Archive for the ‘Playa Del Rey, Westchester’ Category
June 26, 2008
Ah, Playa Vista. Love it or hate it – this enclave of recent construction does have its merits, in my opinion. It’s got its own parks, restaurant, library, and it’s all in fair walking distance. I just took a look at recent activity in Playa Vista and sure enough, there have been over two dozen properties that have changed hands in the last three months.
One of the more recent sales is that of 13032 Villosa Place, #21. This three-bedroom, three-bathroom property sold for a price tag of $1,050,000. It’s a plush-sized pad with 2,849 square feet of space.
Here’s a short but sweet history. The single-family residence first came on the market in January with a price tag of $1,225,000. By the time April rolled around, the home apparently got an offer. The home’s status changed from “active” to “contingent”.
I’ve got a few other homes selling in a somewhat more affordable price range. (To see how homes sales in Playa Vista did in May, look here.)
Bang For The Buck: 5625 Crescent Park W., #114/2bd, 3bth/2,200 sq. ft./$277 per sq. ft./$610,000
New On The Market: 13045 Pacific Promenade, #410/2bd, 2bth/1,435 sq. ft./$523 per sq. ft./$750,000
Just Dropped The Price: 13173 Pacific Promenade, Bldg 2C, #137/2bd, 3bth/2,204 sq. ft./$352 per sq. ft./$789,000 to $775,000
June 23, 2008
I was just wondering about this – in part because I just caught an article on the Daily Breeze that talks about the availability of market information obtained via online sites like Zillow and Cyberhomes. Our own Redfin was mentioned as well.
Alas, the article says that due to the lack of information on key factors in valuing a home such as remodeling upgrades and errors on pubic information used to assess property taxes, home valuations can be rather skewed.
Still, the different models can lead to disparities – sometimes by tens of thousands of dollars – from one site to the next.
That’s because relevant data, such as whether a homeowner has made significant improvements, like a state-of-the-art kitchen, can be missing. Or sometimes there are errors in key information, such as county assessor data used to collect property taxes – something many sites bake into their estimates.
The article even cites discrepancies between sites when comparing basic information on the stats of a home. (And yes, Redfin was included.)
I cross-checked a few properties on several popular real estate research sites – Cyberhomes.com, Zillow.com, Redfin.com and RealEstateABC.com – and spotted some inconsistencies.
In the case of one house currently for sale in Riverside, Calif., for example, Cyberhomes and RealEstateABC had it listed as having three bedrooms and two baths, while Zillow and Redfin describe it as a four-bedroom home with two and a half baths.
Obviously, I’ve looked at the Redfin stats quite a bit. I use it for research when I’m writing about properties. And I’ve also used it for personal use in pricing my home for sale. And to be honest, I have found a few inconsistencies in homes. The MLS listing from my agent might have a home as a four-bedroom property, while the Redfin listing pegs it as a three-bedroom property.
But before you think I’m bashing the system, I do have to add that overall, the stats that I’ve come up with when valuing my home are very closely in line with my real estate agent’s. So the Redfin system isn’t perfect, but I’ve found it to be a pretty resourceful tool overall.
What about you? Any thoughts on the public sites that you use for valuing a home? What’s good? What’s bad? What frustrates you?
Please share.
By the way…
Here are some new on the market properties in the LAX area.
Playa Del Rey
8601 Falmouth Ave., #215/2bd, 2bth/$559,000
Playa Vista
13044 Pacific Promenade, #417/2bd, 3bth/$744,900
Westchester
7830 McConnell Ave./2bd, 2bth/$759,000
June 21, 2008
Tales of doom and gloom in the real estate market are abound. Even our blog posts on Redfin cite references to the declining markets in Los Angeles. But maybe a turnaround is just down the block and around the corner (don’t throw the darts at me just yet!). Yes, the numbers don’t lie, (California housing prices are down 30% from 07), but I’m not (entirely) alone in thinking that some sort of recovery may be in sight.
