By MICHAEL EDLEN | Special to the Palisadian-Post
As of April 30, there were 76 single-family Palisades residences listed in the Multiple Listing Service, which is 16% lower than at the start of May 2019. One reason for the lower inventory is that the first three months of this year was a very strong buying period. Another is that many people have withdrawn their homes for sale due to the current COVID situation.
So far this year 49 Palisades homes have sold, which is 19% higher than this time last year. However, there are now only 16 homes in escrow, which is half as many than at this time last year, and this reflects the impact of just six weeks of COVID.
While the median sale price ($3,257,500) is up by 5% over last year, the average price per square foot ($1,159) is down by 6% over this time last year. With prices under pressure from buyers unwilling to still pay as much as they would have earlier, we may expect to see lower sale prices showing up in the weeks to come.
The lowest-priced available home is a three-bedroom, three-bath on Michael Lane in the Highlands at $1,969,000. The highest-priced property is a nine-bedroom, 12-bath on Chautauqua, asking $26 million.
The lowest sale price so far this year was a four-bedroom, four-bath on Mount Holyoke, which sold for $1.56 million. The highest sale so far this year was a fabulous view home on Turquesa Lane, which sold for $12.3 million.
There are now 20 condominiums/townhouses on the market (including four new units that have not yet been completed) and five are currently in escrow. There have been 23 condo sales so far this year, ranging from $795,000 and above. The median condo sales price so far this year is $1,076,500, which is down 13% from this time last year.
There are currently four pieces of raw land available, ranging from a 5,000-square-foot lot on Bollinger (with a 5,400-square-foot lot next door also available), being offered at $1.99 million each, to $3.2 million for 14,000 square feet on Revello.
There is one lot in escrow, and there have been two land sales so far this year—a 22,000-square-foot lot hillside on Pacific Coast Highway, which sold for $975,000, and a 16,500-square-foot lot on Spoleto in the Riviera, which sold for $5.8 million.
There are currently 83 available leases in the Palisades, up from 47 a year ago (a 77% increase). They range from a one-bedroom, one-bath condo on Sunset asking $3,200 per month to a five-bedroom, seven-bath home on Ravoli asking $60,000 per month.
There have been 32 leases so far this year. The highest lease so far this year was a five-bedroom, seven-bath new home on Monte Grigio for $35,000 per month and the lowest was $3,333 per month for a one-bedroom, one-bathroom unit on Sunset. The median was $8,750 per month—up 3% from this time last year.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 34 years.
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