No Homes Below $2.5 Million Today

By MICHAEL EDLEN | Special to the Palisadian-Post

As of November 30, there were 61 single-family Palisades residences listed in the Multiple Listing Service, which is 24% higher than this time last year. So far this year 214 Palisades homes have sold, which is a 38% decrease over last year at this time. There are now 16 homes in escrow in the Palisades, which is a 61% decrease from November 2021.

The average sale price per square foot is 24% higher compared with the same period in 2021 and is now at $1,564 per square foot. Median sale prices are currently $4.5 million, compared to $3,914,250 a year ago—an increase of 15%.

The lowest-priced available home is a four-bedroom, three-bath on Las Casas being offered at $2.6 million. The highest-priced property is a seven-bedroom, 11-bathroom house on Casale in the Riviera asking $57.5 million.

The lowest sale price so far this year was a three-bedroom, two-bath on Sunset, which sold for $1,849,000. The highest sale so far this year was a 10-bedroom, 14-bath on San Remo, which sold for $51 million.

There are 20 condominiums/townhouses on the market with a median list price of $1.7 million. Four condos are currently in escrow. There have been 87 condo sales so far this year (a 5% decrease), ranging from $629,000 for a one-bedroom, one-bath condo on Sunset to $5.25 million for a five-bedroom, five-and-a-half-bath unit in the new One Ocean complex on Tramonto. The median condo sale price is currently $1.7 million, which is a 30% increase from this time last year.

There are currently four pieces of raw land available, ranging from a 5,444-square-foot lot on Posetano for $1.2 million to a 26,985-square-foot lot in the Highlands being offered at $17.3 million. There have been four land sales so far this year.

There are currently 71 available leases in the Palisades, which is a 77% increase from this time last year. They range from a one-bedroom, one-bath on Sunset asking $3,250 per month to a five-bedroom, seven-bath home on Toulon asking $89,500 per month.

There have been 214 leases so far this year, down 13% from last year. The highest lease so far this year was a five-bedroom, five-bath on Sorrento for $85,000 per month and the lowest was $1,295 per month for a studio with one-bathroom on Chautauqua. The median lease price is currently $9,997 per month, which is up 5% from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 36 years.