Longtime Palisadian and “Santa Baby” composer Philip Springer won the Best Individual Performance in Video in the 28th annual Webby Awards Internet Celebration for his rendition of Ludwig van Beethoven’s “Moonlight Sonata.”
“Hailed as the ‘internet’s highest honor’ by The New York Times, The Webby Awards, presented by the International Academy of Digital Arts and Sciences, is the leading international awards organization honoring excellence on the internet,” read a statement following his win.
His daughter, Tamar Springer, will attend the awards on Monday, May 13, to deliver a five-word acceptance speech on Philip’s behalf—one day after his 98th birthday on May 12.
The Palisadian-Post has partnered with locally founded environmental organization Resilient Palisades to deliver a “green tip” to our readers in each newspaper. This edition’s tip was written by Lisa Kaas Boyle and Bonnie Zucker of the Resilient Palisades Zero Waste Team.
Did you know that approximately 92 million tons of textile waste is generated annually and comprises about 7% of landfill waste? Unsurprisingly, so much waste comes from textiles, given that between 80 and 100 billion new clothing items are produced worldwide annually.
While it is exciting to get new clothes, the environmental impact of fashion is significant. One great way to protect our environment is to give clothes an extended run by donating clothes we no longer wear and wearing vintage or pre-owned clothing.
Resilient Palisades hosted its first Sip and Swap on Saturday, May 4, as a fun way to exchange clothes and accessories in a party atmosphere. Hosted by Zero Waste Team member Carly Gregory in her beautiful garden, members of Resilient Palisades and the Palisades Buy Nothing group enjoyed mimosas and great company as we collected treasure from our neighbors’ closets. The cost to participate was zero and the cost to the environment was minimal, as we used our Resilient Palisades reusable cutlery and cups for food and beverages.
After the event, the remaining clothing and accessories (10 bags) were donated to charity.
To join Resilient Palisades, see our website: resilientpalisades.org.
With Teacher Appreciation Week underway, we want to spotlight an incredible educator who is shaping the youngest of minds with passion and dedication.
Viroshini Buell—known as Ms. Viro—has taught preschool at Palisades Montessori Center for over 30 years. Ms. Viro’s boundless energy and warmth creates an environment where our children feel valued and supported. She nurtures their curiosity and fosters love for learning that children carry with them into kindergarten and beyond.
“She has the innate ability to meet children where they are, and for my son particularly, it was game-changing,” remarked Colleen Munakash, a mother of two at Palisades Montessori Center. “There are teachers, and then there are teachers who change everything for a child. Ms. Viro consistently goes above and beyond, and rolls up her sleeves to do the hard work that is necessary when teaching this age. She works with parents as challenges arise creating a symbiotic relationship between parent and teacher that benefits the child’s development.”
Dynamic curriculum coupled with tried-and-true Montessori strategies are hallmarks of Ms. Viro’s Red Room classroom. Each month offers a different theme; past March celebrated Mexico weaving in the study of postmodernism Mexican artists along with tamale tasting, culminating in a full celebration with a student performance of traditional songs. April’s topic of the Environment took Red Room students on a trip to Underwood Family Farm for strawberry and dinosaur-kale picking.
“Ms. Viro was the preschool teacher for our two boys in 2015 and 2016,” Grace Newton said. “My boys are now 11 and 12, and are happy and thriving at school. She is also a supplemental teacher for our daughter, who is currently 5 years old wherein she taught her how to read at the age of 3 and fueled her passion for learning. She is an unforgettable teacher and person who fosters such a joy for learning while encouraging each child to embrace their unique talents.”
“I liked how Ms. Viro was so nice to me in the Red Room and in tutoring,” former student Benny Gowing added. “I love seeing her on my way home from school now. And I love that she still calls me Benny-Hana.”
The Friends of the Palisades Library Parking Lot Book Sale will take place on Saturday, May 11, from 9 a.m. to 3 p.m.
“The beloved tradition is back,” read an email from event organizers. “The Friends of the Palisades Library will host their first book sale since before Covid.”
The event was originally postponed from April 13, due to rainy weather.
“All books have been generously donated by our wonderful community, and include a mix of contemporary fiction, nonfiction, art books, cookbooks, special interest, children’s and young adult books,” the email continued. “Books are in excellent condition, and there is sure to be something for everyone.”
