By MICHAEL EDLEN | Special to the Palisadian Post
As of April 30, there were 73 single-family Palisades residences listed in the Multiple Listing Service (MLS), which is the same as this time last year. So far this year 93 Palisades homes have sold, and there are now 49 homes in escrow in the Palisades.
The average sale price per square foot has increased by 12 percent as compared with the same period in 2014 and is now at $962 per square foot.
Median sale prices are currently $2,799,000, compared to $2,475,000 a year ago. There are two factors contributing to this 13 percent increase. Like a year ago, there were a higher number of smaller homes and investor purchases being made, and recently some larger newly built homes have been purchased.
The lowest-priced available home is a 4-bedroom, 3-bath on Akron at $1,450,000. The highest-priced property is a 5-bedroom, 7-bath on an acre on San Remo in the Riviera that is asking $25 million.
The lowest sale price so far this year was a 2-bedroom, 1-bath on Sunset Blvd., which sold for $1,210,000. The highest sale so far this year was a 4-bedroom, 8-bath on Corona Del Mar in the Huntington, which sold for $22 million.
There are 13 condominiums/townhouses on the market. They range from a 1-bedroom, 1-bath in the Edgewater Towers on Sunset Blvd. offered at $575,000, to a 2-bedroom, 2-bath condo on Sunset Blvd for $1,350,000. Seven condos are currently in escrow.
There have been 14 condo sales so far this year, ranging from $520,000 for a 1-bedroom, 1-bath condo on Marquez to $1,750,000 for a 3-bedroom, 3-bath unit on Haverford in the Village. The median condo sales price is $1,008,000, which is up 21 percent from this time last year.
There are currently 15 pieces of raw land available, ranging from a 3,721 square-foot lot on Revello being offered at $175,000 to $8.5 million for approximately two acres at Sunset and Marquez.
There are no pending sales, and one lot on Revello that has sold so far this year.
There are currently 60 available leases in the Palisades. They range from a 1-bedroom, 1-bath unit on Pacific Coast Highway asking $1,400 per month, to a 6-bedroom, 5-bath home on Cumbre Verde Court asking $45,000 per month. There have been 62 leases so far this year. The highest lease so far this year was an 8-bedroom, 8-bath on Umeo Drive in the Riviera for $25,000 per month, and the lowest was $3,400 per month for a 2-bedroom, 2-bath on Sunset, and the median was $6,350 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 29 years.
This page is available to subscribers. Click here to sign in or get access.
