Continuing Strong Demand as COVID Continues to Fade

By MICHAEL EDLEN | Special to the Palisadian-Post

As of May 31, there were 83 single-family Palisades residences listed in the Multiple Listing Service, which is 11% lower than at the end of May 2020. So far this year, 158 Palisades homes have sold, which is 151% higher than this pandemic time last year. There are now 56 homes in escrow in the Palisades, which is a 229% increase over the same pandemic period last year.

The median sale price ($3.65 million) is up by 14% over this time last year, the average price per square foot ($1,213) is up by 9%.

The lowest-priced available home is a two-bedroom, two-bath on Sunset at $2,188,888. The highest-priced property is the Leonard estate on Amalfi Drive, asking $46.5 million for a seven-bedroom, 12-bath home with tennis court.

The lowest sale price so far this year was a two-bedroom, two-bath on Sunset, which sold for $1.47 million. The highest sale so far this year was an eight-bedroom, 14-bath new construction on Corona Del Mar, which was asking $34 million and sold for $25.15 million.

There are now 19 condominiums/townhouses on the market. They range from one-bedroom, one-bath on Sunset offered at $629,000 to a three-bedroom, four-bath, newly built townhome on Tramonto for $5.5 million.

Fourteen condos are currently in escrow. There have been 43 condo sales so far this year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $625,500, and the highest was a three-bedroom, four-bath townhome in the newly completed development on Tramonto, which sold for $5.3 million. The median condo sales price is $1,295,000, which is up 20% from this time last year.

There are currently only four pieces of raw land available, ranging from a 4,300-square-foot lot on Castellammare being offered at $749,000 to $10,595,000 for almost an acre on Sunset. Only one lot has sold so far this year—a 3,850-square-foot lot on Castellammare, which sold for $1,295,000.

There are currently 47 available leases, which is 53% lower than this time last year, in the Palisades. They range from a one-bedroom, two-bath on Tramonto asking $3,499 per month to a seven-bedroom, 10-bath home on Amalfi asking $80,000 per month.

There have been 103 leases so far this year, which is up 106% from this period last year. The highest lease so far this year was a six-bedroom, eight-bath on Amalfi for $70,000 per month and the lowest was $1,895 per month for a one-bedroom, one-bath on Sunset. The median leased price is currently $8,000 per month.

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