Stats May Indicate Slowdown

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Sept. 1, there were 77 single-family Palisades residences listed in the Multiple Listing Service, which is 24 percent higher than at the start of September 2017. So far this year 149 Palisades homes have sold, which is 19 percent lower than this time last year. There are now 34 homes in escrow in the Palisades.

The average price per square foot ($1,214) is up by 7 percent over this time last year, and the median sale price ($3.35 million) is up by just 5 percent now. These statistics may well be indicators of a definite slowdown in the market and signs that a price correction phase may be close at hand.

The lowest-priced available home is a two-bedroom, three-bath on Sunset at $1.495 million. The highest-priced property is an eight-bedroom, 12-bath on Ravoli, asking $26.75 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 a home on San Remo in The Riviera, which sold for $34 million.

There are now 17 condominiums/townhouses on the market. They range from a one-bedroom, one-bath on Sunset, offered at $939,000, to a two-bedroom, two-bath on Sunset for $2.75 million. Eight condos are currently in escrow, including two that are not yet completed in the One Coast Development on Tramonto Drive.

There have been 43 condo sales so far this year. The lowest was a one-bedroom, one-bath on Sunset in the Edgewater Towers, which sold for $580,000, and the highest was a one-bedroom, three-bath townhome on Sunset in the Rockwell Building, which sold for $1.83 million. The median condo sales price is $1.275 million, which has increased by 13 percent from this time last year.

There are currently seven pieces of raw land available, ranging from $239,000 for a 30,000-square-foot lot on Enchanted Way to $15 million for a 27,000-square-foot lot on Corona Del Mar in The Huntington. Seven lots have sold this year.

There are now 60 available leases in the Palisades. They range from a two-bedroom, two-bath condo on Sunset, asking $3,950 per month, to a five-bedroom, seven-bath home on Ravoli, asking $47,500 per month.

There have been 190 leases so far this year. The highest lease so far this year was a six-bedroom, eight-bath on La Cumbre for $57,500 per month, and the lowest was $2,500 per month for a one-bedroom, one-bath guesthouse on Via De La Paz. The median was slightly up (only 2 percent) at $8,095 per month.

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