As of today, there are 8 active listings in the Playa Vista condo resale market. Since the start of the new year, nine new listings have gone into escrow. The new inventory becoming available is at or about the same rate as properties going into pending status. This rotation rate is keeping the total number of available homes holding steady in the high single digits.
In my 2017 Market Report, I reported that, in the past year, nearly 18% of sales closed at asking price and 48% sold for above the asking price. Reflecting on this trend, two-third of the sales in the Playa Vista condo resale market have sold at or above the asking price. This trend is clearly continuing as the low level of inventory endures. Among the most recent pending sales, the majority of sellers received multiple offers. (One lucky seller even received 11 offers, with several cash buyers competing for the same home!) Looking at the nine currently pending sales, approximately two-thirds of properties are in escrow at or above asking price with one very lucky seller fetching nearly $100,000 over asking price!
For those who are still at the heart of their home search and are looking to move to the urban oasis, that is Playa Vista, and start enjoying the walk-able lifestyle, here is an opportunity to ‘test-drive’ by leasing a condo in one of the most stylish, modern condo complexes:
Concerto Lofts – 13045 Pacific Promenade | 2 Bd + 2 Ba + Storage + Balcony
Approx. 1,160 SF | Single Level with Concert Park views | Offered at $3,710/month
The time is always perfect to spring forward into a new, sleek and sexy residence with incredible urban conveniences. This Silicon Beach interpretation of a modern loft is thoughtfully designed and well-appointed with an open floor plan and two distinct sleeping areas. Impressive features of this single level, “soft” loft include: East facing walls with lots of windows with tree-top views overlooking Concert Park; cosmopolitan kitchen with Corian® counters, eye catching mosaic backsplash, dark stained wood cabinetry, SS appliances, Bertazzoni® stove top and oven with custom hood; brand new carpet and warm, wood-like, porcelain tile floors that cover the main living area; exterior 3’x6′ storage closet, and best of all, a sunny balcony that’s perfect for year-round enjoyment. Imagine all this, just steps away from the heart of the community and numerous shops, eateries and amenities. Come enjoy the ultimate Playa Vista lifestyle that just keeps getting better!
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 happy to offer you additional insight about the community, Playa Vista Elementary School and the dynamic marketplace.
Have a fantastic weekend!
Broker, Realtor ®
Palm Realty Boutique
THE PLAYA VISTA SPECIALISTS
IN ESCROW FOR OVER ASKING PRICE!
Coronado #411 – 7100 Playa Vista Drive | 2 Bd + 2 Ba + Full Size Office + Balcony
Approx. 1,210 SF | Total HOA for PVPAL & Coronado is $649/month
Offered at $908,500
A new home for the new year! Come enjoy the best of California coastal living in your very own, top floor, single level condo in Silicon Beach! This east facing condo is ideally located with stunning views of the LMU bluffs and swaying palm trees. The versatile floor plan comes with a full-size den that’s perfect as a home office, or can be closed off and transformed into a guest room. The designer kitchen features solid counters, light mocha cabinets and an open breakfast bar. Warm, wood-like, porcelain tile floors cover the main living area that opens to a sunny balcony with extra storage overlooking a tree-lined street. The master suite with extra high ceilings includes dual vanities, luxe soaking tub & oversize walk-in closet. Best of all, this home is centrally located across the street from the pools & gym at The CenterPointe Club and is a short walk to sports courts, playgrounds & the elementary school. Come and fall in love. We’re sure you’ll agree – THIS ONE REALLY HAS IT ALL