Sunday, September 09, 2007

Playa Vista (for Cass!)

Yesterday E and I went out to Playa Vista to check out all the model homes there. I have to say it is a nice development. The model homes at Icon are particularly stunning. Seriously, I've seen lots and lots of model homes and these are really impressive. You will not be getting any yard but you will be getting between 3,200 and 3,700 sq. ft. and they are detached residences. What will you pay for this? Oh... anywhere from $1.77M to $1.969M. Uh-huh.

There's no ocean view. There's no proximity to the studios. I already mentioned that there's no yard. Why the hell would you pay nearly $2m to live here? WHY?! They appear to have sold about 25%. The models are sold and the builder is leasing them back to the owners. So somebody seems to think it's worth it. Personally, I can't figure it out. Is this maybe an easy commute to downtown?

I also saw the models at Coronado. Their townhouses are priced between $594k (for 1,130 sq. ft.) and $926k (for 2,249 sq. ft). Seems like a bargain compared to Icon, no? But there is a huge difference in quality between the two developments. Not that Coronado is bad, it's certainly not. It's just not as big and not upgraded with hand-hewn exotic wood floors, imported marble, and so forth.

I find it hard to believe that either of these developments will be able to sustain this kind of pricing for long.

8 comments:

allsouledout said...

Agree. In fairness, never set foot inside the development, only saw the sprawl increase during various Home Depot trips, but no interest. Also, not sure if this has been "resolved", but something about potentially living on explosive land doesn't appeal to me, ether: http://www.knbc.com/news/9588930/detail.html

Kate said...

Whoa! I had no idea. Thanks for link.

Anonymous said...

Kate, you ask why people would want to live here. Lots of jobs in nearby El Segundo area and the lure of brand new units in a quasi-upscale community. Close enough to westside, south bay, etc. The Village will eventually be built and will have a lot of shops and a business park in walking distance. The methane thing is a little overhyped imo. What gives me the creeps is that PV is one of the largest indian burial ground sites in CA. Yup, they have a tribe member working fulltime to respectfully handle the remains. We're talking hundreds found. Makes sense though as this was camp site for some tribe. Damn Poltergeist movies have made me paranoid.

I did see Icon a month ago. Really nice as stagged. Didn't see Coronado, but I think I saw its sister building a few years back. Nothing special. Expensive HOA dues in PV from what I remember.

Kate said...

Anon:

I couldn't figure out who works in El Segundo ... so I googled and learned that El Segundo's 5 biggest employers have about 20k employees and they are:

Raytheon Company
Boeing Satellite Systems Inc. Northrop Grumman Corporation
Aerospace Corporation
Mattel Toy Manufacturing

Sort of looks like Aerospace is still alive and kicking, no? But shouldn't EA Sports be on that list?

Hmmm.

Kate said...

Oh, I almost forgot, which of those employers pays enough to support buying a $2M house? Because that's pretty much where I'd like to work.

cass said...

Thanks for thinking of me!

The new development is...well...a bit cramped. I cannot imagine the prices will be sustainable, but I do hear they have a decent dog park.

The only place down there I want to be is in the old part of town by the park (from Vista Del Mar to the west or along Fowling on the hill). It is still a pretty neat sleepy community with a little too much jet noise to ever become overly 'fancy.'

The commute to the Miracle Mile or downtown is not too bad if you know the old 'back way' to the airport via Stocker and La Brea.

Anonymous said...

EA isn't in El Segundo...

Kate said...

Oh right! I got confused because their building is across the street from the Playa Vista development. Thanks!