Leases Strongest in the Palisades

By MICHAEL EDLEN | Special to the Palisadian-Post

As of February 28, there were 87 single-family Palisades residences listed in the Multiple Listing Service, which is a 47 percent increase. So far this year only 12 Palisades homes have sold, which is 48 percent fewer than last year’s first two months. There are currently 26 Palisades homes in escrow.

This is the opposite of the lease market, with 36 leases already done so far this year.

The median sale price per square foot has decreased by 7 percent as compared with the same period in 2018 and is now at $1,108 per square foot. Median sale prices have increased by just 1 percent and are currently $2,993,000, compared to $2.97 million a year ago.

The lowest-priced available home is a two-bedroom, one-bath on Sunset, asking $1,595,000. The highest-priced property is a recently built eight-bedroom, 12-bath on Ravoli Drive, asking $24.45 million. The median asking price for Pacific Palisades is now $4,745,000.

The lowest sale price so far this year was a three-bedroom, three-bath on Akron, which sold for $2,125,000. The highest sale so far this year was a five-bedroom, five-bath on Chapala, which sold for $7.36 million.

There are only 13 Palisades condominiums/townhouses on the market now, plus an additional seven uncompleted units in a new development on Tramonto Drive. They range from a one-bedroom, one-bath in the Edgewater Towers on Sunset Boulevard, offered at $614,000, to a one-bedroom, two-bath condo on Sunset in the Rockwell Building, offered at $1,995,000.

Four condos are currently in escrow. There have been 10 condo sales so far this year, ranging from a two-bedroom, two-bath on Sunset, which sold for $879,000, to a three-bedroom, three-bath unit on Haverford, which sold for $1,665,000. The median condo sales price is $1,231,500, which is up 9 percent from the start of 2018.

There are currently four pieces of raw land available, ranging from a 7,700-square-foot lot on Revello, offered at $699,000, to $3.45 million for almost two-and-a-half acres on El Bosque Court in The Highlands. So far this year, no lots have sold and two are under contract.

There are currently 65 available leases in the Palisades, which is a 30 percent increase in available leases over the start of 2018. They range from a one-bedroom, one-bath unit on Castellammare, asking $2,690 per month, to an eight-bedroom, 13-bath home on Rivas Canyon, asking $85,000 per month.

There have been 36 leases so far this—a 44 percent increase over this period last year. The highest lease so far this year was a five-bedroom, seven-bath on De Pauw, which leased for $35,000 per month. The lowest was $2,100 per month for a studio guesthouse on Glenhaven, and the median was $8,500 per month, up 5 percent from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 33 years.