Here we are in the second week of December and it already feels like as if the Holiday Spirit is setting in! As expected, the real estate market is the quietest this week than at any other time of the year.
In the Playa Vista condo resale market, there are only 2 active listings currently available and just 5 pending sales in the pipeline. The depleted amount of available homes for sale has never been seen since Playa Vista was first built in 2003! In the single-family home market, the only properties available for sale are brand new residences from Brookfield Residential. So far in this month, the majority of activities is focused in the leasing market with 9 homes leased in these first two weeks, bringing the available inventory in the leasing market to 18.
This week, the Federal Reserve raised its benchmark interest rate, as expected, by a quarter percentage point for the third time this year. This short-term interest rate is what banks charge each other for overnight loans and is NOT directly tied to the 30-year fixed rate mortgage interest rate, which is what has most home buyers most concerned. The effect of this increase will also, be seen in interest charges on credit cards and other revolving loans with variable rates such as adjustable-rate home equity lines.
Looking ahead into the new year, I expect several exciting accomplishments in Playa Vista and its real estate market. The Seabluff building is rapidly under construction, located just east of Coffee Bean. The 75-unit condo complex will boost inventory by bringing 75 contemporary apartments and townhomes for sale as soon as early 2018!
Additionally, 2018 is the first year when the maturity dates of some Controlled Price Units in Playa Vista will come to an end and we should be seeing some CPU’s up for sale at market price. CPUs are homes that were initially offered at below-market prices with resale limitations for the first 15-year period after the date of initial sale. With the end of the 15-year period, some property owners may decide to capitalize on the price appreciation and sell these homes.
Finally, enthusiastic upgrades at Concert Park are well underway and by summer of next year, we will be able to enjoy the additional grass and picnic areas. Here are some images found on the official Playa Vista website that I am pleased to share:
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 information about the community, Playa Vista Elementary School and the dynamic marketplace.
This is the last real estate newsletter for the year and I will resume in the new year with a recap of 2017 and market statistics. Thank you so much for reading and Happy Holidays to everyone!
Broker, Realtor ®
Palm Realty Boutique
THE PLAYA VISTA SPECIALISTS
IN ESCROW in just one week!
Carabela #309 – 12975 Agustin Place #309 | 3 Bd + 2.5 Ba + 2 Balconies + 2 Side-by-Side
Approx. 1962 Sq. Ft. | Total HOA for PVPAL & Carabela is $731 | Offered at $1,195,600
JUST SOLD FOR ALMOST $60,000 OVER ASKING AT $815,000!
Tempo #442 – 6020 Seabluff Dr | 2 Bd + 2 Ba + Balcony + 2 Non-Tandem Parking Spaces
Approx. 910 SF | Total HOA for PVPAL & Tempo is $556 | Offered at $755,500
JUST SOLD FOR $15,000 OVER ASKING!
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
JUST SOLD FOR $70,000 OVER ASKING! HIGHEST PRICED PLAN 3 IN ESPLANADE!
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!
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 AT THE TIME!
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