Cash, checks and credit card will be accepted at the sale, with proceeds helping the Friends continue to supplement library materials, host speaker programs, and provide initiatives for youth creative art and writing.
—SARAH SHMERLING
Class of 1964 Reunion | Pali High
The Palisades High School Class of 1964—the first graduating class to go through 10th, 11th and 12th grade at the new school—will host its 60-year reunion on Friday, September 20.
“One remarkable thing about Palisades High School Class of 1964 is that we have dedicated, organized, planned and celebrated our 10th, 20th, 30th, 40th, 50th, 55th and now our 60th high school reunion,” Wendy Anderson wrote.
The reunion will include a sunset dinner harbor cruise on a FantaSea Yacht out of Marina del Rey, which will depart at 5:30 p.m. and return at 8:30 p.m.
“It was so successful for our 55th reunion that we wanted to repeat it again,” Anderson wrote.
There will be an “after party” at one of the neighboring hotels after the yacht docks.
The cost per person is $175. For more information, including where to send the check, contact event organizers Pam Ball (pammball@aol.com or 949-533-8525) or Anderson at (pricelesseaview@gmail.com).
Plans are also underway for a picnic at Pali High. The Classes of 1963 to 1965 are invited to join the reunions.
—SARAH SHMERLING
Chamber Music Palisades | The Village
Chamber Music Palisades will present “An Afternoon Concert: Virtuoso Solos, Duos and Trios” on May 19 at 3 p.m. at Pacific Palisades United Methodist Church, located at 801 Via De La Paz.
“Join us for a kaleidoscope of chamber music featuring colors from the highest to the lowest members of the flute, clarinet and bassoon families,” wrote CMP Artistic Director Susan Greenberg. “Along with pianist Pierre Tang, the program includes duos and trios by [Ludwig van] Beethoven, [Felix] Mendelssohn, [Francis] Poulenc, [Scott] Joplin and others.”
The featured musicians perform with Santa Monica Symphony, Long Beach Symphony, Los Angeles Philharmonic, Los Angeles Opera, San Diego Symphony and Vicente Chamber Orchestra.
The concert is free to attend but donations will be accepted in person and online via cmpalisades.org.
—SARAH SHMERLING
Author Talk | Palisades Branch Library
Palisadian author Cambria Gordon will speak about her new young adult historical fiction, “Trajectory,” on Tuesday, May 15, from 3:30 to 4:30 p.m. at Palisades Branch Library.
The book, set during World War II, follows the story of 17-year-old Eleanor, who is “nothing like her hero Eleanor Roosevelt,” but instead “timid and all together uncertain that she has much to offer the world.” She is “consumed with worry” for her Jewish relatives living in Europe.
“When a chance encounter proves her to be a one-in-a-generation math whiz—a fact she has worked hard all her life to hide—Eleanor gets recruited by the U.S. Army and entrusted with the ultimate challenge: to fine-tune a top-secret weapon that will help America defeat its enemies and secure the world’s freedom,” read a summary of the book.
I lost my phone on Saturday and would like to thank two young men who turned it in to Gelsons. A sincere THANK YOU!!
Updates
The Palisades Rec Center needs shade and updated bathrooms.
90th Celebration
Celebrating the town’s 90th birthdays with the Woman’s Club was a treat. It was a really special event and kudos to all of those who brought it to fruition.
Marquez Coffee
Maybe if someone writes into Pali-Post every two weeks about needing a coffee shop in Marquez, someone will take a hint and make it happen! I love what is now available in Santa Monica Canyon. I think it would be a great addition here as well.
Butterflies
It was interesting to read about Butterfly Day and the life of caterpillars/butterflies. My toddler’s favorite book is “The Very Hungry Caterpillar,” but they don’t quite cover as much there. I learned a lot!
Trash
A friendly reminder: As the weather gets nicer and more people make it out to our trails and beaches and parks, PLEASE remember to bring ALL of your trash with you when you’re leaving. Otherwise all of our cleanup efforts are wasted. Let’s keep the Palisades beautiful.
