Most Affordable Areas? Highlands, Marquez, BABC

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Sept. 30, 2015, 89 single-family Palisades residences were listed in the Multiple Listing Service (MLS). The current level of inventory is 24 percent higher than last year’s Sept. 30 available inventory.

A total of 227 homes sold in the Palisades in the third quarter of 2015—down 9 percent from last year. Median sale prices ($2,850,000) were up by 6 percent from 2014’s third quarter. The median list price is at $3,850,000, which is up 14 percent over the same period last year.

There are currently 29 escrows open in the Palisades, which is down approximately 9 percent over last year at this time.

The lowest-priced residence available is a 3-bedroom, 2-bathroom home on Sunset Boulevard, which is listed at $1,495,000. The highest-priced available property is a 30-plus acre property with a 3-bedroom house on Pacific Coast Highway listed at $25,000,000. This property has been on the market since 2007.

The most affordable areas so far in 2015 are the Highlands and the lower Marquez/Bel-Air Bay Club neighborhoods. The Riviera and Huntington areas had the highest median average sales prices. The Riviera, El Medio/Bienveneda/Marquez and South of Village areas currently have the largest number of homes for sale in the Palisades.

The lowest sale price for the third quarter of 2015 was on Bienveneda ($1,005,000). The highest sale in the MLS was on Corona del Mar just under $22 million. As of Sept. 30, there were no Palisades homes available under $1,450,000.

There are 19 condominiums/townhouses on the market. They range from a 2-bedroom, 2-bathroom on PCH for $575,000 to a 3-bedroom, 3-bathroom on Sunset for $1,995,000.

Forty-six condominiums were sold in the Palisades since the start of the year, ranging from a 1-bedroom, 1-bathroom on Marquez Ave, which sold for $520,000, to a 3-bedroom, 3-bathroom penthouse on Haverford that sold for $1,750,000.

The median sale price for condos at the end of the third quarter was $995,000, which is up less than 1 percent over 2014 third quarter median sales prices.

There are currently 13 pieces of raw land available, ranging from $182,000 for a 4,000-foot sloped lot on Revello to $8,500,000 for two acres on Sunset. Three lots were in escrow at the close of the third quarter, and three pieces of land sold so far this year.

There are currently 51 leases in the Palisades, starting at $3,200 for a 1-bedroom, 1-bathroom on Sunset and asking as high as $75,000 per month for a 7-bedroom, 9-bathroom house on Rivas Canyon.

There were 185 Palisades leases done so far this year, ranging from a 1-bedroom, 1-bathroom on Palisades Drive, which leased for $1,295 per month, to a 6-bedroom, 9-bathroom home on Umeo in the Riviera, which leased for $65,000 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 29 years.