Normalizing Market in the Palisades

By MICHAEL EDLEN | Special to the Palisadian Post

As of April 30th, there were 90 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is 52% higher than at the start of May 2018.  So far this year 42 Palisades homes have sold, which is 38% lower this time last year, and there are now 31 homes in escrow in the Palisades.

The average price per square foot ($1,258) is up by 2% over this time last year, the median sale price ($3,142,500) is actually down by 8% now.

The lowest-priced available home is a two-bedroom, one-bath on Fiske at $1,875,000. The highest-priced property is a 7-bedroom, 11-bath on San Remo, asking $25,000,000.

The lowest sale price so far this year was a two-bedroom, one-bath on Sunset, which sold for $1,641,000. The highest sale so far this year was a 7-bedroom, 9-bathroom home on Amalfi in the Riviera, which sold for $13,000,000.

There are now 20 condominiums/townhouses on the market. They range from one-bedroom, one-bath on Sunset offered at $614,000, to a one-bedroom, two-bath condo on Sunset for $1,995,000. Eight condos are currently in escrow. There have been 22 condo sales so far this year. The lowest was a one-bedroom, two-bath on Tramonto, which sold for $615,000 and the highest was a two-bedroom, three-bath townhome on Sunset Blvd, which sold for $1,930,000. The median condo sales price is $1,249,500, which is down 10% from this time last year.

There are currently five pieces of raw land available, ranging from 7,700 square foot lot on Revello, being offered at $699,000 to $25,000,000 for six lots on Paseo Miramar. There are two lots in escrow, and there has been one land sale so far this year – a 30,000 square foot landlocked lot which sold for $80,750. 

There are currently 47 available leases in the Palisades. They range from a two-bedroom, two-bath condo on Sunset asking $3,500 per month, to a 8-bedroom, 13-bath home on Rivas Canyon Road asking $75,000 per month. There have been 81 leases so far this year. The highest lease so far this year was a 5-bedroom, 7-bath new construction home on De Pauw for $42,000 per month, and the lowest was $1,800 per month for a studio on Glenhaven, and the median was $8,500 per month – down 4% from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 33 years.