Fifty (!) Homes Are in Escrow in the Palisades

As of April 30, 87 single-family Pacific Palisades residences were listed in the Multiple Listing Service, 21 percent lower than this time last year. So far this year, 82 Palisades homes have sold, and 50 homes are currently in escrow.

Median sale prices are currently $2,283,750, compared to $2,150,000 a year ago. The average sale price per square foot has increased by 22 percent over the same period in 2012, and is now at $842 per square foot.

The lowest-priced home available is a 2-bedroom, 2.5-bath on Las Casas Avenue at $1,125,000. The highest-priced property is on San Remo Drive in the Riviera, asking $21,500,000 for an 8-bedroom, 13-bath home. This home has been on the market for nine months.

The lowest sale price so far this year a 2-bedroom, 1-bath on Sunset Boulevard, which sold for $785,000. The highest sale has been a 3-bedroom, 3.5-bath at the top of the Riviera on San Onofre Drive, which sold for $7,625,000.

There are 19 condominiums/townhouses on the market. They range from a 1-bedroom, 1-bath in the Edgewater Towers on Sunset (offered at $475,000) to a 3-bedroom, 4-bath condo in the newly completed Rockwell building at Sunset and PCH for $3,850,000. Ten condos are currently in escrow. There have been 22 condo sales so far this year, ranging from $485,000 for a 2-bedroom, 2-bath on Sunset, to $1,150,000 for a 2-bedroom, 3-bath on Haverford Avenue. The median condo sales price is $750,000, which is 12 percent higher than a year ago.

There are currently 15 pieces of raw land available, ranging from a 4,800-sq.-ft. lot on Revello (asking $99,900) to $14,900,000 for approximately two acres on Corona Del Mar, which has been on the market for more than 2-1/2 years.

There are 26 available leases in the Palisades, ranging from a 1-bedroom, 1-bath apartment on Sunset (2,495 per month), to an 8-bedroom, 13-bath home on San Remo asking $120,000 per month. There have been 81 leases in 2013. The highest lease so far was a 6-bedroom, 8-bath on Via La Costa in the Highlands Enclave for $62,500 per month, and the lowest was $1,900 per month for a 1-bedroom, 1-bath on Castellammare, and the median is $5,500 per month.

 Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 27 years.