Only One Home For Sale Under $1 Million

By MICHAEL EDLEN | Special to the Palisadian Post

As of Jan. 31, there were 59 single-family Palisades residences listed in the Multiple Listing Service (MLS), which is 19 percent lower than at the start of 2014. So far this year 14 Palisades homes have sold, and there are now 33 homes in escrow in the Palisades.

The average sale price per square foot has increased by 30 percent as compared with the same period in 2014 and is now at $936 per square foot. Median sale prices are currently $2,135,000 compared to $2,492,000 a year ago. The reasons for this seemingly contradictory evidence is that so far in 2015 more homes are being sold to and by developers than in January 2014.

The lowest-priced available home is a 2-bedroom, 1-bath on Bienveneda at $995,000. The highest-priced property is a stunning 7-bedroom, 11-bath on Toyopa asking $21,950,000.

The lowest sale price so far this year was a 2-bedroom, 1-bath on Sunset, which sold for $1,210,000. The highest sale so far this year was a 5-bedroom, 5-bath on Temecula, which sold for $3,400,000.

There are only four condominiums/townhouses on the market. They range from 1-bedroom, 1-bath in the Edgewater Towers on Sunset Blvd. offered at $749,000 to a 3-bedroom, 3-bath condo on Haverford in the Village for $1,595,000. Eight condos are currently in escrow.

There have been two condo sales so far this year; one was a 2-bedroom, 2-bath on Via de la Paz, which sold for $701,000 and the other was a 3-bedroom, 3-bath unit on Michael Lane, which sold for $885,000.

The median condo sales price is $1,017,500, which is up 24 percent from this time last year.

There are currently 11 pieces of raw land available, ranging from 3,697 square-foot lot on Posetano being offered at $195,000 to $4,200,000 for approximately 10 acres on Via Santa Ynez. There are three lots pending sale and no land sales yet this year.

There are currently 37 available leases in the Palisades. They range from a 2-bedroom, 1-bath home on Bienveneda asking $3,800 per month to a 7-bedroom, 9-bath home on Napoli asking $50,000 per month.

There have been 12 leases so far this year. The highest lease so far this year was an 8-bedroom, 8-bath on Umeo for $23,000 per month and the lowest was $4,100 per month for a 2-bedroom, 1-bath on Bollinger. The median was $7,100 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 29 years.