Palisades Leasing Market Is Taking Front Stage

By MICHAEL EDLEN | Special to the Palisadian-Post

As of May 31, there were 93 single-family Palisades residences listed in the Multiple Listing Service, which is 11% lower than at the end of May 2019. So far this year, 63 Palisades homes have sold (despite the coronavirus pandemic), which is 9% higher than this time last year. However, there are now only 17 homes in escrow in the Palisades, which is a 56% decrease over the same period last year, and only three of these entered escrow in May.

Although the median sale price ($3.2 million) is up by 4% over this time last year, the average price per square foot ($1,112) is down by 7%.

The lowest-priced available home is a three-bedroom, three-bath on Michael Lane at $1,949,000. The highest-priced property is a seven-bedroom, 12-bath on Paseo Miramar, asking $18,499,000.

The lowest sale price so far this year was a four-bedroom, four-bath on Mount Holyoke, which sold for $1.56 million. The highest sale so far this year was a four-bedroom, five-bath on Turquesa in the Marquez area, which sold for $12.3 million.

There are now 26 condominiums/townhouses on the market (including four not-yet-completed new units on Tramonto Drive). They range from one-bedroom, one-bath on Sunset offered at $649,000 to a three-bedroom, four-bath townhome on Tramonto for $5.3 million.

Five condos are currently in escrow (including two of the Tramonto in-process units). There have been 24 condo sales so far this year. The lowest was a two-bedroom, two-bath on Sunset, which sold for $795,000, and the highest was a three-bedroom, three-bath townhome on Palisades Drive, which sold for $1,919,000. The median condo sales price is $1,083,000, which is down 8% from this time last year.

There are currently only seven pieces of raw land available, ranging from a 3,800-square-foot lot on Castellammare being offered at $1,295,000 to $8 million for three parcels totaling 64,000 square feet on Marquette. Three lots have sold so far this year.

There are currently 101 available leases, which is a 74% increase in the Palisades. They range from a one-bedroom, one-bath on Sunset asking $3,200 per month to a six-bedroom, 18-bath home on San Onofre asking $350,000 per month (that is not a typo).

There have been 50 leases so far this year, down 51% from this period last year. The highest lease so far this year was an eight-bedroom, 13-bath on Rivas Canyon for $60,000 per month and the lowest was $3,300 per month for a one-bedroom, one-bath on Sunset. The median lease/sale price was $7,750 per month, which is slightly down 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.