Prices Continue to Climb

By MICHAEL EDLEN | Special to the Palisadian-Post

As of April 30, there were 60 single-family Palisades residences listed in the Multiple Listing Service, which is 17 percent lower than at the start of May 2017. So far this year, 68 Palisades homes have sold, which is 12 percent lower than this time last year. There are now 27 homes in escrow in the Palisades.

The average price per square foot ($1,237) is up by 18 percent over this time last year. The median sale price ($3.42 million) is also 18 percent higher now.

The lowest-priced available home is a four-bedroom, four-bath on Mount Holyoke at $1.799 million. The highest-priced property continues to be a seven-bedroom, 13-bath on San Remo, asking $38 million.

The lowest sale price so far this year was a three-bedroom, three-bath on Las Pulgas Road, which sold for $1.4 million. The highest sale so far this year was large home off of the Romany cul-de-sac in The Riviera, which sold privately for $27.375 million.

There are now 17 condominiums/townhouses on the market. They range from a one-bedroom, one-bath on Sunset, offered at $699,000, to a two-bedroom, three-bath condo on Haverford for $1.849 million. Nine condos are currently in escrow.

There have been 21 condo sales so far this year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $580,000, and the highest was a one-bedroom, three-bath townhome on Sunset Boulevard, which sold for $1.83 million. The median condo sales price is $1.385 million, which is up 15 percent from this time last year.

There are currently eight pieces of raw land available, ranging from a 3,700-square-foot lot on Posetano, being offered at $175,000, to $17 million for half an acre on Corona Del Mar in The Huntington. There are three lots in escrow, and three have sold this year so far.

There are currently 63 available leases in the Palisades. They range from a one-bedroom, one-bath condo on Sunset, asking $2,550 per month, to a six-bedroom, eight-bath home on La Cumbre, asking $50,000 per month.

There have been 77 leases so far this year. The highest lease so far this year was a five-bedroom, five-bath on Surfview Drive for $33,000 per month, and the lowest was $2,995 per month for a one-bedroom, two-bath on Tramonto. The median was $8,900 per month—up 13 percent over last year.

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