Playa Vista Two Bedroom Inventory Skyrockets

Q1 2016 – Playa Vista Real Estate Market Report

During the first quarter of 2016 (January – March) two bedroom inventory skyrocketed, the first three Skylar resales closed averaging $1000 per square foot and the new Marlowe and Everly homes reduced pricing.

With this Playa Vista Q1 2016 market report we’ll go into detail on each segment of the market, Phase I two bedroom condos, three bedroom condos and single family homes, plus Phase II condos and single family homes.

Playa Vista Two-bedroom Condos

Playa Vista two-bedroom values and inventory skyrocketed in the first quarter of 2016.

Phase 1 - Two Bedroom Condos

Q1 2016 is the first quarter in nearly two years where new listings significantly outpaced closed sales.  There were 46.15% more listings in Q1 2016 than the first quarter of last year.  Even more significant, during the first quarter of 2016 more than half (38) of all of 2015’s inventory (75) was reached.

Q1 2016 Two Bedroom Close Sales and New ListingsOver the last year two-bedroom condos massively appreciated in value.  From Q1 2015 through Q1 2016 the price per square foot increased by 33.91%, the median sales price went up 17.49% and the average sales price jumped by 21.97%.

Even with the increase of inventory we saw in Q1 2016 we are still showing strong demand as price per square foot went steadily upward for a 10.05% gain from Q4 2105 to Q1 2016.   There were nominal changes in median and average sales prices for the same period.

Q1 2016 Two Bedroom Price Per Sq.Ft.

Playa Vista Phase I Three Bedroom Homes

Three bedroom condos and townhomes make-up a small percentage of the homes in Playa Vista Phase I.  During the first quarter of 2016 just one three bedroom home came to market and two sales were recorded.  Last year there were 6 closed sales and 7 new listings for the same period.

Q1 2016 Three-bedroom Activity

New Listing

Tapestry I Plan B – 5700 Seawalk Dr #9, 2135 sq.ft., asking price of $1,325,000, $621 per sq.ft.

Closed Sales

Carabela – 12975 Agustin Pl #105, 1989 sq.ft., sold for $14,000 below asking price at $905,000, $455 per square foot, 78 days

Tapestry I Plan B – 5700 Seawalk Dr #9, 2135 sq.ft., sold for asking price at $1,325,000, $621 per sq.ft., 60 days

Playa Vista Phase I Three Bedrooms - Closed Sales and New Listings

Playa Vista Three-bedroom Pricing Trends

Since there are so few sales of three-bedroom homes in Playa Vista, looking at quarter to quarter trends can be deceiving.  To see how prices are trending we decided to look at the trailing twelve months average price per square foot.  With these statistics there is a clearer perspective on the direction of pricing.

From April 2015 to March 2016 the annual average price per square foot of three-bedroom homes increased by $122.00 / 27.79%.  By averaging the first three months of 2016 compared to the last three months of 2015 there was a 5.5% increase in price per square foot.  If this trend continues three-bedrooms are on pace for a 22% gain in 2016.

Playa Vista Phase I Three Bedrooms - Trailing Twelve Months Price per Square Foot

Playa Vista Phase I Single Family Homes

It’s important to re-cap the end of 2015’s single family fervor to set the stage for 2016 sales of single family homes.

Single Family home values went straight up over the last few months of 2015.  There was limited inventory in Phase I, no inventory in Phase II and anticipated pricing from Brookfield about the new Everly development changed from mid $1,000,000’s to mid $2,000,000’s.  This huge increase in anticipated pricing, along with the momentum Skylar condos carried into the low $2,000,000’s, created strong demand for single family homes in phase I, especially ICON.

Three ICON homes and one Capri Court sold during this period and most of them had multiple offers (pricing below).

Single Family Sales Q4 2015

Prior to this time the highest ICON sale was $2,080,000, it sold in Feb of 2015 and was on the market for 14 days. The highest Capri Court sale was $1,450,000, it sold in Sept of 2015 and was on the market for 205 days.

With more choices for single family homes (Everly and Marlowe) and also competing with the new release of large 3 to 4 bedroom condos (Cleo and Mason) it has been difficult for Phase I single family homes to continue their vertical price trend into 2016.

Playa Vista Phase I Single Family Homes - Trailing Twelve Months Price per Square Foot

Since there are so few sales of single family homes in Playa Vista, looking at quarter to quarter trends can be deceiving.  Similar to three-bedrooms we decided to look at the trailing twelve months average price per square foot.  With no closed sales in Q1 2016 the trend remains flat for the first part of the year.

Q1 2016 Single Family Activity

During the first quarter there was one new listing, and one other single family home on the market from the year before.   Capri Court 12930 Agustin Pl carried over from 2015.  It was originally listed at 1,850,000, reduced to $1,772,000 and then went into escrow at $1,729,000 after 150+ days on the market.

A Matisse home was the only new listing for this period.  It was listed in late January for $1,849,000, then reduced pricing to $1,749,000.  It is currently in escrow after being on the market for 70+ days.

