Palisades Home Prices Average Nearly $900 Per Square Foot

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Nov. 30, there were 67 single-family Palisades residences listed in the Multiple Listing Service (MLS), which is 8 percent lower than this time last year.

So far this year 288 Palisades homes have sold, and there are now 29 homes in escrow in the Palisades.

Median sale prices are currently $2,517,500, 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 $897 per square foot.

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 in the Huntington, asking $21,950,000.

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 nine condominiums/townhouses on the market. They range from a 1-bedroom, 1-bath on Marquez offered at $529,000 to a 2-bedroom, 2-bath on Coastline Drive for $1,250,000. Seven condos are currently in escrow.

There have been 68 condo sales so far this year, ranging from $349,000 for a 1-bedroom, 1-bath on Sunset to $2,520,000 for a 3-bedroom, 3-bath on Sunset in the new Rockwell building. The median condo sales price is $845,000, which is the same as this time last year.

There are currently eight pieces of raw land available, ranging from a 3,500-square-foot lot on Posetano, being offered at $295,000 to $4,200,000 for 10 acres on Via Santa Ynez.

There are three lots pending sale and two have sold so far this year.

There are currently 43 available leases in the Palisades. They range from a 1-bedroom, 2-bath unit on Tramonto asking $2,995 per month to a 6-bedroom, 8-bath home on Via La Costa in the Highlands asking $45,000 per month.

There have been 203 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.