Inventory Up 64%

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Oct. 31, there were 100 single-family Palisades residences listed in the Multiple Listing Service, which is 64 percent higher than the available inventory this time last year. So far this year 184 Palisades homes have sold, which is 20 percent lower than last year at this time. There are now 32 homes in escrow in the Palisades.

The average sale price per square foot has increased by 8 percent as compared with the same period in 2017, and is now at $1,203 per square foot. Median sale prices are currently $3.34 million, compared to $3.15 million a year ago—a 6 percent increase.

The lowest-priced available home is a three-bedroom, three-bath on Akron at $1,725,000. The highest-priced property is 30 acres with a small house on PCH asking $25 million, which has been on and off the market over the last few years.

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 continues to be the sale on San Remo in The Riviera, which sold for over $33 million.

There are 21 condominiums/townhouses on the market. They range from one-bedroom, one-bath on Sunset (Edgewater Towers) offered at $698,000, to a two-bedroom, three-bath penthouse on Sunset (in the Rockwell building) for $3,675,000. There are six additional units being made available before completion of construction in the One Coast development at Sunset near PCH.

Nine condos are currently in escrow. There have been 54 condo sales so far this year, ranging from $580,000 for a one-bedroom, one-bath condo on Sunset to $2.2 million for a three-bedroom, three-bath unit on Palisades Drive. The median condo sale price is currently $1,265,000, which is a 12 percent increase over this time last year.

There are currently four pieces of raw land available, ranging from a 3,600-square-foot, land-locked lot on Enchanted Way, being offered at $239,000, to $15 million for an ocean view lot on Corona Del Mar in The Huntington. There have been nine sales so far this year.

There are currently 67 available leases in the Palisades. They range from a studio/guesthouse on Glenhaven asking $1,800 per month to a five-bedroom, seven-bath home on Ravoli asking $47,500 per month.

There have been 230 leases so far this year. The highest lease so far this year was a six-bedroom, eight-bath on La Cumbre for $57,500 per month, and the lowest was $2,500 per month for a one-bedroom, one-bath guesthouse on Via De La Paz. The median was $8,100 per month.

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