Palisadian Sales

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Oct. 31, there were 85 single-family Pacific Palisades residences listed in the Multiple Listing Service (MLS), which is the same as the available inventory this time last year. So far this year, 223 Palisades homes have sold, which is 10 percent lower than last year at this time. There are now 46 homes in escrow in the Palisades.

The average sale price per square foot has increased by five percent as compared with the same period in 2015 and is now at $1,037 per square foot. Median sale prices are currently $2.715 million, compared to $2.85 million one year ago.

The lowest-priced available home is a three-bedroom, two-bath probate sale on Las Pulgas at $1.68 million. The highest-priced property is a seven-bedroom, 10-bath on San Onofre and that is asking $25.995 million.

The lowest sale price so far this year was a two-bedroom, two-bath on Sunset, which sold for $1.1 million. The highest sale so far this year was a seven-bedroom, 11-bath on San Remo in the Riviera, which sold for $22.375 million.

There are 13 condominiums/townhouses on the market. They range from a one-bedroom, one-bath on Tramonto, offered at $849,000, to a three-bedroom, three-bath condo on Sunset Boulevard for $3.495 million.

Eleven condos are currently in escrow. There have been 73 condo sales so far this year, ranging from $529,000 for a one-bedroom, one-bath condo on Sunset to $3.15 million for a three-bedroom, two-bath unit in the Rockwell on Sunset. The median condo sale price is currently $900,000, which is down nine percent from this time last year.

There are currently 10 pieces of raw land available, ranging from a 3,600-square-foot lot on Posetano, offered at $175,000, to $4.995 million for one acre of hillside, ocean-view land on Mount Holyoke in the Via Bluffs area. There have been five sales so far this year.

There are currently 70 available leases in the Palisades. They range from a one-bedroom, one-bath on Sunset, asking $3,300 per month, to a five-bedroom, six-bath home on Posetano, asking $155,000 per month. There have been 193 leases so far this year. The highest lease so far this year was a five-bedroom, six-bath on Arno Way for $50,000 per month, and the lowest was $1,450 per month for a one-bedroom, one-bath on Pacific Coast Highway. The median lease was $7,500 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 30 years.