Palisades Monthly Update

Feb. 1, 2019 – Jan. 31, 2020 vs. Feb. 1, 2018 – Jan. 31, 2019

By MICHAEL EDLEN | Special to the Palisadian-Post

As of January 31, there were 82 single-family Palisades residences listed in the Multiple Listing Service, which is just 2% higher than the start of 2019. In the last 12 months, 214 Palisades homes have sold, and there are now 20 homes in escrow.

The average sale price per square foot has dipped by 1% as compared with the same period in 2018 and is now at $1,144 per square foot. However, median sale prices are currently $3,122,000, compared to $3.35 million the previous 12-month period.

The lowest-priced available home is a four-bedroom, three-bath on Avenida De La Herradura in The Highlands at $2,095,000. The highest-priced property continues to be property on PCH, asking $25 million. The median asking price for Pacific Palisades is now $4,995,000.

The lowest sale price so far this year was a four-bedroom, three-bath on Temecula, which sold for $2,195,000. The highest sale so far this year was a four-bedroom, six-bath on Monaco, which sold for $9.8 million.

There are 16 condominiums/townhouses on the market now. They range from one-bedroom, one-bath in the Edgewater Towers on Sunset Boulevard offered at $619,000 to a five-bedroom, six-bath pre-sale condo, offered at $5.55 million. Fifteen condos are currently in escrow.

There have been 78 condo sales in the past 12 months, ranging from a one-bedroom, one-bath on Tramonto, which sold for $615,000, to a three-bedroom, three-bath unit on Haverford, which sold for $2.35 million. The median condo sale price is currently $1,125,000.

There are currently six pieces of raw land available, ranging from a 5,000-square-foot lot on Bollinger, being offered at $2.19 million to $3.15 million for a two-plus-acre lot on El Bosque Court in The Highlands. So far this year, no lots have sold.

There are currently 65 available leases in the Palisades (same as the number of available leases at the start of 2019). They range from a one-bedroom, one-bath home on Sunset asking $3,400 per month to a seven-bedroom, 10-bath home on Amalfi Drive asking $80,000 per month.

There have been 12 leases so far this year. The highest lease so far this year was a five-bedroom, seven-bath on Monte Grigio, which leased for $35,000 per month. The lowest was $4,100 per month for a two-bedroom, two-bath on Sunset. The median was $10,750 per month, up 19% from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 34 years.