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Insider's Guide to Real Estate in Playa Vista
5/27/2023: Southern California home prices have been falling. Are the drops over?
This Week's Contents
1. This Week in Playa Vista
2. Court Ruling Halts Controversial Ballona Wetlands Restoration Project
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: 13 listings (1 new!)
3d. Phase 2 - Condos/Townhomes For Sale: 3 listing (2 new!)
4. This week's avg 30-yr fixed-rate: 6.57%
5. Southern California Home Prices Have Been Falling. Are the Drops Over?
6. Not a Good Time to Buy a House, Many Americans Say in New Poll
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
1-Minute Market Insight: Happy Memorial Day Weekend! 1//New Phase 2 Listings | Two new Phase 2 listings came on the market this week — a Skylar single-level and a Cleo single-level. Additionally, a Tempo (Phase 1) two-level home near Concert Park was listed this week. 2//Slow Sales | This past week, no homes went into contract in Playa Vista. One listing was cancelled and one fell out of contract. The total inventory of For Sale homes is 16, the highest number so far this year. 3//Interest Rates | Average mortgage interest rates jumped up substantially this week, from 6.39% to 6.57%, related to concerns as the debt ceiling deadline nears. This has been the highest rate of the past ten weeks.
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THIS WEEK IN PLAYA VISTA
1. Farmers' Market
5/27 (Saturday) - 9am to 2pm along Millennium Drive
2. P.C. Pitstop: Cars & Coffee
5/27 (Saturday) - 9am to 10am at Runway, hosted by Free Market and Period Correct
3. Wine Time with Aline Thibeaut
5/31 (Wednesday) - 5pm to 6pm at Superfine Playa
* Four wines and small bites, $35/person. Reserve
4. Runway Kids Club: Books & Cookies
5/31 (Wednesday) - 10am to 11:30am at Runway
* Read stories, sing, dance, jam with musical instruments and play with the colorful parachute
5. Free Market Happy Hour Social
6/1 (Thursday) - 5:30pm to 7:30pm at Free Market
* Enjoy retail specials, pop-ups, cool exhibits and a live DJ set. Try a variety of wines by Joliet.
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Court Ruling Halts Controversial Ballona Wetlands Restoration Project
by Clara Harter, Los Angeles Daily News, 5/20/2023
In a major development in the battle over the Ballona Wetlands, a judge has reversed approvals for a state restoration plan to bulldoze and reshape vast areas of the sensitive habitat which borders the sand dunes that separate it from the ocean to the west, and the upscale Playa Vista development to the east.
The opinion filed on May 17 by Los Angeles Superior Court Judge James Chalfant found that the Environmental Impact Report (EIR) for the California Department of Fish and Wildlife’s proposed restoration project used incorrect flood risk standards and didn’t commit the organization to specific enough performance criteria for preserving wildlife.
Read more by Clara Harter at: Los Angeles Daily News
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A. Phase 1 - Single Family Homes For Sale
Last week: 1 listing at $2,379,000
This week: no change
Capri Court, 5858 Kiyot Way
$2,379,000 | 3BR, 4BA | 2376 SF
MLS #23-264225
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B. Phase 2 - Single Family Homes For Sale
Last week: 1 listing at $2,249,000
This week: 2 listings, $2,497,000 avg price
Asher, 5848 W Seaglass Circle
$2,745,000 | 3BR, 4BA | 2505 SF
MLS #21-741772
Woodson, 12804 S Seaglass Circle
$2,249,000 | 4BR, 4BA | 2304 SF
MLS #23-266945 - open house Sun (5/28)
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C. Phase 1 - Condos/Townhomes For Sale
Last week: 13 listings, $1,245,462 avg price
This week: 13 listings, $1,181,538 avg price (1 new!)