Signs … Again
I drove up Chautauqua on Saturday and – like the previous person wrote in 2 Cents about Sunset – illegally placed political signs remained along the road. “Signs must be placed not sooner than 90 days prior to the scheduled election and is removed within 10 days after that election.” When are they coming down?
Fourth of July
As I am writing this, it is officially two months out from the best day of the year in the Palisades, aka Fourth of July. I wonder what this year’s festivities will bring and can’t wait to experience it all.
Jamee Natella and Nick Melvoin cut the ribbon Photos by Vivien Killilea/Getty Images for Worldride Impact
Worldride Impact Foundation Celebrates Launch, Library Dedication Ceremony at Paul Revere
By SARAH SHMERLING | Editor-in-Chief
Students at Paul Revere Charter Middle School and Magnet Center now have the option to travel the globe from their recently renovated library—or receive assistance to take a trip abroad.
This is thanks to Worldride Impact Foundation, which celebrated its official launch during a library dedication ceremony on Thursday, April 25.
“Worldride Impact is dedicated to creating global citizens through education, literature, media, technology and travel,” read its website. “Through all of its initiatives, Worldride Impact aims to inspire children to learn about the lives of kids in other parts of the world and to better understand different cultures.”
The foundation’s projects include the renovation and maintenance of libraries, buying new books, funding local educational experiences and immersive experiences through technology, and sponsoring global cultural travel for students.
Founder Jamee Natella—a Palisades Charter High School parent whose son, Sam, previously attended Paul Revere—said it was “quite a journey” reaching launch date.
“Over the past year, we’ve been gathering donations and getting our first initiatives off the ground,” Natella explained to the Palisadian-Post. “We’ve raised significant funds to back our mission of inspiring children to learn about other cultures, and we’ve already achieved some incredible milestones.”
By the time of its launch, Worldride renovated the Paul Revere library, stocking it up with “an incredible collection” of grade-level books, as well as providing students with new computers and Oculus headsets.
“The Worldride Library at Paul Revere is truly special,” Natella described. “It’s not just a place for books—it’s a hub for cultural exchange and exploration.”
Natella said Worldride selected Paul Revere as its first library location because of its “vibrant community,” as well as its “real commitment to education and diversity.”
“It felt like the perfect fit for our first library,” Natella said. “Plus, my son attended Paul Revere, so we already had a direct connection to the school.”
The April 25 launch event “brought together a group of influential figures in support” of the foundation’s mission, including Perrey Reeves (“Entourage”), Robin Tunney (“Prison Break”), John Paul DeJoria (Paul Mitchell) and wife Eloise DeJoria (“Weekend at Bernie’s”), Steven Paul (Paramount and SP Operations producer), Alan Mruvka (E! Entertainment Television founder), Christa Campbell (Campbell Grobman Films), and Daisy Lang (professional boxer), among others.
The event—which included a ribbon cutting and “firsthand look” at the renovated library—was also attended by Los Angeles Unified School District Board Member Nick Melvoin, former Paul Revere Principal Tom Iannucci, current Paul Revere Principal Dr. Shuntell Anthony and Paul Revere Assistant Principal Justin Koretz.
“The event culminated in a thought-provoking panel discussion featuring Natella, Andrea King, a seasoned librarian and educator, and Natalie Byrne, founder of blank space,” read an event synopsis. “The conversation delved into the importance of cultural programs, the need for educational resources and the profound impact of the foundation’s initiatives.”
Working alongside Paul Revere Librarian Gabriela Gualano, Natella said Worldride is developing “exciting educational programs,” including author visits and cultural exchange events, with things like food, music, dance and art.
“At its core, this is about much more than just a library,” Natella said. “It’s about creating experiences that will spark students’ curiosity, engage their imagination and help them understand the world in a whole new way … We’re proud of what we’ve accomplished so far, but there’s still much more to do.”
Worldride has partnered with organizations like Virgin Atlantic and WorldStrides to provide scholarships to students to “embark on educational and cultural journeys abroad” with a Travel Grant Program. Through the PRIDE Booster Club, Worldride helped send students to Japan.
“Students must meet certain criteria to be part of the program, including volunteering at the library, reading books that feature different global cultures, and maintaining good grades and behavior,” Natella explained. “While on their travels, they write postcards and create a reflection photo journal and essay.”
