by Tami Humphrey and Chad Aronson 8/14/2017
Since the recession and the resulting bottom of the market in 2011, Playa Vista has seen growth in so many different ways. Our neighborhood has defined itself as Southern California’s tech and media hub. But, becoming the epicenter of Silicon Beach is not the only reason our community has flourished. Playa Vista’s assets also include the top performing Playa Vista Elementary School, location location location, Runway Shops and Restaurants, the new Resort Gym and Pool, and of course the amazing people that live here!
Playa Vista Phase I Condos and Townhomes
From 2011 to present, the average sold price for Phase I Condos in Playa Vista has increased 100.43%!! The largest year over year increase was from 2012 to 2013 when the average price jumped $142,000 or 28%. The Playa Vista Elementary School opened in August of 2012 and right afterward we saw more competition for homes and prices started soaring. Since 2013, Phase I Condos and Townhomes have experienced steady annual value increases in the range of 11% to 13% per year.
The Condos in Phase I are the entry point into Playa Vista for most buyers and this segment of the market has been experiencing a lot of competition as of late. Along with the draw of Playa Vista, low inventory levels, an improving economy and the certainty of higher interest rates are pushing prices higher very quickly for these condos.
Playa Vista Phase I Single Family Homes (Detached Condos)
The detached properties in Phase I of Playa Vista have increased 74.82% since 2011! The biggest push upward was in 2015 when average values went up $604,000 or 48% compared to 2014! During this time the Google land purchase was announced (late 2014), and then in 2015 projected pricing in Phase II for Marlowe at nearly $3 million and Everly at $2.5 million created strong demand for Phase I SFR’s.
Since 2015, the Everly and Marlowe homes have sold, but at lower values than where they were initially priced. This caused a slight correction in the Phase I Single Family market. The single family segment in 2016 was pretty much flat, up 2%. And, this year the average price for detached homes has come down 6%. Very few phase I single family homes are sold each year so one sale can make a big impact on the numbers and a mid-year evaluation can be misleading. In our opinion, the decrease this year can be attributed to a few homes selling below their value rather than a trend forming.
Playa Vista Phase II Market Update
To date, there have been very few resales in Phase II, but we do keep track of the pricing from the builders’ sales. From 2014, when these new homes started selling through 2015, prices increased in the 40% to 50% range. The immediate appreciation can be contributed to the modern floor plans, condos with private garages in 3 to 6 unit buildings, much needed 3+ bedroom homes, the lack of Mello-Roos, and undoubtedly Google’s land purchase.
Mason and Cleo are both nearly sold out with just a few homes left in each community. During 2016 there was quite a bit of inventory available in these neighborhoods which put downward pressure on values in Mason, Camden, Cleo, and Skylar communities. Now that the inventory has sold off, we are seeing prices go back up. Also, the rental market for these phase II condos is very strong. Skylars are leasing from $7000 to $9000 and Camdens are going for $5500 to $8500 depending on the size and location.
The Collection, a reimagining of Everly and Marlowe, with larger floor plans, elevators, and design changes, was released for sale in July of 2017. The plan 1 is similar to Everly with just under 2700 sq.ft. and options for 3 or 4 bedrooms. The plan 2, based off of Marlowe, is 3666 sq.ft. and it has an amazing entertaining space on the 3rd floor with options for an outdoor kitchen.
In Phase II, we have been honored to represent sellers in the Skylar, Camden, Mason, and Cleo communities, plus we have helped buyers in all of the Phase II neighborhoods except Trevion. Trevion went fast!
If you have any questions about this report or about the Playa Vista market please feel free to reach out to us, firstname.lastname@example.org. If you would like future reports delivered to your inbox sign-up here. You can also follow us on our Facebook page!
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.
Team Tami’s – Active Playa Vista Listings
Skylar at Playa Vista – Modern Beachy Flat – 3 Bed, 2.5 Bath – Private Garage – $1,799,000
Promenade at Playa Vista – Top Floor w/ Bluff Views – 2 Bed, 2 Bath – $849,000