Neighborhood by Neighborhood: 2020 in Review

By MICHAEL EDLEN | Special to the Palisadian-Post

A s of December 31, 2020, 75 single-family Palisades residences were listed in the Multiple Listing Service. This current level of inventory is 14% higher than last year’s December 31 available inventory (66).

A total of 251 homes were sold in the Palisades in 2020, which is 19% higher than last year.

Median sale prices were up by 6% over 2019. The median list price is at $5.95 million, which is up by 7% from the same period last year. There are currently 37 escrows open in the Palisades, which is an increase of 131% from last year at this time.

The lowest-priced residence available is a two-bedroom, two-bath home on Sunset, which is listed at $1,495,000. The highest-priced available property is an eight-bedroom, 14-bathroom on Corona Del Mar listed at $34 million.

The most affordable areas in 2020 were Lower Marquez/Bel Air Bay and the Highlands. The Riviera and Huntington Palisades continue to have the highest median average sales prices. The Riviera and Upper El Medio/Bienveneda areas currently have the largest number of homes for sale in the Palisades.

The lowest sale price for 2020 was on Avenida de Santa Ynez ($1.45 million). The highest home sale in 2020 was a newly built home on Chautauqua, which sold for $24 million.

There are 24 condominiums/townhouses on the market, which is up 9% over last year’s available inventory. They range from a one-bedroom, one-bath on Sunset being offered at $639,000 to a five-bedroom, six-bath on Tramonto Drive being offered at $4,955,000.

Sixty-eight condominiums were sold in the Palisades in 2020 (down 10%), ranging from a one-bedroom, one-bath on Sunset, which sold for $605,000, to a two-bedroom, three-bath on Sunset, which sold for $3.5 million. The median sales price for condos at the end of 2020 was $1,146,000, which is a 2% increase from the end of 2019.

There are currently six pieces of raw land available, ranging from $799,000 for 1.8 acres on Calle Bellavista to $11.9 million for nearly one acre on Sunset. Five land sales took place in 2020, ranging from a 42,000-square-foot lot on Posetano, which sold for $545,000, to a 1.5-acre hillside lot on Marquette, which sold for $8.25 million.

There are currently 58 leases in the Palisades, starting at $3,550 per month for a two-bedroom, two-bathroom condo on Sunset, and asking as high as $75,000 per month for a five-bedroom, six-bath house on Corona Del Mar.

There were 223 Palisades leases (12% fewer than last year) done in 2020, ranging from a one-bedroom, one-bathroom condo on Sunset, which leased for $2,800 per month, to a six-bedroom, six-bath home on Corona Del Mar, which leased for $90,000 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 35 years.