According to Bloomberg.com, analysts from the UCLA Anderson Forecast have noted that the stats indicate the first signs of recovery – maybe.
The California housing market may be showing the first signs of a recovery after three years of declining sales and two years of rising foreclosures, the UCLA Anderson Forecast said today.
While home prices in the most populous U.S. state are still weak, the number of houses and condominiums changing hands in some parts of California is rising, according to the Anderson Forecast at the University of California, Los Angeles, which released its 127-page forecast for both the state and the U.S. today.
So while the numbers are still bleak, the Anderson Forecast predicts that the number of foreclosures will begin to have less of an impact in 2009.
Foreclosures will probably continue to hurt California’s housing market for the rest of this year and then start to moderate in 2009, the Anderson Forecast said. While a “normal” housing market is still a long way off,” according to the report, the increase in home sales in some parts of the state is a positive sign.
For those of you interested, these are homes with reduced prices in the LAX area:
Playa Del Rey
421 Waterview St./3bd, 2.5 bth/$981,000 to $929,000
Playa Vista
7100 Playa Vista Dr., #107/2bd, 2.5bth/$698,589 to $659,000
Westchester
6460 W. 84th St./3bd, 2bth/$799,000 to $775,000
June 20, 2008
Has anyone else been checking in on the stats from DQNews.com? The May figures are in and it’s time to take another look at how the overall market in the LAX area is doing.
Playa del Rey, the little beachside enclave of pricey single-family homes and more affordable condos, has shown a bit of movement for May. There were a total of four single-family homes that sold in May with a median price of $1,330,000. The change from last year? It was down just .8%. (If you’re curious about Playa del Rey year-over-year figures from earlier this year, click here.) Five condos sold in the same month with a median price of $425,000. The median price change took a slight dive of 5.3% from last year.
Playa Vista, the ultra-planned architectural community, has seen some movement as well. Eight condos sold with a median price of $625,000 in May. The change from last year was a drop of 14.7%.
Westchester, home of yours truly and the LAX flight path, has been selling in the month of May also. Fifteen single-family homes sold with a median price of $777,000. The drop? It’s 4.4% from last year.
And there you have it folks. Happy Friday!
June 19, 2008
It seems like I’ve been focusing more on single-family homes as of late and I thought it was time to check in and see what’s going on with the condos in Playa del Rey.
According to Redfin, there are currently 29 condos for sale. There have been 16 condos that sold within the last 3 months. The average listing price is $457,000, while the average sale price is $425,000. (Wow, they’re not that far off!) The average listed price per square foot is $447 and the average sold price per square foot is $432.
I’ve picked out a few homes that give you more mileage for your money, so to speak.
8701 Delgany Ave., #207/2bd, 2bth/1,325 sq. ft./$340 per square foot/$450,000
8601 Falmouth Ave., #405/2bd, 2bth/1,513 sq. ft./$360 per square foot/$545,000
8640 Gulana Ave., #J2004/2bd, 2bth/1,048 sq. ft./$381 per square foot/$399,500
June 13, 2008
Today, I checked out the stats on Westchester single-family homes. The average sale price is currently at $719,000. The average price per square foot is $465. There are also plenty more homes under the $600k mark if that’s what you’re looking for. They are all east of Sepulveda. Take a look.
For Sale By Owner: 5820 Compass Drive/3bd, 1bth/1,506 square feet/$569,000
New On The Market: 8119 Grimsby Ave./2bd, 1bth/781 square feet/$575,000
Square Footage Bang For The Buck: 8329 Winsford Ave./2bd, 2bth/1,524 square feet/$599,000
The home on Grimsby Avenue is a looker, from the appearance of the singular exterior photo. But the price per square foot (and there’s not a lot of square footage to be had) is painfully high ($736) – especially in this neighborhood. Maybe it’ll drop down in the next few months to something more reasonable.
June 9, 2008
On a trip home from the Howard Hughes Center, I spotted a little sign planted on the sidewalk. It was for Villa Allegra townhomes. Somehow, they keep managing to find land in the area to keep building.
