Two of the final housing projects in the Playa Vista market are nearly sold out.
The housing stock in Playa Vista is nearly sold out. Brookfield Residential’s Jewel and the Collection have seen strong demand with 12 of the 14 homes at the Jewel sold and 42 of the 66 homes at the Collection sold. The properties are some of the last available for-sale homes in the Playa Vista market, and illustrate the continued demand for space.
“The Westside is housing constrained, and if you want a new single-family residence that has specifications to your liking, you are most likely going to have to buy a re-sale home and spend time hiring contracts and remodeling,” Alison Girard, director of marketing at Brookfield Residential, tells GlobeSt.com. “These homes can come completely finished or with personalization opportunities so that you get the home that you want with your initial purchase. That is really hoping to drive demand.”
In addition to the availability of homes, Playa Vista is also—for all intents and purposes—a full-fledged live-work-play market, which has fueled housing demand. “The 3 million square feet of creative office and the Campus at Playa Vista and the additional tech companies moving into surrounding areas,” says Girard. “That is helping to push up the demand. Homebuyers are looking to live close their office and cut down on their commute as well as live in a community that is very vibrant. Playa Vista is full of things to do from dining to shopping and parks.”
Girard says that about half of the buyers are looking for complete build outs and the other half want customization. The flexibility of both projects to provide both has helped to fuel activity. “With Westside buyers, it is really about options. We have housing that can fit a wide range of needs.”
Not only is Playa Vista housing nearing sell-out, but there is also no developable land left. “Playa Vista is at its end, so all of the parcels are spoken for. Our first residents moved in in 2002, and we are coming down to the final residences available at Playa Vista.”
Brookfield expects Jewel to sellout later this year and the Collection to sell out in mid-2020. “We feel that we are getting nice traction and nice absorption at those price points,” says Girard. “We have seen strong sales last year, and we came into this year and interest rates dropped to their lowest point in 13 months. As that news got more play, things moved back on track to what we were expecting.”