Natella said she has always had a passion for travel—her work as a producer took her all over the world. For some of the trips, she was able to bring along her son Sam.
“It was his curiosity and questions about different cultures that really spurred this project,” Natella continued. “I went to the library to try and find resources that would answer his questions, and I realized there was a gap in the market. Sure, there are travel guides and history books, but nothing that helps a kid navigate a whole new culture or understand the whys behind things like driving on the left side of the road versus the right, using chopsticks instead of forks, and so on.”
That is when Natella said she knew she wanted to write a book and start a nonprofit to help Sam, and other students like him, “wrap their heads around different cultures through literature, technology and cultural exchange.”
The first installment in the Worldride Adventures book series—which will be available soon—is titled “Sam In London: Cheeky Kids, Medieval Blokes and Giant Trousers.” The book served as inspiration for much of the artwork in the Paul Revere library, including custom murals, quotes and QR codes, which will allow students to “dive deeper into the story beyond the book.”
“With the new Oculus headsets, students can explore the globe virtually through the immersive experience we built with the help of Double A Labs,” Natella explained. “There are three distinct worlds—London, Tokyo and Los Angeles—inspired by the pages and characters within the book series, and we have plans brewing to expand to Australia next. It’s like having a virtual passport to explore faraway places without leaving your local library.”
Proceeds from the book, as well as branded backpacks, created by GROUNDTRUTH, will be reinvested back into Worldride to expand its “initiatives to even more schools.”
Looking to the future, Worldride is working alongside LAUSD to establish itself as a permanent vendor, so that it can bring these initiatives to schools across the district. The foundation is also in talks with a local camp that serves underprivileged students to organize a Worldride Cultural Day—with plans to bring hands-on activities and interactive workshops where attendees can learn about arts, cuisine, sports and cultural traditions from around the globe.
For Palisadians who would like to support Worldride and its efforts, Natella noted several options, including donating books, funding educational experiences or “simply spreading the word about what we do.”
“In the future, we hope to expand our reach, establish more libraries and fund even more educational experiences for kids,” Natella said. “In addition to working with LAUSD and local camps, we’re also excited to build partnerships with schools, community organizations and booster clubs.”
In addition to her work on Worldride, Natella has been involved in the community as a PCHS PTSA board member, where she has chaired the school’s auction for several years.
“The Palisades holds a special place in our hearts,” she said. “It’s such a wonderful community and a fantastic environment to raise children, and we’re incredibly grateful for the chance to play a part in enriching the cultural experiences and education here.”
The Gourmandise School in Santa Monica Offers a Wide Range of Courses, for Beginners to Professionals
By SARAH SHMERLING | Editor-in-Chief
Whether you’re looking to sharpen your knife skills or learn how to perfect French chocolate cakes, The Gourmandise School in Santa Monica has something on the menu for everyone—including this summer, when camp is in session for young chefs ages 8 to 16.
The women-owned and -operated school is helmed by Chef Clémence Gossett, Sabrina Ironside and Claire Hutchens, who grew up in Pacific Palisades.
“The Gourmandise School offers hands-on cooking classes in Los Angeles for beginners to professionals,” read its website. “We focus on teaching classic techniques and use locally sourced ingredients. The school offers baking and cooking classes, professional series, and fascinating food workshops.”
Originally based in Venice, the school was created from Gossett’s love for sweets: Gourmandise Desserts offered “home-made delectable sweet treats” at 20th Century Fox, where she worked as an assistant in the feature film group.
“The Gourmandise School grew out of a passion for teaching her favorite recipes,” the website continued. “Clémence eventually began teaching classes at Culver City’s Surfas Supply Store. Six years and many satellite kitchen classrooms later, Clémence met Hadley Hughes in one of her classes. In 2011, the two opened The Gourmandise School in the newly remodeled Santa Monica Place shopping center.”
Hutchens told the Palisadian-Post she was born in Santa Monica before her parents moved to The Highlands. She was then enrolled in a mommy and me program at St. Matthew’s.
“We did pretty much everything in the Palisades,” Hutchens said. “It was where I grew up, where all my first friends were made, where I went to school, where I lived, where I spent the majority of my time.”
