Highest-Priced Property Now $26.75 Million

By MICHAEL EDLEN | Special to the Palisadian-Post

As of May 31, there were 61 single-family Palisades residences listed in the Multiple Listing Service, which is 26 percent lower than at the end of May 2017. So far this year 93 Palisades homes have sold, which is 11 percent lower this time last year, and there are now 23 homes in escrow in the Palisades.

The average price per square foot ($1,223) is up by 11 percent over this time last year; the median sale price ($3.5 million) is also 13 percent higher now.

The lowest-priced available home is a three-bedroom, three-bath on Sunset at $1.495 million. The highest-priced property is an eight-bedroom, 12-bath on Ravoli, asking $26.75 million.

The lowest sale price so far this year was a three-bedroom, three-bath on Las Pulgas Road, which sold for $1.4 million. The highest sale so far this year was on San Remo in The Riviera, which set a new all-time high record in the Palisades at just under $34 million.

There are now 10 condominiums/townhouses on the market. They range from two-bedroom, two-bath on Sunset, offered at $925,000, to a three-bedroom, three-bath townhome on Michael Lane for $1.425 million. Twelve condos are currently in escrow.

There have been 28 condo sales so far this year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $580,000, and the highest was a one-bedroom, three-bath townhome on Sunset Boulevard, which sold for $1.83 million. The median condo sales price is $1.277, which is up 14 percent from this time last year.

There are currently only four pieces of raw land available, ranging from more than one acre on Palisades Court, being offered at $1.262 million, to $15 million for half an acre on Corona Del Mar in The Huntington. There are six lots in escrow, and three have sold this year so far.

There are currently 63 available leases in the Palisades. They range from a one-bedroom, one-bath guesthouse on Via De La Paz, asking $2,500 per month, to a six-bedroom, eight-bath home on La Cumbre, asking $50,000 per month.

There have been 109 leases so far this year. The highest lease so far this year was a six-bedroom, seven-bath new construction on Radcliffe for $40,000 per month, and the lowest was $2,995 per month for a one-bedroom, two-bath on Tramonto. The median was $8,500 per month, which is the same as it was a year ago.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 32 years.