What’s going up is 24 townhomes. By the look of the site, these will have some plush looking interiors with a contemporary feel. Prices start somewhere in the $800,000′s. Models will include a first floor, mezzanine, and third floor. And you’ll get to make use of your own roof deck, too. It looks like it comes with a media center and barbeque cooktop, from the floor plans. There’s also a two-car garage plus storage area. And models will be either two or three bedrooms with up to three-and-a-half baths.
You can check out a virtual tour of one of these pads, touted as “affordable luxury”, and get a pretty good idea of the space.
Check it out and let me know what you think. Is it really affordable luxury or overpriced real estate?
June 3, 2008
I’m sure most of you out there are familiar with the concept of “going green”. For me, going green means living in a way that makes the least impact on the land around you. I found an article on MarketWatch that talks about five different products that you can add to your home that will save in energy, conserve water, and cut down on toxins in your home. And they’re practical, relatively affordable fixes that we can all do. Here’s an excerpted list.
1. Washers that save energy and water
The newest washers are front loading, with features that use less water to clean clothes. Whirlpool, for example, has a washer that uses steam technology to save 73% of the water and 77% of the energy that top-load washers manufactured only four years ago use. A spin speed cycle is able to extract more water from clothes, cutting down on dryer time.
2. Toilets that conserve water
In many homes, toilets are the biggest water users. To save water in the bathroom, manufactures are developing toilets that use less per flush. Some models take it a step further, using different amounts of water depending on the type of waste being flushed.
3. No-VOC paints
Paints have traditionally had some amount of volatile organic compounds present in them. Today’s paints often have low amounts of the gasses that hurt a home’s indoor air quality. A new product introduced at the show contains no VOCs at all.
4. Smart thermostat applications
Programmable thermostats are often touted as a way to keep energy costs down. The only problem is, many times consumers use them incorrectly.
But online computer programs — such as a new system from In2 Networks that works with Honeywell thermostats — allow consumers to monitor heating and cooling consumption and control settings from their computers. The system can show homeowners the difference a couple of degrees could make, both in terms of dollars and the home’s carbon footprint.
5. Low-flow faucets and showerheads
Low-flow faucets and showerheads may not be a new concept, but the latest versions perform a lot better than their older counterparts. As a result, homeowners who didn’t want to sacrifice their hand washing or shower experiences for water conservation are giving these products a second look.
I’m just curious. Have any of you here done anything to green your home? For those of you shopping for a home do you/would you even care if it had “green” features? Please share.
June 2, 2008
This piece of info just came in from the NY Times. Does anyone here remember house shopping during the days of the rapidly escalating prices circa early 2000′s? Agents with buyers wrote very personal letters to sellers in the hopes of pitching their clients’ bids. I remember my agent at the time suggested it was a good idea to go on a trip to the client’s yard sale for a little meet and greet. (The bid still fell through.)
But, anywhoo, this NY Times article talks about a new kind of reality check letter. The letter pitches the reasons why in real estate market terms, the potential buyer is placing a reasonable bid (even if it’s say, so far below asking price that it makes the seller pause to make sure his eyesight is okay). Check out some of the lovely prose yourself.
Dear Seller:
I’m writing to let you know that I would like to make a bid on your property. I love the area and am committed to buying a house nearby. And your home fits my needs.
But given that my offer is well below your asking price, I also feel I owe you an explanation.
First, consider the big picture. Nationwide, home prices in the first quarter of 2008 fell 14.1 percent compared with the same period a year earlier, according to the Standard & Poor’s/Case-Shiller U.S. National Home Price Index.
That’s the biggest decline in the 20-year history of the data. And just in case you’re wondering, during the housing downturn of the early 1990s, the decline was never worse than 2.8 percent.
Not only that, earlier this month, the National Association of Realtors pointed to the huge number of existing homes on the market. As of the end of April, the total number was 4.55 million. At the rate people are buying right now, that represents an 11.2-month supply.
