This week, the overall inventory in the Playa Vista condo resale market shrunk even further to the all-time low of just 4 active listings available on the MLS! This never-before-seen, extreme level of reduced supply has pushed prices in the opposite direction, echoing a recent Los Angeles Times article on September 19th titled; “Southern California home prices jump again. Lots of residents worry about affordability.” The intense competition from eager buyers are seen not only at the entry level price point, but also for all properties across the price spectrum. For example; this week, there are only 6 single family home listings on the MLS. Among them, only 1 is a resale and the other 5 are brand new homes offer by Brookfield Residential.
The good news is, the economy continues to expand, the stock market remains strong, consumer confidence is up, and the flow of high-paying jobs increases here in Silicon Beach. All these factors fuel the demand for housing or real estate investment. In fact, in recent months, I’ve seen more buyers jumping in to take advantage of the historically low interest rate in anticipation of an interest rate hike in 2018.
Here is a snapshot of the year-to-date numbers in the first 3 quarters of this year:
Wow! As you can see the supply end shrunk by 75% from a year ago and the number of sold listings has already outpaced last year’s number by 20% during the same period. Assuming all pending sales will close in the next 30 to 45 days, the number of properties in the pipeline, plus closed sales have already exceeded 117, the total number of closings in the condo resale market from last year. What is also, remarkable is that for the first time the Median Sold Price has pushed beyond the $1,000,000 threshold! This means there are a higher quantity of larger sized and higher end condos sold, pointing to how active the high-end market is as well. (It is important to note most of the higher end properties are newer condos in Phase Two with private garages.)
As we come down to the holiday months, the market usually sees fewer activities, but this year began with a bang and has been strong even into this first week of October. Unless, there is a surplus of inventory, we will just have to wait and see what the last quarter of 2017 will show.
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 will be happy to offer you additional information about the community, Playa Vista Elementary School and the dynamic marketplace.
Have a wonderful fall weekend!
Broker, Realtor ®
Palm Realty Boutique
THE PLAYA VISTA SPECIALISTS
IN ESCROW in just one week!
Coronado #408 – 7100 Playa Vista Drive | 2 Bd + Ofc + Loft + 3 Ba + Tandem Parking
Approx. 1,892 SF | Total HOA for PVPAL & Coronado is $688 | Offered at $1,145,000
PENDING in just one week!
Esplanade #404 – 13080 Pacific Promenade | 2 Bd + 2 Ba + Storage + Side-by-Side Parking
Approx. 1,355 SF | Total HOA for PVPAL & Esplanade is $547 | Offered at $895,000
JUST SOLD FOR $25,000 OVER ASKING! HIGHEST PRICED HOME SOLD IN ICON-CIELO IN 2017!
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
JUST SOLD FOR $13,000 OVER ASKING!
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
SOLD AS THE HIGHEST PRICED PLAN 3 IN BRIDGEWAY MILLS!
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 & BWM is $690 | Sold at $1,240,000
6315 Para Way | 3 Bd+Den+3 Full Ba+2 Powder+3-Car Garage
Approx. 3,585 SF | Offered at $8,300 per month
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