Six Palisades Home Sales in January 2019

By MICHAEL EDLEN | Special to the Palisadian-Post

As of January 31, there were 80 single-family Palisades residences listed in the Multiple Listing Service, which is 27 percent higher than the start of 2018. So far this year, only six Palisades homes have sold, and there are now 18 homes in escrow in the Palisades.

The average sale price per square foot has increased by 7 percent as compared with the same period in 2018 and is now at $1,367 per square foot. However, median sale prices are currently $2.75 million, compared to $2,843,000 a year ago.

The lowest-priced available home is a three-bedroom, two-bath on Avenida De Cortez in The Highlands at $1,895,000. The highest-priced property is a newly built eight-bedroom, 12-bath on Ravoli, asking $24.45 million. The median asking price for Pacific Palisades is now $4,272,500.

The lowest sale price so far this year was a four-bedroom, four-bath on Calle Arbolada, which sold for $1,889,500. The highest sale so far this year was a six-bedroom, eight-bath on Monument, which sold for $11.45 million.

There are 25 condominiums/townhouses on the market now, plus an additional half-dozen of pre-sale high-end units. They range from one-bedroom, one-bath in the Edgewater Towers on Sunset Boulevard, offered at $614,000, to a two-bedroom, three-bath condo on Sunset, also in the Edgewater Towers, offered at $2.25 million.

Five condos are currently in escrow. There have been four condo sales so far this year, ranging from a two-bedroom, two-bath on Sunset, which sold for $878,750, to a three-bedroom, two-and-a-half-bath unit in the Edgewater Towers on Sunset Boulevard, which sold for $1.31 million. The median condo sale price is currently $1.13 million.

There are currently four pieces of raw land available, ranging from a 7,700-square-foot lot on Revello, being offered at $699,000, to $3.45 million for a two-plus-acre lot on El Bosque Court in The Highlands. So far this year, no lots have sold.

There are currently 64 available leases in the Palisades (a 19 percent increase in available leases over the start of 2018). They range from a one-bedroom, one-bath home on Castellammare asking $2,845 per month, to an eight-bedroom, 13-bath home on Rivas Canyon asking $85,000 per month.

There have been 19 leases so far this year (a 20 percent decrease from last year). The highest lease so far this year was a five-bedroom, seven-bath on DePauw, which leased for $35,000 per month. The lowest was $3,550 per month for a two-bedroom, two-bath on Sunset. The median was $9,000 per month, up 10 percent from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 33 years.