Market Report for May 2009, Playa Vista, CA.
For those of my readers who are not familiar with Playa Vista, CA, please visit my blog post of earlier (http://activerain.com/blogsview/775995/playa-vista-ca-parks-part-1), This is one of newest planed development in Los Angeles, CA in the past fifty years. Well designed, lots of thought went into the planning and the result a “resounding success”.
What is Playa Vista? By definition it is a mixed development of Luxury Condominiums, Luxury Town homes, Luxury Rentals an affluent blend of young, successful and hip residents. It is a mini city within Los Angeles, less then two miles from the Ocean. This development took twenty years in the making, some of the challenges: Coastal Commission, Nature Preservation Activists, Wetland issues…you get the picture.
Currently there are 50 Active Listings from a low of $355,000.00 for a one bedroom one bath condominium and a high of $1,119,191.00 for a three bedroom two and a half bath.
Pending home sales increase for the third consecutive month. 13 Accepting Backup Offers and 12 are solidly Pending, for a total of 25 units. This is a direct result of the record low mortgage interest rates as well as some benefit now from the first-time buyer tax credit.
We only had 2 Sold units. This is a very interesting number, since there are numerous Units inside the Playa Vista Community that sold directly from the developers; hence the Re-sale Units are competing with the Developers who are offering incentives unheard before.It also shows that Lenders are taking longer to provide loans. Last month there were 7 Pending units, hence five actually did not close.We will see next month there will be obviously more then five sales.
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at EndreBarath@TheMLS.Com or visit one of my websites at http://www.endrebarath.com