Many cities across the country are reporting the acute shortage of both new and existing housing inventory as the main reason for the constricting market activity nationwide. In a recent housing report from the National Association of Realtors (NAR) and according to the Commerce Department, housing starts, housing permits and new home construction are all down, diminishing the number of pending sales in the pipeline. This lack of supply has pushed the other side of the equation up with raised prices and decreased affordability. This phenomenon is especially true at the entry-level, which makes up the majority of first time home buyers.
In Playa Vista, the current limited available inventory might hinder the total number of closings by year’s end. However, the market overall, remains positive. To date, the first two quarters in the Playa Vista condo resale market, this year, has been the most vigorous, with 61 total closings. This astronomical number is more than 10% higher than last year’s record high, and is on track toward a compelling finish. In fact, THE PLAYA VISTA SPECIALISTS, is responsible for approximately 20% of all the closings throughout this 6-month period, keeping us the #1 real estate sales team with the highest sales volume in Playa Vista.
Here is a quick summary of the YTD numbers in the first half of 2017:
Among the 61 closings, over 10% of them are condos in Phase II, which are homes located east of Dawn Creek. It is important to note that these newer properties represent a larger market share as they are generally larger with private garages and a significantly higher price point. In fact, the average price per square foot for newer condos in Phase II is close to $850 per square foot, which is significantly higher than the older homes in Phase I. The infusion of homes selling at a higher price is also skewing up the median price in 90094 by more than 6% from a year ago.
Finally, here is a brand-new listing, remodeled inside out from top to bottom…
JUST LISTED – First open house on Sunday, 7/9, from 2-5 p.m.!
Bridgeway Mills #3 – 5400 Playa Vista Dr. | 3 Bd + 1 Ofc Nook + 2.5 Ba + 3-car Garage
Approx. 1,920 SF | Total HOA for PVPAL & BWM is $690 | Offered at $1,325,000
A one-of-a-kind gem in Silicon Beach…This modernist townhouse has been completely remodeled from top to bottom. The blend of minimalistic Scandinavian aesthetics and sleek, ethereal color pallet makes this high-tech living at its finest. The owners spared no expense in re-designing this timeless modern masterpiece to include new kitchen with European cabinets, center island, extended footprint with Asko and Kitchenaid Architect series appliances and Caesarstone countertops; Two lofts transformed into separate bedrooms; all bathrooms updated with new finishes; natural white oak laminate flooring throughout; UV window film; designer light fixtures with upgraded dimmers, Nest thermostat, and Culligan water filter and softener system. All in all, this is today’s contemporary lifestyle at its very best and will surely appeal to any buyer looking for something extraordinary!
In closing, I want to share with you the exciting news that I’ve joined Palm Realty Boutique, a progressive local real estate office. In fact, PRB is expanding from its Manhattan Beach office to a satellite Playa Vista office on Jefferson, just across the street from The Runway retail shops and Whole Foods. After over ten years of being part of a colossal real estate corporation, I’ve decided to move my business to a company that allows for a more personalized and sensible approach to helping my clients with their real estate needs. I look forward to continuing to serve the Playa Vista community I’ve called home since 2004!
For more information about any of the new homes or other properties featured in this newsletter or this week’s open house schedule, please feel free to contact me. I am also, happy to provide you with information about the community, Playa Vista Elementary School and the dynamic marketplace.
Have a wonderful weekend!
Broker, Realtor ®
THE PLAYA VISTA SPECIALISTS
JUST LISTED – Open House on Sunday, 7/9, from 2-5pm!
13077 Bluff Creek Drive in Icon | 4 Bd + 2 Ofc + 3 Full Ba + 2 Powder + 2 Balconies
Approx. 3,860 SF | Total HOA for PVPAL & Icon is $481 | Offered at $2,360,000
California Dreaming…Just like the song, this home is an ICON – A Spanish modern masterpiece with a mix of California coastal chic! Located in one of Playa Vista’s premiere collections, the extraordinary appeal can be seen in every detail, every finish, every imaginative architectural design. Both the interior & exterior are brilliantly configured to span 3 levels of gracious living. The versatile entry level offers an inviting office opening to a sunny patio, and an en-suite bedroom with its own outdoor space. Take the elevator to the main level where comfortable family living comes alive. The ultimate kitchen with a grand, center island is perfect for gourmet cooking. The expansive Great Room opens to a covered balcony with panoramic bluff views. The upstairs is devoted to a spacious Master Retreat, two secondary bedrooms, a full bath, laundry room, and office nook. Come see how you can make your dreams come true! This home definitely defines luxury in a whole new way!
The Lofts #213 – 13020 Pacific Promenade | 2 Bd + 2 Ba + Large Balcony
Approx. 1,090 SF | Total HOA for PVPAL & The Lofts is $670 | Offered at $812,000
IN ESCROW QUICKLY!
Bridgeway Mills #19 – 5400 Playa Vista Dr. | 2 Bd + Loft +2.5 Ba + 3 Patios + 3-car garage Approx. 2,050 SF | Total HOA for PVPAL & Bridgeway Mills is $690 | Offered at $1,271,000
IN ESCROW IN JUST 1 WEEK AND SOLD FOR $35,000 ABOVE ASKING!
Serenade #128 – 13031 VIllosa Place #128 | 2 Bd + Office +2.5 Ba + 2 Patios + Storage cage
Approx. 2,020 SF | Total HOA for PVPAL & Serenade is $759 | Sold at $1,225,000
IN ESCROW WITHIN 3 DAYS AFTER DEBUTING & SOLD AT ASKING!
Tapestry II #3 – 6020 Celedon Creek | 3 Bd + Large Room of Garage + 2.5 Ba + 2-car garage Approx. 2,140 SF | Total HOA for PVPAL & Tapestry II is $630 | Sold at $1,376,500
SOLD FOR $123,000 OVER ASKING AND CLOSED IN 21 DAYS!
Esplanade #309 – 13080 Pacific Promenade | 2 Bd + Office + Alcove + 2.5 Ba + 2 Balconies Approx. 1,653 SF | Total HOA for PVPAL & Esplanade is $572 | Sold at $1,108,000
SOLD FOR $20,000+ OVER ASKING IN 1 WEEK!
Carabela #336 – 12975 Agustin Pl | 2 Bd + 2.5 Ba + Patio | Approx. 1,640 SF
Total HOA for PVPAL & Carabela is $650 | Sold at $950,00