Hutchens added that her family was involved with various sports at Palisades Recreation Center, that her brother played in Pacific Palisades Baseball Association, where Hutchens worked the snack stands. She also participated in Sunshine Volleyball “for a long time.”
Her family moved out of the area when she was 12, but she finished her time at St. Matthew’s Parish School when she was 14—spending two years commuting back and forth to their home near Mulholland Drive and Beverly Glen Boulevard. Her ties to the school exist today—at the time of her interview with the Post, Hutchens was planning to go to the school’s young alumni mixer the next week.
Hutchens then attended Harvard-Westlake School, followed by University of California, Santa Cruz, but she left and came home and went to Santa Monica College.
“While I was there, I went to take a class at The Gourmandise School in 2011, which is right when it opened,” Hutchens explained. “I took a class there and I was like, ‘You know, I could do this.’ I always loved baking … it just kind of sparked my interest.”
A few months after the class, which was pizza-making with her mom, Hutchens secured a job as a part-time receptionist and kitchen assistant while attending SMC. She transferred to University of California, Los Angeles, and finished up school while one of the co-founders—Hughes—was leaving.
Hutchens was asked to take on more management duties. Ironside came in 2015 and bought Hughes’ share.
“She saw me and she was like, ‘OK, how can we utilize you in different ways?’” Hutchens explained. “So she shifted my job from doing various things to focusing on private events and assistant general management of the school.”
Hutchens said she continued to grow from there—becoming a vested partner in the school in 2018.
“Clémence and Sabrina and amazing partners,” Hutchens said. “Clémence … is our head pastry chef, as well as the brainiac behind the vision of the school. Sabrina comes from a marketing background and licensing background. She was in entertainment for years and years, and she brings a whole load of business savviness.”
In addition to its year-round offerings, The Gourmandise School is now enrolling for its Teen Cooking and Baking Summer Camps, designed to “immerse your child in culinary discovery while teaching essential cooking techniques and serving various dishes” for participants ages 12 to 16. Teen cooking and baking series—which are five days of three-hour sessions—begin June 10 and continue through August 23.
“We have global cooking, we have baking fundamentals, we have cooking fundamentals, we really teach them proper knife skills, we teach them how to be confident in the kitchen, how to cook with base ingredients,” Hutchens said. “Talk about nutrition, talk about manners and setting the table, talking about cleaning up after yourself.”
For slightly younger campers—ages 8 to 12—the school has Cooking Camps for Kids, where “young chefs will learn essential techniques while whipping up savory delights from around the world.” Sessions are planned for June 17 to 21; July 15 to 19; and August 5 to 9.
“It really gives them independence in the kitchen,” Hutchens said of the camps.
For adults looking to take a class at the school, there are many to choose from, including “Jams, Preserves & Pickles” and “Spanish Tapas,” but Hutchens said a couple of popular options are the Knife Skills courses and a four-week Cooking 101 series that includes knife skills, poultry, meat and fish. They also offer date night courses, like “Puerto Rican Cuisine” and “Italian Trattoria,” which participants can do with a partner or friend.
Recreational courses are typically three hours long, but specialty or technique classes can be longer. There are also series courses, which can range from two days to 10 weeks.
On the evening of the day of the interview, Hutchens was enrolled in the school’s Chinese Dumplings date night course.
“I work there all the time, have worked there for 13 years now, and I still want to go take a class because it’s fun,” she said.
“The Idea of You”—an Amazon MGM Studios film based on a book by an author with ties to Pacific Palisades—became available for viewing via streaming on Prime Video and in theaters on Thursday, May 2.
The movie is based on the eponymous novel penned by Robinne Lee, who was living in Marquez Knolls when it was published in June 2017.
“Solène (Anne Hathaway), a 40-year-old single mom, begins an unexpected romance with 24-year-old Hayes Campbell (Nicholas Galitzine), the lead singer of August Moon, the hottest boy band on the planet,” read an IMDb synopsis. “When Solène must step in to chaperone her teenage daughter’s trip to the Coachella Music Festival after her ex bails at the last minute, she has a chance encounter with Hayes and there is an instant, undeniable spark.”
Soon after they begin their romance, Hayes’ fame creates challenges for the relationship, with Solène discovering that “life in the glare of his spotlight might be more than she bargained for.”
