Playa Vista Home Sales Real Estate Blog

‘THE PLAYA VISTA SPECIALISTS’: Our Staggering Market Share

Winnie — Fri, 03 Sep 2010 13:59:23 +0000

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 agents:

(1) Among the top listing agents representing sellers in Playa Vista – only 8 agents have both listed and sold two or more listings between January and August 2010. These top 8 agents listed and sold 29 of the 81 closed transactions, which makes up 36% of the market share.

(2) Among the top “selling” agents representing buyers in Playa Vista – only 7 agents closed 2 or more transactions in Playa Vista between January and August of this year. These top 7 agents successfully represented their buyers in the purchase of 22 of the 81 total closed sales in the first 8 months of 2010, which is 27% of the market share.

It is clear the majority of resale activity in Playa Vista is concentrated among a small number of active agents. I am happy to report, that as THE PLAYA VISTA SPECIALISTS, our record is unsurpassed. We have closed more sales than any other agent thus far in 2010!

(1) As THE PLAYA VISTA SPECIALISTS, we are the only team at the top of the list as both listing and buyer’s agents!

(2) As listing agents, we have listed and closed 9 listings ranging from a $355K, 1-bedroom condo to $1.05M, 3800 sq. ft., single family home. We have 11% of the market share. (The next listing agent closed only 6 transactions in the same 8 month period. While the remaining top 6 listing agents sold from 2 to 3 properties each.)

(3) As buyer’s agents, we have successfully represented 8 buyers with almost 10% of the market share while the next buyer’s agent trails behind with just 4 closings from January to August 2010.

(4) If you combined both listing and selling sides, allocating one ‘side’ to each seller and one ‘side’ to each buyer per transaction, there is a total of 162 ‘sides’ among the 81 closed sales. THE PLAYA VISTA SPECIALISTS represented a staggering 17 ‘sides,’ giving us more than 10.5% of the total market share. (The next top agent merely represented 6 ‘sides’ with a paltry 3.7% of the market share.)

(5) Of more significance, is that during the first 8 months of 2010, we have a success rate of 100% when it comes to selling all of our listings. It is exciting to point out that none of our listings have failed to sell, expire or were withdrawn. The average days-on-market for our listings is 28 days versus 50 days, which is the average among all 81 sold listings. This means our listings sell on average, a whopping 45% faster!

To read what 50 of our former delighted clients had to say about their experiences with us, please visit the Testimonials page of THE PLAYA VISTA SPECIALISTS website – http://www.playavistahomesales.com/. Below are just a few of the most recent postings:

“We have worked with Winnie twice in the past one year and have been extremely impressed with her both times! Our last transaction involved a short sale purchase with a very tight escrow timeline so we needed a real estate agent who truly understood the entire short sale process, was dedicated in ensuring a smooth close, and provided sound guidance throughout the entire process. Winnie undoubtedly demonstrated all of these qualities and more. In addition to being very knowledgeable about the short-sale process, Winnie was very dedicated and proactive in ensuring that everything came together and closed on time. She stayed on top of the process and continuously communicated with all the appropriate parties and was always reachable and responsive to our questions any time of the day. She has excellent interpersonal skills and is very courteous and pleasant to work with. We highly recommend Winnie to anyone looking to buy or sell a house not only in Playa Vista but in any community! Thank you Winnie!”

- Farouk & Nahid, Home Buyers, 8/24/2010

“I have bought and sold a lot of homes over the years, but you come out heads above any realtor I have ever dealt with. You are cool headed under difficult situations and you treat everyone with respect. I am so glad you represented us in the sale of our home.”

- Colleen & Barna, Playa Vista Sellers, 6/8/2010

“Winnie Licht and Julie Walker are true professionals. They combine their precise expertise and knowledge of Playa Vista and the surrounding areas with a certain friendly and caring way of relating. These women patiently search for every variable to be the right fit for their clients. When selling my condo in Playa Vista, which was a CPU unit, they carefully maneuvered through the often daunting process of CPU resale and helped diplomatically negotiate every extra penny possible. Their already existing relationships with the Playa Vista Community associates really helped move the process along. I am grateful that selling my home was painless and prompt. I would certainly recommend Winnie and Julie to anyone looking for a worry-free, thoroughly managed home selling or buying experience. They are truly the Playa Vista Specialists!”

- Shelley, Playa Vista Seller, 6/8/2010

Thank you for making this website and blog such a popular resource. It has become a top visited site for many looking for information about the Playa Vista real estate market. Whether you’re a first-time home buyer or someone who is looking for experienced representation and guidance, the website remains a valuable resource.

Thank you for all of the referral business from happy clients over the past years and please continue to point folks in the direction of this website. Feel free to contact me should you like additional information on the topics discussed above, properties listed below, or more information about Playa Vista real estate.

Enjoy your Labor Day weekend!

Winnie Licht
Broker, Realtor ®
DRE #01272501
Coldwell Banker – Playa Vista
President’s Circle Distinction – Top 5% internationally
5450 Lincoln Blvd.,
Playa Vista, CA 90094
Phone: 310. 745. 7468
EFax: 323. 375. 0193
Email: winnie@winnielicht.com
www.PlayaVistaHomeSales.com

THE PLAYA VISTA SPECIALIST

August Market Update – 8.27.2010

Winnie — Fri, 27 Aug 2010 14:06:01 +0000

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 closings in the month of June.

