Palisades Starter Homes Now Over $2 Million

By MICHAEL EDLEN | Special to the Palisadian-Post

As of April 30, there were 75 single-family Palisades residences listed in the Multiple Listing Service, which is 1% lower than at the start of May 2020.

So far this year, 130 Palisades homes have sold, which is 165% higher this time last year, and there are 47 homes in escrow.

The median sale price ($3,672,500) is up by 13% over last year, and the average price per square foot ($1,196) is also up by 3% over this time last year.

The lowest-priced available home is a three-bedroom, three-bath on Enchanted Way at $2,499,000. The highest-priced property is a six-bedroom, 10-bath on Lucca, asking $23,995,000.

The lowest sale price so far this year was a two-bedroom, two-bath on Sunset, which sold for $1.47 million. The highest sale so far this year was an eight-bedroom, 14-bathroom home on Corona Del Mar, which was being marketed at $34 million and ultimately sold for $25.15 million (a 35% decrease).

There are now 21 condominiums/townhouses on the market, and 19 are currently in escrow. There have been 29 condo sales so far this year, ranging from a one-bedroom, one-bathroom on Sunset for $673,000 to a newly built three-bedroom, four-bathroom unit on Tramonto Drive for $5.3 million. The median condo sales price so far this year is $1,342,500, which is up 25% from this time last year (partly due to the high-end sales of the new One Coast development on Tramonto Drive).

There are currently four pieces of raw land available, ranging from one acre in the Highlands on Palisades Court being offered at $779,000 to two lots on Castellammare (each under 5,000 square feet) being offered at $885,000 each. There are two lots in escrow, and there have been no land sales so far this year.

There are currently 63 available leases in the Palisades, down from 83 a year ago (a 24% drop). They range from a one-bedroom, two-bath condo on Tramonto asking $3,499 per month to a nine-bedroom, 11-bath home on Sunset Boulevard asking $100,000 per month.

There have been 67 leases so far this year, up 109% from this time last year. The highest lease so far this year was a six-bedroom, eight-bath new home on Amalfi Drive for $70,000 per month, and the lowest was $1,895 per month for a one-bedroom, one-bathroom unit on Sunset. The median was $7,750 per month—down 11% from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 35 years.