April 10, 2008

Condo Sales In Playa Vista

Is anyone out there curious about how condo sales are going in Playa Vista? Well, there have been some sales lately. The current average days on the market is 71. And the average sale price of homes is $645,000. There have been a total of 10 properties that have sold in the last three months. And I see 19 homes currently for sale via the Redfin map. (This doesn’t necessarily include properties for sale from new developments). Now, I think I’ve mentioned this before, but in Playa Vista, it’s very hard to compare apples to apples when you’re looking at home sales - unless you’re comparing two similar properties that sold from the same development.

Today, let’s take a look at 5300 Playa Vista Drive, #5. There’s just one bedroom, but three bathrooms here with 1,920 square feet of space. It sold in mid-March for $648,000. This condo is an example of depreciating value in this housing market. Back in January of 2007, the condo sold for $779,000. There is also a sale that shows for $1,000 in November of 2007, but perhaps that was a transfer between related parties. This home had its final price drop back in late August from $719,000 to $705,000. Being overpriced, this home was sitting on the market for several months before it sold.