So buyers have options right now. A lot of them. I’m no different. Your home is great, but it isn’t unique. Few homes are. I know this may be hard to hear, since you’ve spent years creating memories here. But you may be waiting a long time if you hope to find a buyer with the same emotional connection that you have.
My mindset is hardly unique. We’ve all been reading the headlines. The accompanying articles appear prominently in major newspapers and sit on the Web pages where people check their e-mail every day. Everyone sees them, and the psychological impact is real.
Has your real estate agent laid any of this out for you? Maybe so, and you didn’t want to believe it. But it’s also possible that your agent, afraid of offending you and losing the listing, simply doesn’t want to initiate that sort of discussion. It may be worth sitting down for a candid reassessment.
It will be tempting to view my low bid as an insult. Please don’t make that mistake. Your home is genuinely appealing, and I wouldn’t have written this note unless I was serious about buying it. Getting a firm offer in this market is an accomplishment. So congratulations!
Oh, and one more thing. You presumably need someplace to move. My guess is that you’ll find these same points compelling when it’s your turn to buy. You just might succeed in buying for a better price, too.
I look forward to hearing from you soon.
Yours Truly,
The Realist
What do you all think? Is this worth a try? A bunch of crock? Comments are always appreciated. My personal take is the letter was pretty good until it congratulated the seller for getting an offer. That came off kinda patronizing to me.
With that, I leave you with a few LAX properties where the sellers are dropping the price.
Playa Del Rey
7740 Redlands, #G3095/2bd, 2bth/$430,000 to $420,000
Playa Vista
6011 Dawn Creek, #7/3bd, 2.5bth/$879,000 to $849,000
Westchester
6906 W. 84th Pl./3bd, 1bth/$748,000 to $709,000/
May 28, 2008
We’ve had some discussion on this board about whether the time is right to buy or not. Some experts say, “yes“, while others watching the market slowly drop say, “No Way!”
Well, I found one perspective from New York Times writer, David Leonhardt. Apparently, once a staunch supporter of renting, Leonhardt writes about his newfound point of view.
When two of my colleagues were moving to Los Angeles, I e-mailed them a spreadsheet that helped persuade them not to buy a house there. That same spreadsheet was the basis for an article in 2005, when I argued that “renting has become a surprisingly smart option.” Last spring — like any good evangelist, comfortable with repetition — I wrote a similar article.
The case for renting has been simple enough. House prices rose so high in the first half of this decade that you could often get more for your money by renting. You could also avoid having a large part of your net worth tied up in a speculative bubble.
But by the end of his article, Leonhardt, who has since recently had an offer accepted on a house, writes how he has apparently changed his mind about renting.
The housing bubble, unfortunately, forced a reconsideration of this standard, because houses became so overvalued. But they’re slowly coming back to reality, which means that buying has again started to make sense for more people. Apparently, I’m one of them.
But – he does live on the East Coast. Leonhardt does mention he wouldn’t be so keen on a purchase in most of California.
I’m still not sure how good our timing was. Based on the backlog of houses on the market, I fully expect that our new house will be worth less in six months than it is today. I’m also not sure that we would have been willing to buy in Boston, New York or much of California, where the rent ratios remain above 20, according to data from Moody’s Economy.com.
According to the article, rent ratios that exceed 20 mean that home ownership and its associated costs would exceed those of renting. Want to figure out the rent ratio for an area you’re looking at? Take two comparable homes – one for sale and one for rent. Divide the sale price of the home by the year’s cost in rent. Whalah! You have your rent ratio.
Here are a few properties that have dropped in price in the LAX area, by the way.
Playa del Rey
8162 Manitoba St., #306/2bd, 2bth/$549,000 to $529,000
Playa Vista
5625 W. Crescent Park, #110/2bd, 2bth/$655,000 to $568,000
Westchester
7320 Ogelsby Ave./3bd, 1.75bth/$1,069,000 to $1,045,000
