More for Sale…Fewer Selling and Taking Longer

By MICHAEL EDLEN | Special to the Palisadian Post

As of Nov. 30, there were 92 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is 19 percent higher than this time last year. So far this year 238 Palisades homes have sold, which is a ten percent decrease over last year at this time. There are now 35 homes in escrow in the Palisades, down 31 percent from November 2015.

The average sale price per square foot has increased by almost two percent as compared with the same period in 2015, and is now at $1,033 per square foot. Median sale prices are currently $2.7 million, compared to $2.8 million a year ago; an decrease of just two percent.

The lowest-priced available home is a two bedroom, one bath on Radcliffe Avenue at $1.5 million. The highest-priced property is a seven bedroom, ten bath on San Onofre and is now asking $24.9 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 $22.3 million.

There are eight condominiums/townhouses on the market. They range from one bedroom, on Tramonto offered at $799,000, to a three bedroom, three bath condo on Sunset Blvd for $3.4 million.  Eight condos are currently in escrow. There have been 79 condo sales so far this year, ranging from $499,900 for a one-bedroom, one bath condo on Sunset to $3.1 million for a three bedroom,  two bath unit in the Rockwell on Sunset. The median condo sale price is currently $892,500, which is down ten percent from this time last year.

There are currently 11 pieces of raw land available, ranging from 3,600 square foot lot on Posetano, being offered at $175,000 to $4.9 million for an 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 69 available leases in the Palisades. They range from a one bedroom, 1-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 206 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 1-bedroom, one bath on PCH, and the median lease price remains at $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.