Playa Vista Home Sales Real Estate Blog

‘THE PLAYA VISTA SPECIALISTS’: Our Staggering Market Share

September 3, 2010 – 6:59 am
Over the first eight months of this year, 81 resale properties have closed escrow.  With four months remaining, it appears that 2010 will be one of the most active years we have seen, placing us just behind the height of the real estate market in 2006, which had a total of 103 closings.   Among the 81 closed sales, 24 listings were banked owned REO properties and 15 transactions were Short Sales. This means that roughly 50% of the closed transactions involved sellers in various stages of distress.   On another note of interest, did you know only a handful of agents closed two or more escrows among those 81 transactions?  In fact, if you were to review the numbers from the official Combined LA/ Westside Multiple Listing Service (www.themls.com), you would find the majority of resale agents closed only one sale in Playa Vista.  Following are some facts about the most prominent resale ...

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August Market Update – 8.27.2010

August 27, 2010 – 7:06 am
  This week, the uncertain sentiment in the market place is heavily affected by the latest media reports. There was speculation about a double dip and diving home sales, which have a direct bearing on the economic recovery.  The majority of worries stems from a large gap between the number of closings in June versus those in July and August.  However, during the month of June, Playa Vista saw more closings than any month in the history of the Playa Vista condo resale market.  Naturally, the aftermath from the lofty level of activities appeared as a drastic adjustment drop as activities slowed to a crawl. However, it is important to consider all the statistics as well as the actual level of activities currently taking place. Below are some facts you might find interesting: 1)                                            The number of closings in the month of July and August is less than the total overall ...

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August Market Report – 8.19.2010

August 20, 2010 – 6:51 am
Since the beginning of the third quarter, inventory in the Playa Vista condo resale market is hovering between the high 30’s and low 40’s range.  The average days-on-market for the 42 ‘ACTIVE’ listings is at 103 days.  This is over twice the average days-on-market for the 25 listings currently ‘PENDING’ in escrow!  This means that the listings are attracting the attention of buyers, are selling and are typically the listings that receive an offer in the first month and a half of entering the market.  The supply of desirable listings, without overly inflated prices, remains low versus less enticing properties that may be in bad shape and have unrealistic asking prices, still lingering on the market.  It is interesting to note that the oldest ‘ACTIVE’ listing has been on the market for 535 days, having reduced the asking price three times! In recent weeks, I have seen some of the most ...

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ICON – August 21st Release of 8 New Homes – 8.13.2010

August 12, 2010 – 7:34 am
Buying A Short Sale:  What To Look For? - 8. 6. 2010 Although rest estate is considered a fixed asset and it takes time to convert it into cash, the value of any property can change quickly depending on market conditions, competition, supply & demand, and other comparable qualities. Due to this fact, new home builders often adjust their prices by tracking the market closely in order to make appropriate adjustments for unsold inventory.  One example is New West Home, the builder for the next phase of ICON, the luxury single family home development in Playa Vista.  In the spring of this year, NWH released eight homes in the $1.1M to $1.4M price range.  Since then, the builder has made some price adjustments and offered new incentives for all eight homes. In addition to a price reduction of up to $30,000, NWM is offering all its buyers a $20,000 incentive toward the closing ...

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