Palisades Leasing Market Is Nearly Double the Sales Rate

By MICHAEL EDLEN | Special to the Palisadian-Post

As of May 31, there were 104 single-family Palisades residences listed in the Multiple Listing Service, which is 70% higher than at the end of May 2018. So far this year, 58 Palisades homes have sold, which is 38% lower than this time last year. There are now 39 homes in escrow in the Palisades.

The average price per square foot ($1,200) is down by 2% over this time last year, and the median sale price ($3,065,000) is 12% lower now.

The lowest-priced available home is a four-bedroom, three-bath on Puerto Del Mar at $1,875,000. The highest-priced property is a seven-bedroom, nine-bath on Umeo in The Riviera, asking $55 million.

The lowest sale price so far this year was a two-bedroom, one-bath on Sunset, which sold for $1,641,000. The highest sale so far this year was on Amalfi in The Riviera, which sold for $13 million.

There are now 22 condominiums/townhouses on the market (plus five not-completed new units on Tramonto Drive). They range from a two-bedroom, one-bath on Sunset, offered at $799,000, to a three-bedroom, four-bath townhome on Sunset for $2,699,000.

Nine condos are currently in escrow. There have been 26 condo sales so far this year. The lowest was a one-bedroom, two-bath on Tramonto, which sold for $615,000, and the highest was a two-bedroom, three-bath townhome on Sunset, which sold for $1.93 million. The median condo sales price is $1,175,000, which is down 8% from this time last year.

There are currently only seven pieces of raw land available, ranging from a 7,700-square-foot lot on Revello, being offered at $699,000, to $25 million for a 116,000-square-foot parcel on Paseo Miramar. There are three lots in escrow, and one has sold so far this year.

There are currently 58 available leases in the Palisades. They range from a one-bedroom, one-bath duplex on Radcliffe asking $3,400 per month to a six-bedroom, eight-bath home on La Cumbre asking $75,000 per month (previously asking $50,000 per month).

There have been 106 leases so far this year. The highest lease so far this year was a five-bedroom, eight-bath furnished lease on Amalfi for $56,000 per month and the lowest was $1,800 per month for a studio/guesthouse. The median lease/sale price was $8,700 per month, which is slightly up from a year ago.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 33 years.