Playa Vista Market Report: Top Heavy Market and the Surprise Behind Cash Buyers!

Now you see it, now you don’t. As if in the blink of an eye, listings in the Playa Vista condo resale market appear and are as quickly gone again. Among the 15 currently active condo listings on the MLS, the median price is at $1.2M, pointing to a top-heavy market with nearly two-thirds of the properties for sale over the $1M mark. Therefore, much of the market activities focus in the lower one-third price range. In fact, four lucky sellers have received offers and are in negotiations.

This week, I heard a thought-provoking talk on a podcast from Take Two® on KPCC. It addresses the questions that so many buyers have asked when faced with multiple offer situations: Who are the cash buyers in SoCal real estate? (To read article, click #SoCalSoCurious.) Contrary to the article, in Playa Vista, the percentage of cash buyers are slightly higher at 30%, but the buyer’s profile is in line with what the article stated. In short, the article summarizes that a few years ago, cash buyers tended to be foreign investors and deep pocketed American investors. Today, they are people with rich parents or buyers in the tech industry. I would also add one more category of cash buyers – baby boomers that are downsizing and looking to live in neighborhoods with amenities just a short walk away.

This week, I would like to present a Classic Spanish residence available for immediate move-in:

JUST LISTED – easy to show by appointment only 
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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This Classic Spanish residence, overlooking a quiet street, is the essence of luxury and sophistication. The moment you open the door, you’ll feel at home. The elegant, formal entry warmly invites you into the foyer filled with amazing natural light. On this level, you will find a game room with covered patio and an en-suite bedroom. The dramatic, open staircase transports you to the 2nd level where family life meets and thrives. The spacious living room has French Doors leading to a patio perfect for Alfresco dining. Just beyond is the chef inspired kitchen, large eat-at island and family room with fireplace. The third level includes an alluring Master suite, luxurious bathroom, spacious walk-in closet, and the 3rd en-suite bedroom. Other designer highlights include: distressed hardwood floors; custom window treatments, and a private 3-car garage. Without a doubt, this is a rare gem in a perfect location, enhanced by the utmost attention to quality and design.

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 also, happy to provide you with information about the community, Playa Vista Elementary School and the dynamic marketplace.

Have a beautiful warm weekend!

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


Featured Homes

JUST LISTED – open house on Sunday, 7/16, 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!

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JUST LISTED!
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
California Dreaming…Just like the song, this home is an ICON – A Spanish modern masterpiece with a mix of California coastal chic! Located in one of Playa Vista’s premiere collections, the extraordinary appeal can be seen in every detail, every finish, every imaginative architectural design. Both the interior & exterior are brilliantly configured to span 3 levels of gracious living. The versatile entry level offers an inviting office opening to a sunny patio, and an en-suite bedroom with its own outdoor space. Take the elevator to the main level where comfortable family living comes alive. The ultimate kitchen with a grand, center island is perfect for gourmet cooking. The expansive Great Room opens to a covered balcony with panoramic bluff views. The upstairs is devoted to a spacious Master Retreat, two secondary bedrooms, a full bath, laundry room, and office nook. Come see how you can make your dreams come true! This home definitely defines luxury in a whole new way!

1IN ESCROW!
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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IN ESCROW!
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

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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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