The Development Includes Eight Apartments Ranging From One to Three Bedrooms
By SARAH SHMERLING | Editor-in-Chief
Eight lucky renters looking to live on the second floor of Pacific Palisades’ recently revealed development will have a hefty price to pay: The apartments, which range from one to three bedrooms, are going for up to $38,000 per month.
“Inside these eight equally impressive residences are elegant and open living spaces boasting the finest custom tailoring in the kitchens, bathrooms and living spaces,” the Palisades Village website reads. “Each radiates with a timeless elegance and an everyday comfort that makes life at The Residences at Palisades Village a first-class luxury.”
The price for the sole one-bedroom, one-and-a-half-bathroom apartment at Palisades Village will cost $16,000 per month for 1,352 square feet of living space. The floor plan for this space also includes a terrace and a private courtyard.
Apartment spaces ranging in size from 1,534 to 1,933 square feet will be offered at $19,000 to $23,000.
The three larger spaces, a mix of two- and three-bedroom units, will go for $33,000 to $38,000 per month for 2,211 to 2,524 square feet.
“I’ve only been doing this for 30 years, so I’m sure that things stranger than that have occurred,” local Realtor Michael Edlen told the Palisadian-Post upon hearing the prices. “Could it happen? Of course, anything could happen.”
Caruso’s first foray into mixed-use residential development was The Residences at The Americana at Brand in Glendale. This development, inspired by Boston’s Newbury Street, features 242 apartments and 100 condominiums on top of retail spaces.
At that location, a one-bedroom, 781-square-foot apartment that will be available Nov. 2 is going for $2,700 per month; A two-bedroom townhome overlooking Americana Way is available now for $4,550.
For a little less than the cost of a one-bedroom apartment at Palisades Village, a four-bedroom, five-bathroom home on Livorno Drive in Marquez Knolls is available for $15,000 per month.
“Pristine, newly built, contemporary in a beautiful Palisades neighborhood,” the listing for the nearly 5,000-square-foot home boasts. “Walls of glass usher in abundant light, highlighting soaring ceilings, clean lines and spacious room sizes.”
Alternatively, in the Alphabet Streets, a three-bedroom, three-bathroom home at the top of Rimmer Avenue, “minutes away” from Palisades Village, is offered fully furnished at $10,000 per month.
Edlen’s team recently leased a brand new six-bedroom, seven-bathroom, 6,000-square-foot home for $25,000 a month.
“There have been some pretty big numbers paid,” Edlen explained. These numbers, though, are usually for larger homes.
The highest lease going back a couple of years within the Palisades was a 6,000-square-foot home on San Remo at the top of The Riviera, which was a short-term lease that went for $80,000.
And, according to Quicken Loans, a 30-year mortgage for $5 million would cost $13,813 per month (with the first five years fixed at 3.315 percent interest only).
Those who wish to live at the Palisades Village apartments would be paying for the convenience of proximity to the development’s tenants, “plus the world-class amenities of a five-star hotel, all within the comfort of your own home,” the website reads.
Residents will receive access to Palisades Village’s members-only suite, The Coast Lounge, as well as a private, state-of-the-art fitness studio. Residents can also book dining reservations, travel arrangements, event planning, pantry stocking and dog walking through a concierge service.
Though unfurnished, the apartments boast gourmet-style kitchens, lavish baths and luxurious walk-in closets—wall with “breathtaking views overlooking Sunset Boulevard, with far-reaching westerly views toward the ocean.”
Caruso did not reply to inquiries about the apartments and when they would be available as the Post went to print Tuesday.
“I would be very pleasantly surprised if our local market could support a Sunset-facing apartment at more than $30,000 per month, even if it is three bedrooms and baths, unless other services besides direct access from parking below are included,” Edlen said.