Playa Vista Phase II Will Be Beneficial to the Community
With the news that the development of Playa Vista Phase II has been approved AGAIN, it’s time to start thinking about how this will affect property values and your quality of life as a Playa Vista buyer or home-owner. Here are some things to consider.
The addition of 2,600 new homes in “The Village” will increase supply, however the homes will not be released all at once and the likelihood is that they will be released in a stronger real estate market than currently exists. The buzz of over a half a decade of approval anticipation will make these homes very intriguing to those who live in and outside the Playa Vista area as well as move-up buyers or those who may be looking for a change, but want to stay in the Playa Vista community. Phase II will draw a great deal of attention to the area, especially for those who have not previously considered Playa Vista as a living option, increasing demand. Demand for Playa Vista homes will also be dramatically increased by the 195,000 square feet of proposed retail and restaurant space, which is noticeably lacking in Playa Vista phase I. With the addition of several new restaurants, a supermarket, additional shopping, and a new Center Pointe Club style community and fitness center, Playa Vista residents will no longer only have two eating options and will rarely have to even get into their car and leave the community to shop. This is an extremely appealing fact that will increase demand significantly in itself.
As I’m sure most of you know, the three most important things that affect real estate values are location, where the property is located, and where it is on the map. Increasing the quality of residents’ lives like phase II will do by making it more walkable, creating more shopping options and community facilities will make Playa Vista one of the premier locations in the Los Angeles area. The initial increase of supply will be trumped by the improved location and higher desirability factor for new residents to come to Playa Vista. Ultimately, this will be a good thing if you are a current Playa Vista resident or one looking to buy a property in the release of Phase II.