What’s This Waterview Home Worth?
No. Sales have not come to a grinding halt in Playa del Rey. In this little oceanside community that is sandwiched between the Pacific Ocean to the west, Westchester to the east, Marina del Rey to the north, and LAX to the south, homes are still moving. At current count, I spotted 18 single-family homes on the Redfin map listed for sale. Redfin shows that 11 single-family homes have sold in the last three months.
No doubt, a few have been sitting for a while. (For instance, 236 Waterview St. has been on the market for over 140 days.)
On October 1, 2007, 333 Waterview St. was listed for $979,900. On November 10, 2007, the sellers dropped the four-bedroom, two-bath property down to $939,900 (less than 4% reduction). But that was just enough to finally induce someone to make the purchase. The four-bedroom, two-bath home sold for $900,000 on December 31, 07. Can we say Happy New Year?
Now let’s compare. The 236 Waterview home has less sleeping quarters – just two-bedrooms and two-baths. But it’s just around the bend, giving it a peek-a-boo view of the lovely ocean sunsets. It’s also got a pretty rich looking interior, with deep-colored (and shiny) hardwood floors. Plus, there are high-end finishes you’d find in one of the Playa Vista home interiors. (Think Pottery Barn or Restoration Hardware.) It’s currently going for $1,299,000. Anyone want to guess what reduction it would take to sell this place? C’mon. Take your best stab at it. (I’m betting an 8%-10% drop would bring in some reasonable offers for a sale.)
There aren’t really any other comparable homes selling in the area. Nearby, 135 Waterview is selling for $2,450,000. It’s a four-bedroom, five-bath home pegged as an investment opportunity.
