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ays314, Home Owner in Marina del Rey, CA

Playa Vista Runway project affect on nearby communities

Asked by ays314, Marina del Rey, CA Tue Sep 24, 2013

I own a 2 bedroom townhouse in Marina Del Rey, just down the road off Lincoln. Will the new Playa Vista Runway project be good for my home value when the much needed shopping and entertainment options arrive in the area, or will it lower my home value since they are constructing so many new residential units nearby?

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Dear ays314,

Yes, it will affect nearby communities...and in a good way. I think that surrounding communities will benefit from having Playa Vista's Runway. The downside is that traffic will increase. The upside is that people will want to be near the new amenities. Not everyone will want to pay Playa Vista's double HOA dues and Mello Roos tax bill, but they will want to live nearby and will look to Marina del Rey.

What do you think about the affect of Marina del Rey's recent growth? The Stella Apartments and Marina Marketplace seem to have brought value to the neighborhood. Once AMC opens, where United Artists theater was, I think it will tie the shopping center together nicely.

If you would like to discuss this further, please call me at 310-737-8173 or email is fine too: info@KimAndKristine.com

Best,

Kim Halverson
2 votes Thank Flag Link Thu Sep 26, 2013
I think the new amenities and higher comps will ultimately benefit your home's value in the long term. However, if you plan to sell in 1-3 years (the time frame when most of the new construction condos in Playa Vista are expected to be sold), you will be facing more competition, not only from the new construction itself, but from other resales from sellers/buyers looking to move-up into the new construction. Something to think about when timing a potential sale.
2 votes Thank Flag Link Tue Sep 24, 2013
April buyers from all over the world want to live in Marina Del Rey. There are only so many units for sale and it is strictly a supply and demand, keep in mind Play Vista is not Marina Del Rey and the developers emphasize that they are "only three plus miles" from MDR, they have to overcome the objection that they are not in MDR. Hence the value of your home will not be negatively affected.

If you would like a free market evaluation please reach out to me directly.

Endre Barath,Jr.
Berkshire Hathaway HomeServices
California Properties

homes@endrebarath.com

310.486.1002(m)
Web Reference: http://www.endrebarath.com
2 votes Thank Flag Link Tue Sep 24, 2013
Let me tell you...Playa Vista is absolutely "gold" to all the neighborhoods surrounding the area!

First of all everything that was done there is top notch with all the amenities you could ask for. It has brought in a many new and needed services and a whole new community to West Los Angeles. I predict the new phase 2 will be even better and provide entertainment and green scape that us useable as well.

I can only see it bringing up( maybe way up) the surrounding property values and that's a great thing for all of us who own in the area.Right now we have a huge demand for housing in the area.

IF you would like to know your current home value just send an email to me or call me directly. I believe you will be very pleasantly surprised!
0 votes Thank Flag Link Thu Dec 5, 2013
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