No Homes Available Under $1 Million

By MICHAEL EDLEN | Special to the Palisadian Post

As of June 30, 79 single-family Palisades residences were listed in the Multiple Listing Service (MLS). The current level of inventory is 18 percent higher than last year’s June 30 available inventory.

A total of 156 homes sold in the Palisades in the second quarter of 2015. Median sale prices were up by 6 percent from 2014’s second quarter. The median list price is at $3,895,000, which is up by 20 percent from the same period last year.

There are currently 37 escrows open in the Palisades, which is down approximately 34 percent over last year at this time.

The lowest-priced residence available is a 2-bedroom, 2-bath home on Sunset, which is listed at $1,195,000. The highest-priced available property is one acre with 5-bedrooms and 7-baths on San Remo listed at $25,000,000.

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 Highlands areas currently have the largest number of homes for sale in the Palisades.

The lowest sale price for the second 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 June 30, there were no Palisades homes available under $1,000,000.

There are 20 condominiums/townhouses on the market. They range from a 2-bedroom, 2-bath on PCH for $575,000 to a 3-bedroom, 4-bath on Sunset Blvd. for $1,950,000.

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

The median sales price for condos at the end of the second quarter was $991,000, which is up 15 percent over 2014 second quarter median sales prices.

There are currently 16 pieces of raw land available, ranging from $175,000 for a 3,721-ft. sloped lot on Revello to $8,500,000 for two acres on Sunset. Four lots are in escrow at the close of the second quarter, and only two pieces of land sold so far this year.

There are currently 48 leases in the Palisades, starting at $2,200 for a 1-bedroom, 1-bath on Casale and asking as high as $50,000 per month for a 7-bedroom, 9-bath house on Corsica Drive.

There were 122 Palisades leases done so far this year, ranging from a 1-bedroom, 1-bath on PCH, which leased for $1,400 per month, to a 6-bedroom, 9-bath 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.