Photo Credit: Paul Hanaoka
Kris Zacuto brings a wealth of knowledge to Hilton & Hyland with over 10 years of experience in Luxury Estate Management. The work ethic he acquired during his time on the diamond has translated into his new career and made him one of the area’s hardest working agents. His personal philosophy is “hard work and integrity breed success”. With a proactive perspective, a background in luxury properties, an appreciation for discretion, and the utmost professionalism, Kris possesses all the skills necessary to anticipate client needs to provide excellent customer service, and results. Haute Residence caught up with Zacuto to discuss Playa Vista, CA and what trends we should expect to see this year.
How was the luxury market in 2019 compared to 2018?
The luxury market in Silicon Beach, specifically Playa Vista, Westchester, and Playa Del Rey showed similar results for Q4 2018 & Q4 2019. While overall market trends showed some downward movement throughout 2019, Silicon Beach remained mostly consistent as it relates to the Luxury Market. Closed sales and median sales price actually showed increases in comparing Q4 2018 - 2019 with these areas combined. The main reason for this is that while we may have seen some market trends downward on the macro level, buyer interest and inventory in the Silicon Beach area did not waiver.
What are your projections for the value of properties and market conditions in Silicon Beach in 2020?
While the upcoming election and overall political landscape will have a major effect on every industry, we anticipate seeing the Silicon Beach area continue to thrive based primarily on buyer demand. Overall the Silicon Beach market will remain healthy in 2020, where buyers will continue to show interest and desire to be in Silicon Beach. Even with the potential for lower levels of inventory as the year goes on, the demand will continue to carry to the market.
Photo Credit: Matthew Hamilton
Are there any new condos or developments in Silicon Beach that will be completed soon in 2020?
The last remaining Single Family Development in Playa Vista, Encore by Taylor Morrison, consists of 14 SFR starting the $3M range. These luxury homes will consist of 3 levels and approximately 3500 sqft. Currently, Encore is anticipated to be completed toward the end of 2020. This development is based on the Collection Residence 2 concept introduced by Brookfield Residential in 2018.
Any new restaurants or shopping centers in Silicon Beach that have recently opened up that you would recommend?
Runway Playa Vista is undergoing a massive approximately $9M renovation in the heart of Silicon Beach. Runway is home to mixed-use retail, residential, and office space including Cinemark Theatres, Whole Foods Market, and Cedars-Sinai to name a few. The renovations will create an attractive walkable destination, removing driving lanes and vehicle access to this Playa Vista attraction. New restaurants in the area include Conference Room, a swanky lounge on the commercial side of Playa Vista focused on entertainment, a specially curated menu, and an impressive wine list. Bull & Butterfly, a modern California steakhouse, is also planning to open in 2020 at Runway Playa Vista.
What is your take on the current mortgage rates? Do you project these rates to go up or down in 2020 and why do you think this?
Mortgage rates are currently at historically low rates, and with recent news of world events - such as the Coronavirus outbreak - we are seeing mortgage rates to dip lower. With the news currently fueling the bond markets and driving mortgage rates lower, we anticipate an increase in buyer activity in
Silicon Beach this winter and do not see a major change for the coming months.
Photo Credit: Antonio Gabola
Anything else you would like us to know in terms of Silicon Beach, as we head into 2020?
Silicon Beach has experienced an incredible past few years emerging as a luxury real estate market in Southern California. We expect to see Silicon Beach continue to behave as one of the more attractive markets in the Southern California Beach Cities / Beach City Adjacent. Major companies such as Google,
Yahoo, The Honest Company, YouTube have set established roots in Playa Vista, and with Nike taking up office space in 2020, we expect to see the commercial real estate scene to remain hot in 2020.