Mixed Market Indicators

By MICHAEL EDLEN | Special to the Palisadian-Post

As of February 29, there were 85 single-family Palisades residences listed in the Multiple Listing Service, which is almost unchanged since last year at this time. So far this year 19 Palisades homes have sold, which is 58% more than last year’s first two months. There are currently 38 Palisades homes in escrow.

The median sale price per square foot has increased by 6% as compared with the same period in 2019 and is now at $1,182 per square foot. Median sale prices have decreased by 8% and are currently $2.75 million, as compared to $2,993,000 a year ago.

The lowest-priced available home is a teardown/shovel-ready 5,400-square-foot lot on Bollinger asking $2.19 million. The highest-priced property is a nine-bedroom, 12-bath on Chautauqua, asking $26 million. The median list price for Pacific Palisades is now $4.9 million.

The lowest sale price so far this year was a three-bedroom, two-bath on Avenida De Cortez, which sold for $1,665,000. The highest sale so far this year was a four-bedroom, six-bath on Monaco, which sold for $9.8 million.

There are only 12 Palisades condominiums/townhouses on the market now, plus an additional four uncompleted units in a new development on Tramonto Drive. They range from one-bedroom, one-bath in the Edgewater Towers on Sunset Boulevard offered at $619,000 to a three-bedroom, four-bath condo on Tramonto offered at $5.3 million but not yet ready for occupancy.

Fourteen condos are currently in escrow. There have been 13 condo sales so far this year, ranging from a two-bedroom, two-bath on Palisades Drive, which sold for $960,000, to a two-bedroom, three-bath unit on Palisades Drive, which sold for $1,538,000. The median condo sales price is $1,113,750, which is down 9% from the start of 2019.

There are currently five pieces of raw land available, ranging from over an acre lot on Palisades Court, being offered at $775,000, to $3.15 million for almost two and a half acres on El Bosque Court in The Highlands. So far this year, two lots are under contract and one has sold on Spoleto Drive in The Riviera for $5.8 million.

There are currently 64 available leases in the Palisades, which is the same as this time last year. They range from a one-bedroom, one-bath unit on Sunset asking $3,400 per month to a six-bedroom, eight-bath home on Rivas Canyon asking $60,000 per month.

There have been 22 leases so far this year—a 39% decrease over this period last year. The highest lease so far this year was a five-bedroom, seven-bath on Monte Grigio, which leased for $35,000 per month. The lowest was $3,333 per month for a one-bedroom, one-bath unit in Edgewater Towers on Sunset Boulevard and the median was $8,750 per month, up 3% from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 34 years.