Bridgeway Mills, 5400 Playa Vista Drive #4
$1,560,000 | 2BR, 4BA | 2450 SF
MLS #AR23068529MR - open house Sat (5/27)
Carabela #110, 12975 Agustin Place
$1,299,000 | 3BR, 3BA | 1860 SF
MLS #23-240997
Chatelaine #102, 5721 Crescent Park
$1,599,000 | 3BR, 3BA | 2140 SF
MLS #23-271901 - open house Sun (5/28)
Concerto Lofts #318, 13045 Pacific Promenade
$1,100,000 | 2BR, 2BA | 1160 SF
MLS #SB23039120MR
Coronado #109, 7100 Playa Vista Drive
$989,000 | 2BR, 2BA | 1150 SF
MLS #23-27201 - open house Sun (5/28)
Coronado #121, 7100 Playa Vista Drive
$1,275,000 | 3BR, 2BA | 1510 SF
MLS #23-272197
Coronado #320, 7100 Playa Vista Drive
$1,095,000 (reduced) | 2BR, 2BA | 1150 SF
MLS #23-259623
Coronado #412, 7100 Playa Vista Drive
$1,149,000 | 2BR, 2BA | 1210 SF
MLS #23-265509
Crescent Walk #450, 13200 Pacific Promenade
$835,000 | 1BR, 2BA | 1149 SF
MLS #23-265781 - open Sat (5/27) & Sun (5/28)
The Metro #127, 5625 Crescent Park
$895,000 (reduced) | 2BR, 2BA | 1230 SF
MLS #P1-12994PF
Paraiso #108, 13173 Pacific Promenade
$1,195,000 | 2BR, 3BA | 1703 SF
MLS #SB2307985MR - open Sat (5/27) & Sun (5/28)
Paraiso #117, 5831 Seawalk Drive
$1,170,000 (reduced) | 2BR, 3BA | 1703 SF
MLS #RS23061058MR
Tempo #411, 6020 Seabluff Drive
$1,199,000 | 2BR, 3BA | 1410 SF
new! MLS #23-256487
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D. Phase 2 - Condos/Townhomes For Sale
Last week: 1 listing at $1,798,000 avg price
This week: 3 listings, $2,247,667 avg price (2 new!)
Cleo, 12765 Bluff Creek Drive #2
$2,795,000 | 3BR, 3BA | 2242 SF
new! MLS #23-272803 - open Sat (5/27) & Sun (5/28)
Mason, 5824 Meadowlark Place #1
$1,798,000 (reduced) | 3BR, 2BA | 1818 SF
MLS #OC23038806MR
Skylar, 12491 Osprey Lane #3
$2,150,000 | 3BR, 3BA | 2026 SF
new! MLS #23-271761 - open Sat (5/27) & Sun (5/28)
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This week's avg 30-yr fixed-rate: 6.57%
The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week. Dampened affordability remains an issue for interested homebuyers and homeowners seem unwilling to lose their low rate and put their home on the market. If this predicament continues to limit supply, it could open up an opportunity for builders to help address the country’s housing shortage.
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Southern California Home Prices Have Been Falling. Are the Drops Over?
by Andrew Khouri, The Los Angeles Times, 5/25/2023
Last year, rising mortgage interest rates chilled the previously hot Southern California housing market.
Buyers backed off, sales plunged and, for the first time in a decade, home prices underwent a sustained slide.
By one measure, prices in the six-county region fell 13% from the peak last spring.
That might be as low as they go.
Read more by Andrew Khouri at: The Los Angeles Times
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Not a Good Time to Buy a House, Many Americans Say in New Poll
by Swapna Venugopal Ramaswamy, USA Today, 5/20/2023
Homebuyers’ pessimism about market conditions has hit a new low.
Only 21% of U.S. adults say it’s a good time to buy a house, according to a new Gallup poll, a record low since 1978 when the company began conducting its annual poll. It’s down 9 percentage points from a year ago, and it's the second time the figure has dipped below 50%.
The latest results are from Gallup’s annual Economy and Personal Finance poll, conducted April 3-25, and comes at a time when elevated mortgage rates, high home prices and low inventory levels have slowed the housing market.
Read more by Swapna Venugopal Ramaswamy at: USA Today
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in March
Avg List Price of sold home: $1,583,663
Average Sold Price: $1,562,042
Average Sold $/SF: $920.88
No. Homes Sold: 11
Sold Range: $860,000 - $2,274,000
Single Family Homes - Sold in March
List Price of sold home: $4,699,498
Sold Price: $4,525,000
Sold $/SF: $1,211.92
No. Homes Sold: 4
Sold Range: $2,750,000 - $5,150,000 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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