As we begin the fourth quarter of 2014, 72 single-family Palisades residences were listed in the Multiple Listing Service (MLS). The current level of inventory is exactly the same as it was this time last year. A total of 249 homes sold in the Palisades so far this year. Median sale prices were up by 16 percent from the same period in 2013. The median list price is at $3,375,000, which is 9 percent lower than the start of the fourth quarter last year. There are currently 32 escrows open in the Palisades.
The lowest-priced residence available is a 3-bedroom, 2-bath home on Sunset being offered at $1,375,000. The highest-priced available property is a 7-bedroom, 10-bath new rim-view house on Chautauqua Blvd. listed at $19,950,000.
The most affordable area so far in 2014 is the Lower Marquez/Bel-Air Bay Club area with a median price of $1,619,000. The Riviera and Huntington areas had the highest median average sale prices. The Upper Marquez/Bienveneda and Highlands areas currently have the largest number of homes for sale of all Palisades areas.
The lowest sale price – ($825,000) for the first three quarters of 2014 was on Sunset Blvd. The highest sale in the MLS was on Chautauqua for $15,729,000. As of September 30, there were no Palisades homes available in the MLS under $1,300,000.
There are 12 condominiums/townhouses on the market, which is the same as at the end of the third quarter in 2013. They range from a 1-bedroom, 1-bath in the Edgewater Towers on Sunset Blvd. offered at $429,000 to a 3-bedroom, 3-bath on Haverford being offered at $1,878,000.
Fifty-six condominiums were sold in the Palisades since the start of the year, ranging from a 1-bedroom, 1-bath in the Edgewater Towers on Sunset Blvd., which sold for $349,000, to a 3-bedroom, 3-bath unit in the Rockwell building at Sunset and PCH, which sold for $2,520,000.
The median sales price for condos at the end of the third quarter was $863,000, which is up by just 1 percent over 2013 third-quarter sales prices.
There are currently 13 pieces of raw land available, ranging from $94,900 for a 4,000-ft. sloped lot on Revello to $6,000,000 for one on Pintoresca. There are no lots currently in escrow and only one piece of land has sold so far this year.
There are currently 47 leases in the Palisades, starting at $3,150 for a 2-bedroom, 2-bath on Palisades Drive, and asking as high as $45,000 per month for a 5-bedroom, 7-bath house on Ravoli Drive. There were 171 Palisades leases done so far this year, ranging from a 2-bedroom, 2-bath on Sunset, which leased for $2,200/month, to a 5-bedroom, 7-bath home on Frontera in the Huntington, which leased for $35,000 per month.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 27 years.
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