By Andrew Khouri
Courtesy of the Los Angeles Times, January 16, 2016
If you were a seller, the Southern California housing market was a good one last year.
The economy improved. Sales jumped after a lethargic 2014. And prices climbed even higher, making an already expensive region even more so. By the end of November, the median home price for the six-county market was $438,000, up 6.8% from the same month a year earlier, according to the data from CoreLogic.
Still, the real estate frenzy cooled through late summer and fall. To what extent the slowdown could be blamed on the typical seasonality of home sales or to the price hikes that have made housing increasingly unaffordable is unclear. A better picture of the market’s health should emerge during the busy spring buying season.
Economists generally expect further improvement in the market, though they predict that the price increases will slow as fewer families are able to buy into it — a trend that started in 2013.
Photo courtesy of Christina House
By Andrew Khouri – Contract Reporter
Courtesy of the Los Angeles Times Business Section, February 10, 2016
A mixed-use project envisioned as Playa Vista’s downtown has been sold to a Dallas investment firm for a reported $475 million, cementing the master-planned community’s rise as a residential neighborhood and technology hub.
The steep price for Runway Playa Vista — a retail, residential and office development that cost about $300 million to develop — shows what can happen when tech giants like Facebook, YouTube and Microsoft come to town.
Investors are banking on those companies luring highly educated and highly paid workers to the burgeoning community as it nears completion.
“The tenant roster is kind of a who’s who of big technology and entertainment companies,” said Pete Cassiano, a managing director with buyer Invesco Real Estate, which bought the project from Lincoln Property Co. and two partners. He added that the Runway “is going to be a kind of a hub for the whole area going forward.”