Palisades Home Market ‘Normalizing’?

By MICHAEL EDLEN | Special to the Palisadian Post

The Palisades home market may be “normalizing.” As of April 30, there were 85 single-family Palisades residences listed in the Multiple Listing Service (MLS), which is up 16 percent from last year.

So far this year 73 Palisades homes have sold (which is 22 percent lower than 2015), and there are now 47 homes in escrow in the Palisades.

The average sale price per square foot has increased by 3 percent as compared with the same period in 2015, and is now at $1,033 per square foot.

Median sale prices are currently $2,750,000, compared to $2,814,000 a year ago. There are two factors contributing to this 2 percent dip. While there is about 3.5 months of inventory available here, it would take nine months to sell all of the homes listed above $5 million. Also, there is evidence that investors are becoming a bit more conservative.

The lowest-priced available home is a 2-bedroom, 1-bathroom on Muskingum at $1,155,500. The highest-priced property is a 7-bedroom, 11-bathroom on Toyopa in the Huntington, asking $19.9 million. The median list price is currently $4,195,000.

The lowest sale price so far this year was a 3-bedroom, 2-bathroom on Las Lomas, which sold for $1,375,000. The highest sale so far this year was a 5-bedroom, 7-bathroom on Greentree in Rustic Canyon, which sold over asking at $8,550,000.

There are 14 condominiums/townhouses on the market. They range from a 2-bedroom, 2-bathroom on Palisades Drive offered at $785,000 to a 2-bedroom, 3-bathroom condo on Sunset Blvd. for $3,450,000.

Eleven condos are currently in escrow. There have been 25 condo sales so far this year, ranging from $500,000 for a 1-bedroom, 1-bathroom condo on Sunset to $2,250,000 for a 3-bedroom, 3-bathroom unit on Haverford in the Village.

The median condo sales price is $899,000, which is down 9 percent from this time last year ($991,000).

There are currently 14 pieces of raw land available, ranging from a 3,887 square-foot lot on Posetano, which is offered at $149,000, to just under $50 million for a little over one acre flat on Corona Del Mar. There is one currently in escrow, and none that has sold so far this year.

There are currently 48 available leases in the Palisades. They range from a 1-bedroom, 1-bathroom unit on Sunset asking $3,200 per month to a 7-bedroom, 9-bathroom home on Rivas Canyon asking $69,000 per month.

There have been 71 leases so far this year. The highest lease in 2016 was a 5-bedroom, 6-bathroom on Arno Way in the Bel-Air Bay Club neighborhood for $50,000 per month. The lowest was $1,450 per month for a 1-bedroom, 1-bathroom on Pacific Coast Highway. The median lease price was $6,500 per month at the start of May.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 30 years.