Playa Vista Home Sales Real Estate Blog

Buying A Short Sale: What To Look For? – 8. 6. 2010

August 6, 2010 – 7:28 am
With the overall inventory in the Playa Vista condo resale market inching up to 44 listings, there should be a greater selection for all buyers to choose from, right?  Unfortunately, the concentration of inventory is in smaller units with less than 1,500 sq. ft. in the $550,000 or less price range.  For buyers looking for a larger condo with upgrades, selections with quality may be limited.  This is especially true if buyers do not want to wait for a short sale, which is approximately 40% of the current active listings. It is interesting that in recent weeks, I have seen more buyers looking for ‘regular’ sales rather than short sales.  Perhaps they are aware of the longer wait times and the indefinite outcome of achieving an approval at the right price.  Before committing to a short sale purchase, all buyers and their savvy agents need to do some research in qualifying ...

Posted in Newsletters | No Comments »

Trading Up In A Down Market – 7.30.2010

July 30, 2010 – 9:13 am
  July marked the third busiest month in market activities for the Playa Vista condo resale market with ten closings.  Although there are five more months of 2010 remaining, 70 condos have already traded hands, surpassing market volume in 2004, 2005 and 2008. Indications thus far show the same for the numbers in 2007 and 2009 as well.  In fact, the amount of closings in 2010 alone may fall just behind 2006, the height of the market.  With a strong concentration of demand, and the leveling of supply, prices are stabilizing with surprising bright spots in the marketplace. It is interesting to note that the number of distressed properties, previously listed in the public records, has recently reduced to 57.  This drop from a height of 80 units seen at the end of last year is significant.  Perhaps, the boost in market activities was due to buyers snapping up some of these ...

Posted in Newsletters | No Comments »

Price Per Square Foot – An Accurate Value Indicator? – 7.23.2010

July 23, 2010 – 7:40 am
Recent articles and reports indicate the California market is stabilizing.  Although housing prices are not up, other reports indicate they are not heading toward a downward trend anymore.  This makes short sale a favorable alternative for borrowers who owe more than their home is worth. Banks are also feeling more comfortable in putting more inventory on the market since buyers are scooping up foreclosures and, at times, bidding up prices. Among the 40 active listings in the Playa Vista condo resale market, more than 75% of them fall between $400,000 to $700,000.  Approximately 35% of the market is short sales with many already having accepted offers pending lender approval.  Surprisingly, there are only three bank owned REO listings, which are concentrated in the $400,000 to $500,000 price range.  Although the majority of condos are listed between $400,000 to $700,000, market activities are moving equally across the board.  Condos in all price ...

Posted in Newsletters | No Comments »

Playa Vista Neighborhood Events – 7.16.2010

July 16, 2010 – 6:58 am
This was the first week of summer when the sky was not gray and gloomy. It finally feels like summer! As with the warmer weather, neighborhood activities are also increasing, both on the social front and on the market place! For the first time this year, inventory jumped to 40 ‘ACTIVE’ listings in one day. Today, inventory hovers in the high 30’s range once again. This rapid rise in inventory is mostly due to previously pending short sale listings that re-entered the market. However, since most of these are well-priced properties, they are certain to enter escrow in a very short time. The trend we are seeing are well-priced and desirable properties still getting the attention from buyers. As for other activities in the neighborhood, you can see that construction has begun at several sites: building for the next phase of ICON single-family homes broke ground with foundation framework rising from the ...

Posted in Newsletters | No Comments »