An Astounding Year for Real Estate

By MICHAEL EDLEN | Special to the Palisadian Post

As of February 28, there were 74 single-family Palisades residences listed in the Multiple Listing Service, which is a 13% decrease from this time last year. So far this year 50 Palisades homes have sold, which is 163% more than last year’s first two months. There are currently 49 Palisades homes in escrow—a 29% increase.

The median sale price per square foot has slightly increased (by 1%) as compared with the same period in 2020 and is now at $1,196 per square foot. Median sale prices have jumped by 26% and are currently $3,467,500, as compared to $2.75 million one year ago.

The lowest-priced available home is a two-bedroom, two-bathroom on Revello asking $1,795,000. The highest-priced property is a seven-bedroom, 13-bath on Altata in the Huntington, asking $25 million. The median list price for Pacific Palisades is now $5,467,500 versus $4.9 million at this time last year.

The lowest sale price so far this year was a two-bedroom, two-bath on Sunset Boulevard, which sold for $1.47 million. The highest sale so far this year was a six-bedroom, nine-bath on Amalfi in the Riviera, which sold for $13.7 million.

There are 22 Palisades condominiums/townhouses on the market now, which is an increase of 83% over this time last year. They range from one-bedroom, one-bath in the Edgewater Towers on Sunset Boulevard offered at $599,000 to a newly built five-bedroom, six-bath condo on Tramonto offered at $5.85 million.

Twelve condos are currently in escrow. There have been 10 condo sales so far this year, ranging from a two-bedroom, two-bath on Sunset Boulevard, which sold for $920,000, to a three-bedroom, four-bath unit on Tramonto, which sold for $5.2 million. The median condo sales price is $1,245,000, which is up nearly 12% from the start of 2020.

There are currently two pieces of raw land available, ranging from a 13,000-square-foot sloped lot off Oracle being offered at $848,000 to $2.6 million for a 15,000-square-foot sloped lot on Revello. So far this year, no land has sold, and one lot on Castellammare continues to be in escrow for more than seven months.

There are currently 60 available leases in the Palisades, which is the same as this time last year. They range from a 220-square-foot unit with one-bath on Las Lomas asking $1,900 per month to a six-bedroom, eight-bath home on Amalfi Drive asking $70,000 per month.

There have been 27 leases so far this year—a 23% increase over this period last year. The highest lease so far this year was a six-bedroom, nine-bath on Amalfi Drive, which leased for $55,000 per month. The lowest was $4,500 per month for a two-bedroom, three-bath unit on Sunset Boulevard. The median leased price was $7,495 per month, down 14% from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 35 years.