No Palisades Houses Priced Under $1.5 Million; Lowest Condo Listed at $529K

By MICHAEL EDLEN

Special to the Palisadian Post

As of Oct. 31, there were 76 single-family Palisades residences listed in the Multiple Listing Service (MLS), which is 7 percent lower than this time last year. So far this year 271 Palisades homes have sold, and there are now 35 homes in escrow in the Palisades.

Median sale prices are currently $2,535,000 compared to $2,237,500 a year ago. The average sale price per square foot has increased by 10 percent as compared with the same period in 2013 and is now at $893 per square foot.

With less than a three-month level of inventory at the current rate of sales, we can expect upward pressure on prices for at least another few months, even if at a steadily decreasing rate.

The lowest-priced available home is a 3-bedroom, 2-bath on Radcliffe at $1,595,000. The highest-priced property is a stunning 7-bedroom, 10-bath on Chautauqua, asking $17,498,000 (reduced from $19,950,000 after nearly four weeks on the market).

The lowest sale price so far this year was a 2-bedroom, 1-bath on Sunset Blvd., which sold for $825,000. The highest sale so far this year was a 5-bedroom, 8-bath on Chautauqua, which sold for $15,730,000.

There are 11 condominiums/townhouses on the market. They range from a 1-bedroom, 1-bath on Marquez Avenue offered at $529,000, to a 3-bedroom, 3-bath on Haverford in the Village for $1,778,000. Three condos are currently in escrow.

There have been 66 condo sales so far this year, ranging from $349,000 for a 1-bedroom, 1-bath on Sunset to $2,695,000 for a 3-bedroom, 3-bath on Sunset in the new Rockwell building. The median condo sales price is $855,000, which is just 1 percent lower than this time last year.

There are currently 11 pieces of raw land available, ranging from a 3,500 square-foot lot on Posetano being offered at $295,000 to $6 million for three lots on Pintoresca. There are two lots pending sale and two have sold so far this year.

There are currently 37 available leases in the Palisades. They range from a 2-bedroom, 2-bath unit on Palisades Drive asking $2,950 per month to a 6-bedroom, 8-bath home on Via La Costa in the Highlands asking $45,000 per month.

There have been 192 leases so far this year. The highest lease so far this year was a 5-bedroom, 7-bath on San Remo in the Riviera for $37,500 per month and the lowest was $2,200 per month for a 2-bedroom, 2-bath on Sunset Blvd. The median was $7,000 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 28 years.