//"Under Contracts" | Four homes went into contract this week (out of 16 total homes listed); all of them were condominiums. The list prices of these homes under contract ranged from $850,000 to $2,195,000 which represents the price range for an overwhelming majority of condominiums in Playa Vista. 2//Two New Listings | This week, there are two new listings — a Capri Court SFH ($2,379,000) and an Avalon 2BR condo ($985,000). The Capri Court is extensively remodeled and is 2376 SF with a large, private outdoor space. The Avalon is a corner unit and has a den space in addition to the 2 bedrooms, all on a single level. 3//Declining Inventory | Inventory in Playa Vista remains low as more homes are going into contract than coming on the market. This week, there are exactly 12 homes on the market, down from a high of 18 concurrent listings this year.
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Venice Family Clinic's Mural Mash Up at Runway Playa Vista
by Alex and Edizen Stowell, Venice Paparazzi, 4/22/2023
Venice Paparazzi was on the scene at Venice Family Clinic’s Mural Mash Up at Runway Playa Vista. View behind the scene photos of the artists in action!
Local artists Erik White, Eric Junker, UPENDO, Liesel Plambeck, Coco Nella, and Jules Muck came together for an afternoon of mass muraling at the Turf at RUNWAY Playa Vista on April 22, 2023.
View more photos at: Venice Paparazzi
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A. Phase 1 - Single Family Homes For Sale
Last week: 1 listing at $2,700,000
This week: 1 listing at $2,379,000 (new!)
Capri Court, 5858 Kiyot Way
$2,379,000 | 3BR, 4BA | 2376 SF
new! MLS #23-264225
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B. Phase 2 - Single Family Homes For Sale
Last week: 2 listings, $2,722,000 avg price
This week: no change
Asher, 5848 W Seaglass Circle
$2,745,000 | 3BR, 4BA | 2505 SF
MLS #21-741722
Asher, 5834 Seahorse Court
$2,699,000 | 3BR, 4BA | 2632 SF
MLS #OC23055550MR
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 11 listings, $1,137,364 avg price
This week: 8 listings, $1,090,875 avg price (1 new!)
Avalon #216, 13075 Pacific Promenade
$985,000 | 2BR, 2BA | 1154SF
new! MLS #SB23052441MR - open Sat (4/29) & Sun (4/30)
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
MLS #23-254037 - open house Sun (4/30)
Concerto Lofts #318, 13045 Pacific Promenade
$1,100,000 | 2BR, 2BA | 1160 SF
MLS #SB23039120MR
Coronado #320, 7100 Playa Vista Drive
$1,120,000 | 2BR, 2BA | 1150 SF
MLS #23-259623 - open house Sun (4/30)
The Metro #126, 5625 Crescent Park
$879,000 (reduced) | 2BR, 2BA | 1230 SF
MLS #23-244121
The Metro #127, 5625 Crescent Park
$915,000 (reduced) | 2BR, 2BA | 1230 SF
MLS #P1-12994PF - open Sat (4/29) & Sun (4/30)
Paraiso #117, 5831 Seawalk Drive
$1,250,000 | 2BR, 3BA | 1703 SF
MLS #RS23061058MR
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 2 listings, $1,996,500 avg price
This week: 1 listing at $1,798,000 avg price
Mason, 5824 Meadowlark Place #1
$1,798,000 (reduced) | 3BR, 2BA | 1818 SF
MLS #OC23038806MR
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This week's avg 30-yr fixed-rate: 6.43%
The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023. Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home.
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Home Buyers Are Eager but Sellers Are Scarce, Creating 'Real Gridlock'
by Kyle Ellingson, The New York Times, 4/29/2023
The housing market typically comes to life in spring, when buyers emerge in the warmer weather. This year, the market appears stuck in a deep freeze, and the biggest culprit is a lack of sellers, housing experts say.
There is interest among buyers — mortgage applications were up 10 percent in March from the month before — but the number of homes for sale is low. The mismatch is caused in part by homeowners who are inclined to sell but are sitting on the sidelines, scared off by the steep prices and mortgage rates that they would face as buyers.
Read more by Kyle Ellingson at: The New York Times
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Los Angeles Saw Lower Sales Amid Higher Prices in the First Quarter
by Casey Farmer, Mansion Global, 4/27/2023
The greater Los Angeles housing market experienced high prices and low sales during the first quarter, according to a report Thursday from Douglas Elliman.
The city’s median sales price was $2.02 million, up 13.2% from the same time last year. Sales dropped 32.8% year over year, with 1,009 closings recorded during the first three months of 2023, according to the report. This marked the fifth consecutive quarter that saw a yearly decline in sales.
Read more by Casey Farmer at: Mansion Global
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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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