Neighborhood by Neighborhood: How Much Is Property Worth?

By MICHAEL EDLEN | Special to the Palisadian-Post

As of December 31, 2022, 47 single-family Palisades residences were listed in the Multiple Listing Service. This inventory level is 48% higher than last year’s December 31 available inventory. A total of 226 homes were sold in the Palisades through the fourth quarter of 2022, which is 40% lower than this time in 2021. Median sale prices were up 14% over 2021’s fourth quarter, and the price per square foot was 22% higher. The median list price is currently $6,725,000, which is a 16% decrease over 2021 at this time.

At the current rate of buying in the Palisades, overall there is less than a three-month level of inventory. Below the $5 million range, we have less than one-month inventory available as of January 1. As a reminder, the market will not be in relative balance between buyers and sellers until that level reaches five months.

The lowest-priced residence available is a four-bedroom, three-bath home on Las Casas Avenue, which is being offered at $2.6 million. The highest-priced available property is a seven-bedroom, 11-bathroom on Casale Road listed at $57.5 million.

The most affordable area in 2022 was El Medio Bluffs with a median price of $3.1 million. Rustic Canyon/Will Rogers areas had the highest median average sales price ($8 million). The Riviera currently has the largest number of homes (10) for sale in the Palisades.

The lowest sale price for the fourth quarter of 2022 was on Sunset Boulevard ($1,849,000). The highest sale ($51 million) was on San Remo.

As of December 31 there were 14 condominiums/townhouses on the market, which is a 7% drop from the end of 2021. They range from a one-bedroom, one-bath on Sunset being offered at $729,000 to a three-bedroom, three-and-a-half-bath on Tramonto for $4.8 million. Ninety-six condominiums were sold in the Palisades in 2022, ranging from a one-bedroom, one-bath on Sunset, which sold for $629,000, to a five-bedroom, five-and-a-half-bath on Tramonto, which sold for $5.25 million. The median sales price for condos at the end of the fourth quarter was $1,727,500, which is 29% higher than at the end of 2021’s fourth quarter. However, this includes several high-priced sales in the recent One Coast development on Tramonto Drive.

There are currently 63 available leases (75% higher than last year) in the Palisades, starting at $3,250 per month for a one-bedroom, one-bath unit on Sunset and asking as high as $89,500 per month for a five-bedroom, seven-bath house on Toulon. There were 229 Palisades leases done through the fourth quarter of 2022 (down 12% over 2021), ranging from a studio apartment on Chautauqua Boulevard, which leased for $1,295 per month, to a five-bedroom, five-bath home on Sorrento, which leased for $85,000 per month. The current median price for leased homes is $10,500 per month—up 11% over the end of 2021.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 37 years.