287 Homes Sold in Pacific Palisades in 2015

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Dec. 31, 2015, 61 single-family Pacific Palisades residences were listed in the Multiple Listing Service (MLS).  The current level of inventory has increased 9 percent from last year’s Dec. 31 available inventory.

A total of 287 homes sold in the Palisades in 2015, according to the MLS at press time. Median sale prices were up by 13 percent from 2014. The median list price is at $3,695,000, which is down by 13 percent from the end of 2014. There are currently 28 escrows opened in the Palisades.

At the start of 2016, the lowest-priced residence available is a 4-bedroom, 5-bathroom home on Calle De Sevilla in the Highlands, being offered at $1,450,000. The highest-priced available property is a 5-bedroom, 7-bathroom on San Remo Drive in the Riviera, which is listed at $24,888,888.

The most affordable areas in 2015 were the Lower Marquez/Bel-Air Bay Club and the Highlands areas with respective median prices of $1,835,000 and $1,882,500. The Riviera and Huntington areas continue to have the highest median average sales prices.

The lowest sale price for 2015 was a 2-bedroom, 1-bathroom on Bienveneda, which sold for $1,005,000. The highest sale in the MLS was an ocean-view home on Corona Del Mar in the Huntington, which sold for $22 million.

There are 16 condominiums/townhouses on the market as of Jan. 1, which is more than a 200 percent increase from the beginning of 2015. They range from a 1-bedroom, 1-bathroom in the Edgewater Towers on Sunset Blvd. offered at $549,000, to a 3-bedroom, 3-bathroom on Sunset Blvd. being offered at $1,995,000.

Sixty-two condominiums were sold in the Palisades last year, ranging from a 1-bedroom, 1-bathroom on Marquez, which sold for $520,000, to a 3-bedroom, 4-bathroom penthouse unit in the Rockwell building at Sunset and PCH, which sold for $1,825,000.

The median sales price for condos for all of 2015 was $973,000, which is up 14 percent over 2014.

There are currently 11 pieces of raw land available, ranging from $179,000 for a 3,831 square-foot sloped lot on Posetano to $9,995,000 for a 28,000 square-foot lot on La Cumbre in the Huntington.

Five lots sold in 2015, ranging from $985,000 for a 7,800 square-foot lot on Calle Patricia in the Highlands to $8,500,000 for a 28,000 square-foot lot on Corona Del Mar in the Huntington.

There are 39 leases in the Palisades, starting at $2,399 for a 1-bedroom, 1-bathroom on Castellammare, and asking as high as $75,000 per month for a 7-bedroom, 9-bathroom house on Rivas Canyon.

There were 228 Palisades leases done in 2015, ranging from a 1-bedroom, 1-bathroom on Pacific Coast Highway, which leased for $1,400 per month, to a 6-bedroom, 9-bathroom home on Umeo in the Riviera, which leased for $65,000 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping and analyzing statistics of Pacific Palisades housing prices for the last 30 years.