Monthly Update: Lower Palisades Prices

By MICHAEL EDLEN | Special to the Palisadian-Post

As of September 1, there were 71 single-family Palisades residences listed in the Multiple Listing Service, which is the same as the start of September 2023. So far this year, 148 Palisades homes have sold, which is 8% lower than this time last year. There are now 21 homes in escrow in the Palisades, a 17% increase over last year.

The average price per square foot ($1,585) is down by 7% over this time last year, and the median sale price ($3,862,500) is down by 14% now.

The lowest-priced available home is a three-bedroom, two-bath on Sunset Boulevard asking $1,849,000. The highest-priced property is a seven-bedroom, 11-bath on Casale Road, asking $49.95 million.

The lowest sale price so far this year was a three-bedroom, three-bath on Chalet Terrace, which sold for $1,395,000. The highest sale so far this year was a six-bedroom, 12-bathroom home on Chautauqua, which sold for $32.3 million.

There are now 18 condominiums/townhouses on the market, a 29% increase from this time last year. They range from one-bedroom, one-bath on Sunset offered at $750,000 to a three-bedroom, three-bath on Palisades Drive for $2,949,000. Only one condo is currently in escrow.

There have been 46 condo sales so far this year, up 9% from this time last year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $500,000, and the highest was a two-bedroom, three-bath on Sunset, which sold for $2.5 million. The median condo sales price is $1,349,000, which has decreased by 11% from this time last year.

There are currently eight pieces of raw land available, ranging from $699,000 for a 3,703-square-foot lot on Castellammare to $14,995,000 for six acres off of Casale Road in the Riviera. One lot has sold this year.

There are now 75 available leases in the Palisades, down 26% over last year. They range from one-bedroom, one-bath on Sunset asking $2,800 per month to a six-bedroom, 10-bath home on Anoka asking $84,500 per month.

There have been 205 leases so far this year, a 12% increase from last year. The highest lease so far this year was a four-bedroom, seven-bath on Toulon for $65,000 per month, and the lowest was $2,300 per month for a one-bedroom, one-bathroom on Sunset. The median leased price is now at $11,990 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 38 years.