Inventory for Sale, Lease Growing Rapidly

By MICHAEL EDLEN | Special to the Palisadian-Post

As of January 31, there were 75 single-family Palisades residences listed in the Multiple Listing Service, which is 97% higher than this time last year. So far this year nine Palisades homes have sold compared with 15 homes at the end of January 2022, and there are now nine homes in escrow in Pacific Palisades.

There are not enough sales yet to really assess the average prices. Because of interest rate fluctuations and other factors, it feels like the market is leveling out at this time.

The lowest-priced available home is a three-bedroom, two-and-a-half-bath on Avenida De La Herradura at $1,795,000. The highest-priced property is an eight-bedroom, 15-bath on Amalfi, asking $45 million. The median asking price for Pacific Palisades is now at $6.95 million.

The lowest sale price so far this year was a four-bedroom, four-bath on Paseo De Oro, which sold for $2,465,000. The highest sale so far this year was an eight-bedroom, six-bath on Sunset, which sold for $24.5 million.

There are 14 condominiums/townhouses on the market now. They range from one-bedroom, one-bath in the Edgewater Towers on Sunset Boulevard offered at $729,000 to a newly built five-bedroom, five-and-a-half-bath condo on Tramonto offered at $3.95 million. Only one condo is currently in escrow. Likewise, only one condo sold in January: a three-bedroom, three-bathroom unit on Palisades Drive, which sold for $2.73 million.

There are currently five pieces of raw land available, ranging from a 5,000-square-foot lot on Castellammare being offered at $955,000 to nearly an acre on Mount Holyoke being offered at $6,995,000. So far this year, there are no lots in escrow and no lots have sold.

There are currently 71 available leases in the Palisades, a 61% increase from this time last year. They range from a one-bedroom, one-bath unit on Sunset asking $3,250 per month to a five-bedroom, seven-bath home on Toulon asking $89,500 per month.

There have been 17 leases so far this year, a 31% increase over January 2022. The highest lease so far this year was a four-bedroom, four-bath on Lachman Lane, which leased for $25,000 per month. The lowest was $3,995 per month for a one-bedroom, one-bath on Sunset. The median was $8,000 per month, which is a 16% dip from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 37 years.