August is a peculiar month in the Real Estate Market. It is the last month of Summer and many people are either traveling to or from vacation. Perhaps, this is one of the reasons the number of active inventory in the Playa Vista condo resale market only dropped to 11. Sellers must be taking a summer break since real estate activities dwindled a bit, somewhat mimicking the school calendar.
Conventional belief is that the real estate market changes substantially after the Labor Day Weekend. However, with our mild summer and slow transition into Fall, listings in Silicon Beach and SoCal don’t always follow the rest of the country. This year, with Labor Day falling on the first Monday of September, I am feeling more hopeful. I believe there will be more available inventory, giving buyers more properties to choose from. In fact, in the past week, I’ve heard there will be
a 3-bedroom condo available soon; an attached townhouse with private 2-car garage, as well as several top floor homes with spectacular views. Feel free to email or call me at email@example.com or 310-745- 7468 if you would like more information.
So far, this year, the absorption rate in Playa Vista condo resale market is approximately 10 properties per month. Based on the current inventory of 11 listings, the snapshot this week suggests a very strong seller’s market with a 90% absorption rate! Of course, this indicator does not consider additional homes that might enter the market. However, this year, we’re
right on track to outnumber the record high as seen in 2016.
This blog will take a short summer break for the next two weeks and I will return with the latest market updates and information.
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 information about the community, Playa Vista Elementary School and the dynamic marketplace.
Have a terrific two weeks!
Broker, Realtor ®
Palm Realty Boutique
THE PLAYA VISTA SPECIALISTS
OPEN HOUSE on Saturday, 7/29, and Sunday, 7/30, from 2-5 p.m.
Bridgeway Mills #3 – 5400 Playa Vista Dr. | 3 Bd + 1 Ofc Nook + 2.5 Ba + 3-car Garage
Approx. 1,920 SF | Total HOA for PVPAL & BWM is $690 | Offered at $1,325,000
A one-of-a-kind gem in Silicon Beach…This modernist townhouse has been completely remodeled from top to bottom. The blend of minimalistic Scandinavian aesthetics and sleek, ethereal color pallet makes this high-tech living at its finest. The owners spared no expense in re-designing this timeless modern masterpiece to include new kitchen with European cabinets, center island, extended footprint with Asko and Kitchenaid Architect series appliances and Caesarstone countertops; Two lofts transformed into separate bedrooms; all bathrooms updated with new finishes; natural white oak laminate flooring throughout; UV window film; designer light fixtures with upgraded dimmers, Nest thermostat, and Culligan water filter and softener system. All in all, this is today’s contemporary lifestyle at its very best and will surely appeal to any buyer looking for something extraordinary!
6315 Para Way | 3 Bd+Den+3 Full Ba+2 Powder+3-Car Garage
Approx. 3,585 SF | Offered at $8,300 per month
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
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
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 & Bridgeway Mills is $690 | Offered at $1,271,000
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