For a while, the rollouts of residences in the last phase of Playa Vista were progressively more expensive.
Detached homes in Brookfield Residential’s Everly development, which opened in November 2015, cost $2 million ($862 a square foot) and up. Many of the three-story homes in Brookfield’s Marlowe development, which opened in December 2015, cost more than $3 million ($960 a square foot).
The next two projects set to open in spring are less expensive, though still expensive, in the $1.5 to $1.9 million range (or roughly $825 a square foot).
This could be because the market is calming down, but it also could be because they aren’t houses. They’re “flats” in Brookfield’s newest developments of “single level attached residences,” according to the Playa Vista website, which announced the approximate pricing last night.
One property, dubbed Mason, has “beachy brownstone flats” which are anticipated to be priced in the “mid $1,000,000s,” according to Playa Vista’s website. The flats range between 1,816 to 2,658 square feet. There are both three- and four-bedroom models that have private decks and two-car garages. The units, in the $825 a square foot range, are designed by KTGY.
Brookfield’s other new property, dubbed Cleo, has connected “coastal contemporary flats” anticipated to start in “the high $1,000,000s.” The three- and four-bedroom apartments, which range from 2,052 to 2,674 square feet, also cost about $825 a square foot and are designed by KTGY. Some of those units have much-coveted three-car garages.
Playa Vista is still less expensive than many of its Westside neighbors. In the fourth quarter of 2015, condo properties sold for an average of $644 a square foot, compared with $906 in Santa Monica and $961 in Malibu Beach, according to a report by the Agency.
When Mason and Cleo are finished, they will inch the Playa Vista master-planned development, which has been in planning stages since the late 1980s, toward completion. Brookfield took over the residential portion of the 1,000-acre site formerly owned by Howard Hughes in 2012, buying it from the previous owner, Playa Capital, a firm largely owned by Goldman Sachs. The last phase of construction began in 2013, just as the area was becoming an attractive market companies like Google, Yahoo and Facebook.
In addition to Cleo, Marlowe, Mason and Everly, the planned community of Playa Vista also contains the Skylar development by KB Homes ($2 million and up) and Brookfield’s Camden, Jewel and Seabluff Flats. There’s also Los Angeles Jewish Homes’ Fountainview residences for seniors (priced in the mid $500,000s), which is one of the only development names that doesn’t sound like the roll call at Los Feliz Daycare.