Playa Vista Home Sales Real Estate Blog

March Market Report + Neighborhood News – 3.12.2010

The Playa Vista condo resale market continues to be very lively with only 30 active condo listings remaining in inventory.  Attractively priced properties appear to leap onto the market, quickly receive offers then, and immediately go pending within the first two weeks.  On Sundays, open houses draw in dozens of potential buyers as the Spring market, usually one of the busiest buying seasons, gets a head start.
 
For example, last week, a 1,300 square foot, short sale condo was listed on the market for $399,900.  The listing agent clearly used pricing as the chosen strategy to attract buyer’s attention. It worked. Just one week after the townhouse held its first broker’s open house, the owner received an amazing 16 offers.  Needless to say, the property is now pending in escrow with one lucky buyer.
 
In the previous newsletter, I reported about the March 3rd meeting in Playa Vista among Councilman, Bill Rosendahl, and more than 350 residents. During that meeting, Rosendahl pledged his support for The Village, HOWEVER, with specific “qualifications.”

On Tuesday, March 9th, The Village won support from the City Council Planning and Land Use Management Committee,  recommending approval for Playa Vista’s second phase mixed-use plan.  For more information on this meeting, please see the Los Angeles Times’ article below titled; “Playa Vista Phase 2 clears hurdle on way to L.A. Council,” dated March 9, 2010:
 
“Playa Vista’s 111-acre second phase, known as the Village, won approval from a key panel Tuesday, clearing the way for a vote by the full Los Angeles City Council on March 26.
 
The council’s Planning and Land Use Management committee voted 2 to 0 to deny an appeal, challenging planners’ approval of the final phase. The Village first won council approval in 2004, but longtime opponents of the giant development filed a lawsuit alleging that the environmental analysis was flawed. The state’s 2nd District Court of Appeals agreed that the city should revise portions of the environmental impact report. The Planning Commission approved the revised EIR last December.
 
Hundreds of Playa Vista residents and labor representatives turned out to show support for the Village, which will add 2,600 homes, a shopping center, office buildings and parks. Playa Vista President, Steve Soboroff, agreed to convert some units to senior housing to satisfy a request by Councilman, Bill Rosendahl, who represents the area, which is between the Westchester Bluffs and Marina del Rey.
 
At a meeting last week, Playa Vista residents pushed Rosendahl to pledge his full support for the Village, but he spoke of wanting changes in the plan. Residents said the project should proceed as planned.
 
Rex Frankel, a Playa Vista opponent, said Rosendahl “is still on the fence.”  He said the “showdown” will come at the March 26 council meeting.”
 
REMINDER:  Sunday, March 14th, daylight savings time begins.  This means we “lose” an hour, and in general, open houses on the Westside will be held on Sunday between 2pm to 5pm.  If you are planning for a day of touring Open Houses, please double check the hours!
 
I am always happy to speak to you with more detail, 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