As we head into Spring of 2017, many of the same market conditions from the previous 4 years continue to persist. Inventory is still low, demand is high due to still historically low interest rates, and as a result prices are still heading upwards.
However, signs of change are on the horizon. Interest rates have begun to creep up and are believed to continue to rise throughout the year, and since prices are so high buyers have become more selective with what they are willing to pay top dollar for. There is a chance that demand will lessen throughout the year, which could begin to slow the upward trend of prices.
As buyers are becoming more selective, the more unique properties on the market are garnering the most attention. A great example of this is this spectacular view home in Playa Del Rey at 258 Fowling Street. The home is 3 bedroom, 3 bath, is roughly 2,600 square feet and is listed for $2,350,000.
The home was built in 1951 and has a classic mid-century vibe. It has a minimalistic design but features soaring exposed beam ceilings on the second floor and huge walls of glass that are perfect for taking in the best part of the house: the view. I’ve seen a lot of homes in the Playa Del Rey area, but this one has by far my favorite view.
The house is set on a corner lot that takes in 180 degree views from the Pacific Ocean on the left, through Marina Del Rey and Ballona Wetlands, all the way to the Hollywood Hills on the right. Its a commanding view that is almost impossible to replace, and the house is perfectly designed to take advantage of that space.
The floor plan is a bit unorthodox with the kitchen, living room, and two bedrooms downstairs, but upstairs features the high ceilings and enormous glass windows that provide amazing views from the sumptuous master bedroom and upstairs den. The den is an unusual space to have upstairs, but when you have such a remarkable view, it makes sense to have an entertaining space that takes advantage of that.
The house does need some updating inside, but the scale of the home is great, so the future buyer will have the chance to pick out finishes to their taste. Because the house is so unique, I would expect it to sell at or above the asking price in a quick timeframe.
If you have any questions about this top property, or the market in general please feel free to contact me.