January 1, 2022 – January 31, 2022
By MICHAEL EDLEN | Special to the Palisadian Post
As of January 31, there were 38 single-family Palisades residences listed in the Multiple Listing Service, which is 49% lower than this time last year. So far this year, 15 Palisades homes have sold, compared to 17 homes at the end of January 2021, and there are now 25 homes in escrow in the Palisades versus 25 this time last year.
There are not enough sales yet to really assess the average prices. However, the average sale price per square foot has increased by 47% as compared with the same period in 2021, and is now at $1,642 per square foot. Median sale prices are currently $3,640,000, a 23% hike over last year’s January.
The lowest-priced home available is a three-bedroom, two-bath on Marquez at $2,395,000. The highest-priced property is a seven-bedroom, 12-bath on Amalfi, asking $46.5 million.
The median asking price for Pacific Palisades is now at an all-time high of $7,222,500.
The lowest sale price so far this year was a three-bedroom, two-bath on Sunset, which sold for $1,849,000. The highest sale so far this year was an eight-bedroom, 11-bath on Las Lomas, which sold for $19.5 million.
There are 13 condominiums/townhouses on the market now. They range from one-bedroom, one-bath in the Edgewater Towers on Sunset Blvd. offered at $899,900, to a newly-built three-bedroom, three-and-a-half-bath condo on Tramonto offered at $5,950,000. Fifteen condos are currently in escrow. There have been seven condo sales so far this year, ranging from a one-bedroom, one-bath on Sunset, which sold for $870,000 to a two-bedroom, one-and-a-half-bath unit in the new development on Tramonto, which sold for $2,300,000. The median condo sale price is currently $1,850,000, which is an astounding 69% increase over the start of 2021.
There is currently only one piece of raw land available—a 4,300 square foot lot on Castellammare, being offered at $1,495,000. So far this year, there is one lot in escrow, and no lots have sold.
There are currently 44 available leases in the Palisades, a 24% decrease from this time last year. They range from a two-bedroom, two-bath unit on Sunset asking $3,398 per month, to a six-bedroom, eight-bath home on Berea Place asking $67,500 per month. There have been 13 leases so far this year, a 30% increase over January 2021. The highest lease so far this year was a five-bedroom, five-bath on Napoli, which leased for $45,000 per month. The lowest was $3,175 per month for a two-bedroom, two-bath on Sunset, and the median was $9,500 per month, which is a 28% jump from this time last year.
Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 36 years.
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