Palisades Monthly Update

By MICHAEL EDLEN | Special to the Palisadian-Post

As of August 1, there were 109 single-family Palisades residences listed in the Multiple Listing Service, which is 43% higher than at the start of August 2018. So far this year, 111 Palisades homes have sold, which is 16% lower than last year.

However, there are now 28 homes in escrow in the Palisades as opposed to 23 at this time last year—a 21% increase this year.

The average price per square foot ($1,192) is flat over this time last year, and the median sale price ($3 million) is down by 10% now.

The lowest-priced available home is a two-bedroom, two-bath on Goucher at $1.85 million. The highest-priced property is a six-bedroom, five-bath on Corona Del Mar, asking $27.5 million.

The lowest sale price so far this year was a four-bedroom, three-bath on Avenida De La Herradura in The Highlands, which sold for $1,987,500. The highest sale so far this year was a new architectural on Ravoli, which sold for $21 million.

There are now 28 condominiums/townhouses on the market (five of which are under construction). They range from one-bedroom, one-bath on Sunset, offered at $695,000, to a not-yet-completed four-bedroom, five-bath unit on Tramonto, asking $5,185,990. Eight condos are currently in escrow.

There have been 43 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 on Sunset, which sold for $1.93 million. The median condo sales price is $1,175,000, which has decreased by 8% from this time last year.

There are currently seven pieces of raw land available, ranging from a 3,700-square-foot lot on Castellammare, being offered at $500,000, to $25 million for six lots totaling approximately two-and-a-half acres on Paseo Miramar. Only one lot has sold this year—a land-locked parcel off Enchanted Way, which sold for approximately $80,000.

There are now 77 available leases in the Palisades. They range from a one-bedroom, one-bath condo on Sunset asking $2,800 per month to a seven-bedroom, 10-bath on Amalfi asking $75,000 per month.

There have been 150 leases so far this year. The highest lease so far this year was a seven-bedroom, 10-bath home on La Cumbre in The Huntington, which leased fully furnished for the summer months at $100,000 per month. The lowest was $1,800 per month for a studio guesthouse on Glenhaven. The median was $8,900 per month, which is up 10% from this time last year.

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