In my offices we have regular requests for rentals in Playa Vista. I would say several clients per day who are interested in leasing in the area. We also represent investors/owners who own three or more condo rental properties in the area since the opening of the development. Being close to LAX, Loyola, area beaches, bike paths plus all that Playa Vista has to offer in lifestyle makes the area very attractive to potential tenants.
As far as it being a good investment for you, that would depend upon your personal goals, the property in question etc.It's something that would have to be calculated once a potential property is located
Playa Vista is GREAT for investors. Give me a call and I can answer any questions you might have.
I look forward to speaking with you soon!
Have a great day,
Heather Paul, Realtor
The rents are high, BUT...all of the condos are still affected by the Mello Roos taxes (a 20 year assessment), and this is, of course, absorbed by the condo Buyer, "in addition" to the HOA monthly fees. A ROUGH EXAMPLE for a 2BR in the $700k range would be Mellos Roos taxes of roughly $3400-$4000/year, and the HOA will most likely be in the $600-$700/month. So your monthly overhead will include roughly $900/month in these charges.
But...the upside is the demand. Most units rent within 30 days, and the monthly rent for the example size condo would be $3400-$3900/month. At the end of the day, the strength of your position will be determined by the way you buy the unit...based on a cash buy, or if a financed deal, then at what percentage of down payment. (Do you need a killer lender? I've got a miracle worker lender that I'm happy to refer to you).
There is one small hiccup with some of the condo buildings in Playa Vista...SB800, known as the California fix it law, giving the HOA's the ability to exercise their right to go back to the builder for repairs within the first 10 years. If you're financing your investment purchase, it's best to avoid the buildings that are currently in the middle of this. Instead look for those that have either already utilized their opportunity, or others that will probably do so after you've purchased (it's a good thing for an owner...but lender's don't like lawyers, and oftentimes when SB800 is pulled in, lawyers are also involved).
If you need an agent to help guide you through this process, please feel free to contact me directly. Wishing you the best of success in your investment property search!
Keller WIlliams Realty Los Angeles
Playa Vista is a good rental area but be sure to calculate:
- Monthly Principal Payment
- Monthly Interest Rate Payment
- Monthly HOA fee
- There is an additional Mello Roos Fee
Like any investment it has to make financial sense. Calculate total monthly expenses and approximate monthly rents.
MORE INFO: Playa Vista Real Estate Analysis and Property Search.
Gail Mercedes Cole
Have you considered a HOMEPATH property? http://www.homepath.com The best part of a HOMEPATH home is you can put as little as 10% down with a score of 660 (single family), AND there is NO mortgage insurance.
Kinecta Federal Credit Union is one of few HOMEPATH lenders in the country.
Rene Joseph De Blanco
Adjacent to these communities are the more traditional condo buildings, mostly inhabited by a young, professional demographic. These buildings are well maintained, and these have more traditional 1 & 2BR units. You would need to check with the HOA as to whether or not these units can be rented. If they've reached the maximum percentage of units being rented, then you would have to get on the waiting list.
Note: all of these units have HOA dues of roughly $350-$500/month, plus the Mellos Roos taxes (which hold for 20 years).
Feel free to call me with any questions, or for info about specific properties in this area. Good luck with your search!
Keller Williams Realty
Yes, ABSOLUTELY. There is such demand for PV rentals right now. Here are the relevant facts:
In contrast to the news of a continual nationwide decline in home prices, several media outlets report positive signs of an improving economy, while the U.S. jobless rate remains at a 4-year low. Locally, the Los Angeles Times published the article; â€œPending sales of existing homes up to nearly two-year high.â€ As explained by a housing expert in the article, the increase in demand is due to a sliding unemployment rate, a downward trend in home prices, and a supply of homes at a nearly seven-year low.
In Playa Vista, things are staying on a positive note. The opening of the new elementary school is already creating a strong rental demand, thus pushing up rental rates. In the resale market, multiple offers on well-priced properties are common place. Finally, the last two new home developments in phase One of Playa Vista are selling swiftly â€“ Cielo, the single family home development only has one home left, and Primera Terra has sold over 65% of its homes.
Last week, The Hollywood Reporter announced two new tenants will be moving into Playa Vista; You Tubeâ€™s Next Lab will occupy 41,000 square feet of offices at Hercules Campus in Playa Vista, and marketing agency, Earthbound Media Group, signed a 10-year lease for 15,000 square feet at the same campus. This weekâ€™s news is that TMZ, a celebrity news organization, will be moving into 36,000 square feet of offices at the dormer post office across the street from Playa Vista. With the workforce of almost 100,000 taking up office space and moving into Playa Vista by 2013, the addition to the demand for housing in the area, is making the outlook in the future of Playa Vista a bright one.
If I can assist you in any way, please feel free to call.
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) (310) 800-2954
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.