Palisades Sale Prices Over $1,000 Per Square Foot

By MICHAEL EDLEN | Special to the Palisadian Post

As of Nov. 30, there were 77 single-family Palisades residences listed in the Multiple Listing Service (MLS), which is 15 percent higher than the available inventory this time last year. So far this year 263 Palisades homes have sold, and there are now 44 homes in escrow in the Palisades.

The average sale price per square foot has increased by 13 percent as compared with the same period in 2014, and is now at $1,013 per square foot. Median sale prices are currently $2,814,000 compared to $2,517,500 a year ago.

The lowest-priced available home is a 3-bedroom, 2-bathroom on Sunset Boulevard at $1,399,000 (reduced from $1,485,000). The highest-priced property continues to be a 3-bedroom, 2-bathroom on more than 30 acres off of Pacific Coast Highway asking $25 million. There is also a 5-bedroom, 7-bathroom home on San Remo in the Riviera asking just below $25 million.

The lowest sale price so far this year was a 2-bedroom, 1-bathroom on Bienveneda, which sold for $1,005,000. The highest sale so far this year was a 4-bedroom, 8-bathroom on Corona Del Mar in the Huntington, which sold for $22 million.

There are 21 condominiums/townhouses on the market. They range from a 1-bedroom, 1-bathroom on Sunset offered at $549,000 (reduced from $569,000), to a 3-bedroom, 3-bathroom condo on Sunset for $1,995,000 with $1,920 Homeowner’s dues. Eight condos are currently in escrow.

There have been 55 condo sales so far this year, ranging from $520,000 for a 1-bedroom, 1-bathroom condo on Marquez Avenue to $1,825,000 for a 3-bedroom, 4-bathroom unit in the Edgewater Towers on Sunset.

The median condo sales price is $981,000, which is slightly down from this time last year.

There are currently 14 pieces of raw land available, ranging from a 3,800 square-foot lot on Posetano Road being offered at $179,000 to $8.5 million for approximately 2 acres at Sunset and Marquez. There is currently one land sale pending and four sales so far this year.

There are currently 45 available leases in the Palisades. They range from a 2-bedroom, 2-bathroom on Sunset asking $2,995 per month to a 7-bedroom, 9-bathroom home on Rivas Canyon asking $75,000 per month.

There have been 219 leases so far this year. The highest lease so far this year was a 6-bedroom, 9-bathroom on Umeo Drive in the Riviera for $65,000 per month. The lowest was $1,400 per month for a 1-bedroom, 1-bathroom on PCH. The median was $6,500 per month.

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