With only 2 active condo resale listings in the Playa Vista, both in the $1.4M price range with one of them already in negotiations, buyers are eagerly awaiting an increased inventory of homes for sale.
This past Tuesday was exciting when the online priority registration for Seabluff Playa Vista by The New Home Company opened. Many buyers leaped to sign up and begin the pre-qualification process for the chance to buy one of the 69 newly constructed, market price flats or townhomes.
The process of buying a newly constructed condo is somewhat different from purchasing a resale home through your agent. The builder has guidelines, which it will use to qualify buyers. This process helps the builder to separate buyers who are ready to purchase immediately vs. those who signed up simply to get more information. The pre-qualification process is equally as important as signing up for the priority list. For Seabluff Playa Vista, Wells Fargo is the builder’s preferred lending partner. Although many buyers already have a pre-approval letter from their own lender, nonetheless, completing the pre-qual process is a very crucial step in order to be notified of future sales releases. Additionally, the pre-qual process does not obligated buyers to use the builder’s preferred lender for their financing.
With new home sales, buyers are given stacks of paperwork with disclosures to review at different stages of construction and during the sales process. (As I recalled in one of my own new construction purchases, the paperwork was enough to fill a wheeled, carry-on luggage!) In addition to a standard builder’s purchase agreement, you will see disclosures concerning options and upgrades, multiple public reports about the subdivision and environmental concerns, homeowner association documents, disclosures regarding financing and amendments pointing to special agency relationships, anti-speculating agreements and/or owner-occupied restrictions.
With construction well under way, the Sales Gallery for Seabluff Playa Vista may open as early as Spring of this year. The Seabluff sales team agents are representing the builder. Therefore, buyers are welcome to work with their own agent. If you’re looking for an experienced Real Estate Broker, having represented many new home buyers in Playa Vista and personally has first-hand experience buying a newly constructed home, I am always available to help. I can advise you on the process, protect your interest in negotiations and understanding the contingency periods, offering both positive and negative feedback about the transaction, and most importantly, help with the current decisions that will impact your home’s future resale value. As your agent representative, I must accompany you during your very first visit to the sales gallery.
If you would like more information concerning the steps to purchase and project information, please reach out. I am also available to chat about comparing new home sales vs. buying a resale. Looking back, last year was a record breaking year for Playa Vista and many of our clients. To see how we did, scroll down for our 8 all-time high records of 2017!
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 insights about the community, Playa Vista Elementary School and the dynamic marketplace.
Have a wonderful weekend!
Broker, Realtor ®
Palm Realty Boutique
THE PLAYA VISTA SPECIALISTS
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