The film—which was first announced in December 2018—is directed by Michael Showalter, who also wrote the screenplay alongside Jennifer Westfeldt. Lee, as well as her husband Eric Hayes, serve as producers, with Cathy Schulman, Gabrielle Union, Hathaway, Showalter and Jordana Mollick.
Lee—herself an actor (“Fifty Shades Darker,” “Hitch”)—told the Palisadian-Post in 2017 that the inspiration for the book came a few years prior, while her husband was away on business.
“I was up late, surfing music videos on YouTube when I came across the face of a boy I’d never seen in a band … and it was so aesthetically perfect, it took me by surprise,” Lee said at the time. “I spent a good hour or so Googling and trying to figure out who this kid was, and in doing so, I discovered that he often dated older women, and so the seed was planted.”
She said that when her husband returned a couple of days later, she joked that she found the perfect guy, and she was leaving him and their two kids, adding: “Oh, by the way, he’s half my age.”
She said her husband laughed, then a moment later said, “You know, that would make a great book.”
The film, which has a run time of one hour and 55 minutes, is rated R.
Pacific Palisades residents and students to perform in Westside Ballet’s 50th Spring Performance season. Pictured, from left, top row: Mila Bakhshandehpour, Addison Russell, Elise Dufour, Olivia Yu and Lyla Brugger; front row: Laurel O'Donnell, Valentina Finci, Carlin McCaffrey, Imogen Marble and Inès Macpherson; not pictured: Zoya Abyzov and Ava Bakhshandehpour Photos by Sarah Madison Photography
By LILY TINOCO | Assistant Editor
Westside Ballet of Santa Monica is gearing up to present “Masters of Movement,” its 50th anniversary spring performances—featuring Pacific Palisades dancers—and tribute to the legacy of dance and visionaries.
“This year’s ‘Masters of Movement’ series will feature a special homage to the legendary ballerina Patricia Neary, showcasing the iconic works she brought to life with the New York City Ballet,” according to a press release. “The historic Gala event will feature appearances by ballet luminaries, including the legendary Patricia Neary, and showcase performances by stars from the American Ballet Theatre.”
The spring event will be spread across two programs, “each a testament to the choreographers and dancers who transform music into visual poetry,” according to the press release.
Izzy Heidt
On Friday, May 17, and Saturday, May 18, the “Masters of Movement” Spring Showcases will present a curated celebration of Westside Ballet’s history, present and future at The Eli and Edythe Broad Stage in Santa Monica.
American Ballet Theatre principal dancers Isabella Boylston and James Whiteside will be performing the “Black Swan” pas de deux by Marius Petipa.
In ballet, a pas de deux is a dance duet in which two dancers perform ballet steps together.
“The pas de deux is so much more than a love dance. It is the coming together of two people who carry with them all kinds of intense emotions, including love, grief, fear, deceit, joy and longing,” the press release continued. “Westside Ballet’s 50th Anniversary Spring Gala is a confluence of the world’s finest examples of the continuity, but absence of uniformity, in the art of pas de deux.”
Guest artists Andrea Laššáková and Adrian Blake Mitchell will present excerpts from George Balanchine’s “Concerto Barocco, Who Cares?” and the contemporary piece “Agon,” set to Igor Stravinsky’s “evocative” score. Palisadian alumni Lucia Connolly and Lyrica Woodruff can also be seen performing.
Palisadian Mila Bakhshandehpour, 15, performs as a soloist with Christopher Toledo in “Fête de Carnivale.” Bakhshandehpour also dances in Yvonne Mousney’s “Classical Symphony,” a contemporary piece “Murmurations” and in a Jazz piece as a ’50s dancer.
Pacific Palisades residents and students will also dance in the performance season, including Mila Bakhshandehpour, Addison Russell, Elise Dufour, Olivia Yu, Lyla Brugger, Laurel O’Donnell, Valentina Finci, Carlin McCaffrey, Imogen Marble, Inès Macpherson, Zoya Abyzov, Izzy Heidt and Ava Bakhshandehpour.
The showcases will culminate with an event on May 18 at 5 p.m., honoring the career of Neary with a Lifetime Achievement Award.