New Listings — Matisse – 6651 Seabluff Dr, 2681 sq.ft., listed for $1,849,000, $869.67 per sq.ft.

Closed Sales — No closed single family home sales for the first quarter of 2016

Playa Vista Phase I Single Family - Closed Sales and New Listings

Playa Vista Phase II Condos

Over the first quarter of 2016 there were three Skylar resales in the Playa Vista phase II condo market.  At Playa Vista Living we were thrilled to represent two of the sellers and one of the buyers for these sales.

Skylar Plan 1, 12476 Osprey Ln #3, sold for $1,965,000 at $1031 per sq.ft.

Skylar Plan 1, 12481 Osprey Ln #3, sold for $1,850,000 at $971 per sq.ft.

Skylar Plan 3, 12468 Osprey Ln #1, sold for $2,275,000 at $924 per sq.ft.

Other than these Skylar sales, buyers were anticipating the release of Cleo and Mason.

Cleo at Playa Vista

The new Cleo condos by Brookfield Residential are very similar to Skylar but with larger floor plans.  Cleo definitely has a modern open layout and finishes, but they have a more traditional feel than Skylar.  These condos are 3 and 4 bedrooms with creative/flex space.  They range in square footage from 2,052 to 2,674 sq.ft.  Pricing without upgrades started at $1,752,000 up to $1,959,000.

Shortly after the first sales release all but one of the first six Cleo’s had been put under contract.  If these homes continue to sell at a fast pace we expect pricing to increase.  Also, the next release of Cleo’s for sale will have bluff views which most likely will come with a lot premium.

Rendering from Brookfield Residential

Rendering from Brookfield Residential

Mason at Playa Vista

Like Cleo, Mason is also based off a previous Playa Vista community, Camden.  The Mason floor plans are a few hundred square feet larger than Camden and they have very similar layouts.  These condos range in square footage from 1,816 to 2,658 sq.ft.  Pricing without upgrades started at $1,393,000 up to $1,859,00.  This community is also putting homes under contract at a quick rate.

Rendering from Brookfield Residential

Rendering from Brookfield Residential

Phase II Single Family Homes

During the first quarter of 2016 one single family home in phase II came on the market as a resale.  There were no closed sales during this period.

Resale Inventory, Q1 2016:  Woodson, 12874 N Seagrass Circle, Playa Vista, CA 90094, 2,399 sq.ft., listed for $1,899,000.

Everly and Marlowe, the two new single family home communities from Brookfield Residential were released for sale toward the end of 2015.  Both communities, currently for sale, are gorgeous 3 level homes with great floor plans.

Everly at Playa Vista

Everly homes are three story detached single family residences with 2,318 to 2,451 square feet of living space.  The differing models available give you the choice of 3 to 5 bedrooms, 3.5 to 4 bathrooms, optional flex-space, a creative office and family room.

Originally the anticipated pricing for Everly was advertised to start from the mid $1,000,000’s and then pricing jumped to the mid $2,000,000’s in August 2015.  With the first sales release, the 2318 sq.ft. Plan 1  was listed for $2,000,000, the 2418 sq.ft. Plan 2 with at $2,125,000 and the 2449 sq.ft. Plan 3 which is the largest offering started at $2,200,000.

In late March Everly reduced it’s Plan 1 pricing to $1,889,000 with upgrades included.  The all-in cost compared to the initial pricing  was about a $300,000 decrease.  The Plan 2 and 3 had similar reductions.

Everly at Playa Vista

Rendering from Brookfield Residential

Marlowe at Playa Vista

These stunning new Marlowe detached homes are three story single family residences ranging in square footage from 3,123 to 3,340 square feet.  Depending on selections, the two plans offer 3 to 5 bedrooms, 3.5 baths, a loft, covered deck and optional creative office space.

Initially Plan 1 pricing began at $2,800,000 without upgrades and the Plan 2’s were in the low $3,000,000’s without upgrades.  Since then Brookfield has reduced pricing on a few of the units.  There is a 3,148 sq.ft. Plan 1 with all upgrades included for $2,789,000.  They are also offering a 3,341 sq.ft. Plan 2 for $2,899,000 complete with upgrades.

Rendering from Brookfield Residential

Rendering from Brookfield Residential

Conclusion

The first quarter of the Playa Vista housing market in 2016 was all about two bedroom condo inventory.  Since this report is being published in the middle of Q2 we can tell you that the surge of inventory was equally met with demand.  As of today June, 11th there is only one two bedroom listing left on the market from Q1.

Thank you for taking the time to read through this report and please feel free to comment.  Plus, we are always available if you’d like to connect about the Playa Vista real estate market.

These analyses were made in good faith with data from sources deemed reliable, but they may contain errors and are subject to revision.  Statistics are generalities and how they apply to any specific property is unknown without a tailored comparative market analysis.  All numbers should be considered approximate.  Please contact us with any questions or concerns. This information is deemed reliable but not guaranteed.  This article is not intended to solicit listed property.  If your property is currently listed for sale with a broker, please disregard this article.

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