With only 8 active listings in the Playa Vista condo resale market, the inventory has hit the lowest level this year! 2017 is looking to be the strongest year in history for the Real Estate market in Silicon Beach. So far in 2017, there have been over 100 closed sales, which is a 20% jump from the same period in 2016. Additionally, with 19 pending transactions in the pipeline and three months remaining, the total number of homes sold in the Playa Vista condo resale market will skyrocket when compared to last year, which was a record breaking year. Stay tuned next week for the 2017 Q3 market report statistics.
Running parallel to the home sales market, the rental market is also, blazing! The overall volume of leases shown on the Multiple Listing Service since 1/1/17 has surpassed the same period in 2016 by 12%! (Please keep in mind this data doesn’t include leases that are offered directly by owner/landlords.) With the greater number of homes leased, the overall rent has seen a healthy, steady increase. Both the median and average rent in 2017, so far, has risen 4.77% and 3.70% respectively. In contrast, the Consumer Price Index for All Urban Consumers in Los Angeles area in the last 12 months increased by 2.8%. Excitingly, housing costs in Playa Vista still outpaced the index. The rent amount reflects a very consistent, average sized home of approximately 1,655 square feet.
Unlike the sales market, the bulk of the leasing activities in Playa Vista, was concentrated and peaked in the summer months, with the most active months being July, August and September. There are several upcoming 2-bedroom and 3-bedroom Playa Vista leases coming, please reach out if you would like more details.
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.
Enjoy the 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
In a league of its own – Living in this tri-level paragon of perfection is like being on vacation every day. The dramatic double-height ceilings and walls of glass invite you outdoors to the perfect SoCal weather! The expansive views make you feel like you’re sitting on top of the world! The versatile floor plan features 2 bedrooms, an enclosed full-sized den (or possible 3rd bedroom), a mezzanine loft and 3 bathrooms. The entry level space flows seamlessly from room to room. The gourmet kitchen features quartz counters, metallic tile back-splash, and SS appliances. Upstairs there’s an open loft with panoramic views and plenty of extra storage. Downstairs there’s an over-sized master suite with custom window shutters, luxe bath with dual vanities, soaking tub, glass enclosed shower, and a huge walk-in closet. There’s also a second en suite bedroom, and a side-by-side laundry area. The moment you arrive you’ll know for sure, this is a one-of-a-kind Silicon Beach living at its best!
IN ESCROW 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