As of March 31, 2014, 82 single-family Palisades residences were listed in the Multiple Listing Service (M.L.S.). The current level of inventory is 22 percent higher than last year’s March 31 available inventory. A total of 62 homes sold in the Palisades in the first quarter of 2014. Median sale prices were up by 1 percent from 2013’s first quarter. The median list price is at $3,431,000, which is up by 4 percent from the same period last year. There are currently 34 escrows open in the Palisades, which is down approximately 25 percent over last year at this time.
The lowest-priced residence available is a 2-bedroom, 1-bath home on Bienveneda, being offered at $995,000. The highest-priced available property is a 3-bedroom, 2-bath house on 30 acres on Pacific Coast Highway listed at $19,000,000. This estate has been on the market for more than three years.
The most affordable area so far in 2014 is Sunset Mesa with the only sale at $1,640,000. The Riviera and Huntington areas had the highest median average sales prices. The El Medio areas and Bienveneda/Marquez areas currently have the largest number of homes for sale of all Palisades areas.
The lowest sale price for the first quarter of 2014 was on Akron Street ($1,269,000). The highest sale in the M.L.S. was on San Remo just under $14.5 million. As of March 31, there was only one Palisades home available under $1,000,000.
There are 14 condominiums/townhouses on the market, which is up 55 percent from the end of the first quarter in 2013. They range from a 1-bedroom, 1-bath in the Edgewater Towers on Sunset Blvd. offered at $469,000, to a 3-bedroom, 3-bath on Sunset for $1,250,000. Thirteen condominiums were sold in the Palisades since the start of the year, ranging from a 2-bedroom, 2-bath on Sunset, which sold for $585,000, to a 3-bedroom, 4-bath unit on Sunset, which sold for $2,520,000. The median sales price for condos at the end of the first quarter was $930,000, which is up 18 percent over 2013 first quarter median sales prices.
There are currently nine pieces of raw land available, ranging from $245,999 for a 3,788-ft. sloped lot on Castellammare to $14,900,000 for almost two acres overlooking the ocean on Corona Del Mar. Only one piece of land sold so far this year – a 4,800 sq. ft. ocean view sloped hillside lot for $75,000.
There are currently 33 leases in the Palisades, starting at $2,400 for a 2-bedroom, 2-bath apartment on Sunset, and asking as high as $55,000 per month for a 7-bedroom, 7-bath house on Paseo Miramar. There were 52 Palisades leases done in the first quarter of 2014, ranging from a 1-bedroom, 1-bath on Sunset, which leased for $2,300 per month, to a 5-bedroom, 7-bath home on Frontera in the Huntington, which leased for $35,000 per month.
For the past 28 years Michael Edlen has tracked local statistics and trends, and provides real estate counseling services to prospective buyers and sellers. More tips and information are available at MichaelEdlen.com. He can be reached at 310.230.7373 or michael@michaeledlen.com.
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