A Tale of Two Phases: How Playa Vista’s Real Estate Market Is Splitting in Two
Playa Vista has long been admired as one of Los Angeles’ most thoughtfully designed and livable communities, along with a thriving real estate scene. But a growing divergence has caught the attention of agents and homeowners alike: the widening performance gap between Phase I and Phase II homes.
For those less familiar, Phase I includes homes West of Dawn Creek, which were primarily built before 2013, while Phase II is East of Dawn Creek and built since 2014, bringing newer construction, fresh finishes, and modern layouts to the neighborhood.
While these two eras of Playa Vista development once tracked fairly closely proportionately in terms of supply and demand, that’s no longer the case in 2025.
Inventory Imbalance: One Neighborhood, Two Markets
As of May 20, 2025, 80 homes across Playa Vista are either active, pending, under contract, or have sold YTD. Inclusive of attached and detached properties, per the MLS, here is how those listings break down:
- Phase I:
- 21 active listings
- 12 pending/under contract
- 33 sold since January 1
- Phase II:
- 0 active listings
- 2 pending/under contract
- 12 sold since January 1
What’s striking here is that despite a proportional number of total sales (33 vs. 12) when adjusted for scale, Phase I has a 21-0 lead in active inventory over Phase II. This disparity points to greater demand and tighter supply for newer homes, while some older homes are lingering longer on the market.
Pricing Power & Buyer Preferences
This gap isn’t just about volume, it’s about value. Recent sales show that Phase II homes are achieving significantly higher prices per square foot than their older counterparts. In a comparison of average sold price per square foot in 2025 so far:
- Phase II: $1,012.92
- Phase I: $821.76
That’s a per square foot premium of over 23% for the second phase homes.
While Phase II homes do have the advantage of not having additional Mello Roos expenses, this trend speaks to what today’s buyers are prioritizing. Particularly modern layouts and the ability to avoid costly remodeling projects. With construction timelines growing more uncertain, partly due to increased demand on contractors from post-wildfire rebuilds, buyers are steering away from renovation projects and opting for turnkey homes.
Why Phase I Is Facing More Resistance
Phase I homes often offer larger footprints, more varied floor plans, and in some cases, better natural light or views, but with many built between 2003 and 2013, they’re more likely to require updates. From kitchen remodels to bathroom finishes and flooring, today’s buyer has less patience for cosmetic shortcomings.
In a market where “move-in ready” wins, Phase I homeowners may need to consider light cosmetic upgrades or strategic staging that will yield a return on investment to compete with their Phase II neighbors. The rise of design-savvy buyers, especially in areas like Playa Vista, means presentation is now a central part of pricing strategy.
What This Means for Buyers and Sellers
If you’re a Phase II homeowner, the message is clear: You’re in demand. With only one home currently listed and limited competition, this may be an ideal moment to test the market and achieve a top-of-market sale.
If you’re a Phase I homeowner, there’s no reason to panic, but awareness is key. Buyers still appreciate the features of many Phase I residences. The opportunity lies in pricing correctly, emphasizing square footage advantages, and reducing buyer hesitation through modest updates or repair transparency.
For buyers, these trends may signal greater negotiating power in Phase I, but also a potential opportunity to build meaningful sweat equity. Many Phase I homes offer solid bones and more generous layouts, making them ideal candidates for strategic upgrades over time. Buyers who are willing to invest in modernizing finishes or remodeling key spaces may find themselves owning a highly desirable home in a top-tier neighborhood at a lower initial cost than a comparable Phase II property. Common improvements include new flooring, refreshed kitchen and bathroom finishes, or reimagining outdated features like second dining areas or built-in box TV nooks to better suit contemporary living.
The Bottom Line
Playa Vista remains a diverse and desirable community, but the split between its two major development phases is increasingly shaping buyer behavior, pricing trends, and inventory dynamics. Whether this divergence continues long-term or begins to close again remains to be seen, but for now, it’s clear that Phase I and Phase II homes are operating in two very different lanes of the same market.