$38M Home Remains on Market

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Sept. 30, 69 single-family Pacific Palisades residences were listed in the Multiple Listing Service. The current level of inventory is 25 percent lower than last year’s Sept. 30 available inventory.

A total of 204 homes were sold in the Palisades through the third quarter of 2017, which is the exact same as 2016. Median sale prices were up 15 percent over 2016’s third quarter, and the price per square foot was 8 percent higher. The median list price is currently $4,445,000, which is the same as last year at this time. There are currently 24 escrows open in the Palisades, which is a 29 percent decrease.

The lowest-priced residence available is a two-bedroom, two-bath home on Las Casas, which is being offered at $1.3 million. The highest-priced available property continues to be a seven-bedroom, 13-bathroom on San Remo listed at $38 million.

The most affordable areas so far in 2017 are the El Medio and upper Marquez neighborhoods, as well as Sunset Mesa. The Riviera had the highest median average sales price. The El Medio Bluffs and Highlands areas currently have the largest number of homes for sale in the Palisades (nine each).

The lowest sale price for the third quarter of 2017 was on Radcliffe ($1.5 million). The highest sale ($32.5 million) so far this year was on Casale in The Riviera.

There are 13 condominiums/townhouses on the market, which is about the same as what was available at the end of the third quarter in 2016. They range from a one-bedroom, one-bath on Sunset, offered at $570,000, to a four-bedroom, four-bath on Sunset for $1,649,000.

Fifty-six condominiums were sold in the Palisades since the start of the year, ranging from a one-bedroom, one-bath on Sunset, which sold for $540,000, to a three-bedroom, three-bath on Palisades Drive, which sold for $1.65 million. The median sales price for condos at the end of the third quarter was $1,138,750, which is up 27 percent over 2016 third quarter median sales prices.

There are currently 20 pieces of raw land available, ranging from $175,000 for a 3,700-square-foot lot on Posetano to $19 million for a 33,000-square-foot lot on Corona Del Mar in The Huntington. There have been only two land sales this year.

There are currently 75 available leases in the Palisades, starting at $3,000 per month for a one-bedroom, one-bath on Sunset, and asking as high as $100,000 per month for a five-bedroom, five-bath house on Posetano.

There were 188 Palisades leases done through the third quarter of 2017 (the exact same number as last year), ranging from a one-bedroom, one-bath on Sunset, which leased for $2,850 per month, to a five-bedroom, seven-bath home on San Remo, which leased for $85,000 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 31 years.