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Indications of an emerging rebound of housing in the Playa/Marina condo market
December 16, 2009 by admin · 6 Comments
Just read the article below and thought it definitely applies to anybody currently shopping or selling in the Playa Vista, Marina del Rey or Playa del Rey condo markets.
Condos in a failed Marina del Rey complex built during the height of the real estate boom were auctioned at a discount Sunday with buyers spending $20.5 million for 41 units in two competitive hours of bidding.
The complex, called Element, at 4141 Glencoe Ave. was built by John Laing Homes and intended to appeal to young, single buyers, according to a report in The Times in early 2008. At that time, the builder hoped to sell units at prices ranging from about $569,000 for a 1,055-square-foot unit to $1.5 million for a 1,594-square-foot penthouse.
Only nine units were sold and the property was taken over by a consortium of lenders including Bank of America, Bank of the West and City National Bank.
Sunday’s sales prices were 33% over the opening bids and a total of 525 bids were received in two hours, according to the court-appointed receiver, Taylor B. Grant of Newport Beach-based California Real Estate Receiverships. The average price was just over $500,000.
“We think the results tend to indicate an emerging rebound of housing in Southern California,” Grant said.
– Roger Vincent, Los Angeles Times Article
As one of L.A.'s newest and most exciting communities, Playa Vista offers quality of living, all around convenience and much more than just a beautiful place to live. The Flexner Group invites you to explore and become part of a community where you'll truly feel at home.
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………..Information from the Statistics and Census Service indicated that in 2006 13 593 real estate sale and purchase contracts were made with a total value of MOP11.62 billion down 32.1 and 27.4 respectively over 2005. In the fourth quarter of 2006 3 701 real estate sale and purchase contracts were made involving the transaction of 4 541 real estate units a year-on-year increase of 8.0 .
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