2) There are continual market activities in July and August, with 8 and 11 sales pending in each month respectively.

3) Inventory remains stable, with a jump to just over 40 listings in early August; however in past week, several listings received more than one offer, and today, the total inventory inched down to 35.

4) Of the 35 active condo listings, approximately 25% are short sales and none are bank owned REO’s.

5) Bank owned REO listings, which tend to be priced well and attract the attentions of buyers, regardless of price points, will typically enter escrow in less than 30 days. Some will receive one or more offers. There are currently 6 bank owned properties pending in escrow, ranging from $375,000 to $972,900.

While the market was fantastic in the first and second quarters of 2010, we are definitely seeing a drop in activity in August. Most likely, activities will continue until the end of October when the market begins to slow down again over the holiday months of November and December. Although there are some alarming statistics, I anticipate an overall stabilization and improvement in some areas of the Playa Vista resale market for 2010 when compared to the two prior years. However, only time will tell. No one can pinpoint the bottom of the market until we have passed it.

Feel free to contact me should you like additional information on the topics discussed above, properties listed below, or more information about Playa Vista real estate.

Enjoy your weekend!

Winnie Licht
Broker, Realtor ®
DRE #01272501
Coldwell Banker – Playa Vista
President’s Circle Distinction – Top 5% internationally
5450 Lincoln Blvd.,
Playa Vista, CA 90094
Phone: 310. 745. 7468
Efax: 323. 375. 0193
Email: winnie@winnielicht.com
www.PlayaVistaHomeSales.com

THE PLAYA VISTA SPECIALIST

August Market Report – 8.19.2010

Winnie — Fri, 20 Aug 2010 13:51:00 +0000

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 desirable listings, which are in short supply, receiving between two and four multiple offers. Sometimes, these offers are made a few weeks after a listing enters the market. Nonetheless, it points to the current thin supply of well priced properties. From the beginning of this year, there has been an average of ten closings per month, meaning the current supply of condos in the Playa Vista resale market can stays on the market 4.2 months. This indicator is slightly lower than the 5.2 month average on the West side and the 7-month mark, which is considered a balanced market.

With the Federal and CA tax credit coming to an end, continued activities in the marketplace may be attributed to the historically low mortgage interest rates. For homebuyers and borrowers with at least a 20% down payment or 20% in equity, FICO scores of at least 720, visible bank assets and a well documented income history, many choose to either refinance or step into the home purchase arena. One trusty mortgage professional is offering qualified buyers a 30-year fixed rate mortgage at 4.5% with no points for loan amounts on purchases of up to $729,750, which is the conforming loan limit.

Therefore, if a qualified homebuyer is purchasing a $625,000 condo, with a 20% down payment, his loan amount will be $500,000. Based on this loan amount, his monthly principal and interest payment for a 30-year fixed rate mortgage at 4.5% is $2,533.43 per month. This is a $150 savings per month if the interest rate is at 5%. With the lowered interest rate, the affordability for homebuyers increases tremendously!

Feel free to contact me should you like additional information on the topics discussed above, properties listed below, or more information about Playa Vista real estate.

Enjoy your weekend!

THE PLAYA VISTA SPECIALIST

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

Winnie — Thu, 12 Aug 2010 14:34:59 +0000

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 costs and builder’s upgrades. The following are on top of additional upgrades to be included in the home: jetted tub in the master baths, 30 can lights, 42” built-in stainless steel refrigerator, and depending on the floor plan, some homes will have two to three indoor and outdoor fireplaces. These are an exceptional value considering the impeccable quality of each home, and in comparison to the amount the same floor plans sold for in the summer of 2006, in the $1.6M to $2M price range.

Below is a site plan and pricing summary of ICON August 21st release:

Lot 22 – south facing toward Bluff Creek Dr, Plan 2, 3BD+3.5 BA with 3,267 to 3,313 sq. ft. Offered at $1,099,000

Lot 23 – south facing toward Bluff Creek Dr, Plan 3, 4BD+4.5 BA with 3,487 to 3,706 sq. ft. Offered at $1,229,000

Lot 24 – south facing toward Bluff Creek Dr, Plan 3, 4BD+4.5 BA with 3,487 to 3,706 sq. ft. Offered at $1,219,000

Lot 25 – south facing toward Bluff Creek Dr, Plan 4, 4BD+3 BA+2 powder BA with 3,766 sq. ft. Offered at $1,299,000

Lot 55 – park facing, Plan 3, 4BD+4.5 BA with 3,487 to 3,706 sq. ft. Offered at $1,359,000

Lot 56 – park facing, Plan 3, 4BD+4.5 BA with 3,487 to 3,706 sq. ft. Offered at $1,329,000

Lot 57 – park facing, attached Plan 1, 4BD+4.5 BA with 3,292 sq. ft. Offered at $1,179,000

Lot 58 – park facing, attached Plan 2, 4BD+4.5 BA with 3,267 to 3,313 sq. ft. Offered at $1,089,000

For more details, please contact Pamela Aveni at the NWH sales office at: 310-862-6480. Feel free to contact me should you like more information on the topics discussed above, properties listed below, or more information about Playa Vista real estate.

Enjoy your weekend!

THE PLAYA VISTA SPECIALIST