Palisades Sales Slowing Down

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Feb. 28, there were 59 single-family Pacific Palisades residences listed in the Multiple Listing Service, which is the same last year at this time. So far this year, 23 Palisades homes have sold, which is 38 percent fewer than last year’s first two months. There are now half as many Palisades homes in escrow as last year at this time.

The median sale price per square foot has increased by 15 percent as compared with the same period in 2017 and is now at $1,190 per square foot. Median sale prices are currently $2.97 million, compared to $3.102 million a year ago. It appears that these differences are mostly due to smaller homes sold so far in 2018.

The lowest-priced available home is a four-bedroom, three-bath on Avenida De Cortez in The Highlands at $1.988 million. The highest-priced property is a recently built seven-bedroom, 13-bath on San Remo in The Riviera, asking $38 million. The median asking price for the Palisades is now $4.3 million, which reflects the shortage of lower-priced homes available.

The lowest sale price so far this year was a two-bedroom, two-bath on Earlham, which sold for $2.1 million. The highest sale so far this year was a six-bedroom, seven-bath on Amalfi, which sold for $8.7 million.

There are only 16 condominiums/townhouses on the market now. They range from a one-bedroom, one-bath in the Edgewater Towers on Sunset Boulevard, offered at $669,000, to a four-bedroom, four-bath condo on Tramonto Drive, offered at $5,185,990. Four condos are currently in escrow.

There have been seven condo sales so far this year, ranging from a one-bedroom, one-bath on Sunset, which sold for $580,000, to a one-bedroom, three-bath unit in the Rockwell Building on Sunset Boulevard, which sold for $1.83 million. Although the average condo sales price is $1.1 million, the median condo sales price is $1 million, which is down 10 percent from the start of 2017.

There are currently nine pieces of raw land available, ranging from a 4,066-square-foot lot on Posetano, offered at $175,000, to $17 million for a lot on Corona Del Mar. So far this year, no lots have sold.

There are currently 50 available leases in the Palisades, a 15 percent decrease in available leases over the start of 2017. They range from a one-bedroom, one-bath home on Sunset, asking $3,000 per month, to a seven-bedroom, 10-bath home on Toyopa, asking $50,000 per month.

There have been 25 leases so far this year. The highest lease so far this year was a five-bedroom, five-bath on Surfview, which leased for $33,000 per month. The lowest was $2,995 per month for a one-bedroom, two-bath on Tramonto. The median was $8,125 per month, up 8 percent from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 32 years.