What Differentiates a “Buyer’s” from a “Seller’s” Market?
A “seller’s market” is when there is a relative shortage of homes for sale as compared with the number of active buyers wanting to buy. Prices will tend to have an upward pressure in such a market at least until the inventory of homes available is about in balance with the number of qualified buyers seeking to purchase them.
In general, a “buyer’s market” is when it would take seven months or more to sell the number of homes for sale in a particular area and price range at the current rate of sales averaged over the last several months. A “seller’s market” is when this level of inventory is at or below a four-month supply. If there are about enough homes for sale that would sell in five or six months, it is most likely a balanced market.
The Overall Market in Pacific Palisades
In 2008 the entire country experienced a falling real estate market, reacting to the melt-down of the savings and loan industry. The recovery from that tremendous adjustment period began by 2013, and we experienced an upward moving market for nearly all the time through 2022, especially accelerated by the historically low interest rates created to stimulate the economy.
Since early last year, the combination of increased prices and doubling of interest rates resulted in a significant slowdown in the number of homes sold, and gradually the average sales prices have gone down. Although we still often hear about multiple offers and bidding that raise prices above the listing price, these are becoming less and less frequent. Also, when they do occur, there are usually fewer bidders than there would have been a year ago.
A “snapshot” of the local market as we enter the month of May shows that as compared with the same first four-month period last year, there have been 40% fewer homes sold and the prices are about 15 to 25% lower now, depending on which measures one uses.
Based on the current rate of sales each month, there is a five-month inventory, which indicates a generally balanced market. It is also interesting to observe that while the median average sale price for the last six months is about $4.25 million, the current median list price is a remarkable $7.3 million.
A More Careful Look at the Local Market
A fascinating set of observations can be made of the upper half of the market vs. the lower half. For this article, $5 million was selected as the mid-point, because in 2023 almost the identical number of homes here sold above and below that level. Some of the differences are dramatic when comparing the two time periods for each level of the market.
The Top Half of the Market
The six-month period ending in April 2023 was a culmination of steadily increasing prices for homes listed at $5 million or more. There were 57 homes that sold for a median price of $7.5 million, which was 5% above the original list price average.
The recent same six-month period was substantially different. Only half as many homes listed above $5 million sold, and the median price level is at $6.925 million, 8% lower than last year. Moreover, they sold with an average of 10% discount from the original list prices this year.
Perhaps most significant is the current inventory of homes available above $5 million. With nearly 65% of the homes now on the market being in that price level here and calculating the current average number of homes selling each month, there is now an inventory of 11 months available for buyers to select from. By any measure, this is clearly a “buyer’s market” in the Palisades’ upper end.
The Bottom Half of the Market
In contrast, while the six-month period ending in April 2023 had also been a time of increasing prices, the tremendous pressure of far more buyers than there were sellers led to a sale level only slightly lower than the earlier period. The result was a slight increase in median prices from $3.22 million to $3.34 million this year.
With only 23 Palisades homes on the market now below $5 million, at the current rate of sales there is only two and a half months of inventory. Thus, in this half of the market, this is clearly still a strong “seller’s market.”
A Few Conclusions About the Present Market
For sellers of homes below the $4 to 5 million level, prices may be expected to be stable for some months more. Inventory would have to double in size in relationship to the pace that buyers are able to continue paying the higher prices and interest rates, before it would be a balanced market. Buyers in that range are likely to still experience frequent multiple offers, and they will likely still be paying very close to the list prices.
For sellers of home above $5 million, pricing and home preparation for sale are critical ingredients in order to succeed. There is a growing inventory of unsold homes, and most of them are languishing on the market if not sold within three months. Buyers in that range will be wise to work with an experienced agent who can carefully assess the probable value of homes before presenting an offer. Discounts below the asking price have averaged about 8% in that range, which adds up to a substantial amount of money.
Michael Edlen has been carefully analyzing Pacific Palisades real estate for more than 30 years, observing the dynamics of three major market cycles. He can be reached for information about property values at 310-600-7422 or michael@edlenteam.com.
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Palisades to deliver a “green tip” to our readers in each newspaper. This edition’s tip was written by Lisa Kaas Boyle and Bonnie Zucker of the Resilient Palisades Zero Waste Team.
