Highest Home Price in Palisades Tops $23 Million

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Feb. 28, there were 72 single-family Palisades residences listed in the Multiple Listing Service (MLS), which is 10 percent lower than at the start of 2015. So far this year 32 Palisades homes have sold, and there are now 39 homes in escrow in the Palisades.

The average sale price per square foot has increased by 8 percent as compared with the same period in 2014, and is now at $901 per square foot. Median sale prices are currently $2,650,000 compared to $2,560,000 a year ago.

The lowest-priced available home is a 2-bedroom, 1-bath on Bienveneda at $995,000 and has been on the market for three months. The highest-priced property is a 4-bedroom, 6.5-bath ocean view estate on Corona Del Mar asking $23,950,000.

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 6-bedroom, 5.5-bath on De Pauw, which sold for $5,300,000.

There are seven condominiums/townhouses on the market. They range from a 1-bedroom, 1.5-bath on Tramonto offered at $699,000 to a 3-bedroom, 4-bath condo on Palisades Drive for $1,525,000.

Seven condos are currently in escrow. There have been six condo sales so far this year. The lowest was a 1-bedroom, 1-bath on Marquez, which sold for $520,000 and the highest was a 3-bedroom, 2.5-bath unit on Haverford, which sold for $1,750,000.

The median condo sales price is $793,000, which is up by just 1 percent from this time last year.

There are currently 12 pieces of raw land available, ranging from 3,721 square-foot lot on Revello being offered at $175,000 to $4,200,000 for approximately 10 acres on Via Santa Ynez. There is one lot currently pending sale and two sales so far this year.

There are currently 32 available leases in the Palisades. They range from a 2-bedroom, 2-bath condo on Sunset asking $3,500 per month to a 7-bedroom, 9-bath home on Napoli asking $50,000 per month.

There have been 32 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 $3,500 per month for a 2-bedroom, 2-bath on Palisades Circle. The median was $5,300 per month.

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