Playa Vista Market Report: Inventory Reaching Desperate Levels, Costs Per Square Foot Similar Between Commercial and Residences!

Among the 5 active listings in the Playa Vista condo resale market today, at least two of the sellers already received multiple offers. Should there be no immediate new inventory on the MLS (Multiple Listing Service,) this week may have the lowest level of available listings for sale since Playa Vista was built in 2003!

This week, the Los Angeles Real Estate News website, The Real Deal, reported “Rockwood Capital is in talks to buy The Water’s Edge campus in Playa Vista.”  The campus is currently home to Electronic Arts and LA Fitness, which consists of two buildings. Additionally, the purchase includes plans to develop a possible third building. In the past year, Rockwood has aggressively acquired two major properties already in Silicon Beach. I found it interesting that the pending sale price for the 260,000-square-foot campus is roughly $190 million, which translates to $735 per square foot.


Waters Edge Campus in Playa Vista with Tyson Skillings of Rockwood
(Credit: Rockwood Capital, Waters Edge) 

Although I’ve written in the past about the inaccuracy to valuate real estate properties solely based on the average cost per square foot metric, it is interesting to compare the cost per square foot, for the sale of a commercial property in Playa Vista (even though it is just one entity) with that of condos and single family homes.

Earlier this month in my 2017 Q3 Market Report for Playa Vista Condo Resale Market, I reported the average cost per square foot among all resale condos is just over $660. Although the statistic sample size among all the single-family home resales (not including brand new homes offered by Brookfield Residential) in both Phase One and Two is very limited with just 20 closed sales this year, the average cost per square foot for all SFR resales in both phases is just under $700. That means the cost per square foot for commercial property is within 10% and does not appear very different from the cost per square foot in the condos and single-family residences in Playa Vista.

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.

Have a fabulous weekend!

Winnie Licht
Broker, Realtor ®
CalBRE #01272501
Palm Realty Boutique
Phone: 310-745-7468
Email: winnie@winnielicht.com
www.PlayaVistaHomeSales.com
THE PLAYA VISTA SPECIALISTS

 


Featured Homes

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


Perfectly located just a heartbeat away from restaurants and stores, and right around the corner from The Resort and Whole Foods – Welcome to the quintessential Playa Vista home. This top floor, townhouse-style condo exudes the warmth & elegance of a traditional home. It features a versatile & popular floor plan with two bedrooms upstairs and a full size den (or possible 3rd bedroom) downstairs. Other highlights of this exceptional residence also include: a cook’s kitchen with SS appliances, warm-hued granite counters, full-height designer back-splash, raised panel cabinetry and a generous, eat-at center island perfect for causal Sunday brunch; a Great Room with 10 foot soffited ceilings & dual-sided fireplace; balcony access from living room and den; a splendid Master suite with extra-high ceilings, French door to open balcony, spa-like master bathroom & walk-in closet; recessed lighting for added ambiance; full sized laundry room; and Side-by-Side parking. Pleasing to all the senses, you will love calling this home.

IN ESCROW in just one week!
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

IN ESCROW quickly!
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! 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

1JUST 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

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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

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LEASED!
6315 Para Way | 3 Bd+Den+3 Full Ba+2 Powder+3-Car Garage
Approx. 3,585 SF | Offered at $8,300 per month

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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

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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

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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

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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 

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