Which Neighborhoods are Most Expensive?

By MICHAEL EDLEN | Special to the Palisadian-Post

As of March 31, 84 single-family Palisades residences were listed in the Multiple Listing Service (MLS). The current level of inventory is 18 percent higher than the available inventory at this time last year.

A total of 56 homes were sold in the Palisades in the first quarter of 2016, which is the same level as 2015. Median sale prices were down by 35 percent from 2015’s first quarter. The median list price is at $3,795,000, which is down 8 percent from the same period last year. There are currently 33 escrows open in the Palisades, which is down approximately 30 percent over last year at this time.

The lowest-priced residence available is a 2-bedroom, 2-bathroom home on Sunset Blvd., which is being offered at $1,245,000. The highest-priced available property is a 7-bedroom, 11-bathroom on San Remo in the Riviera listed at $23,595,000 (originally listed at $26,950,000).

The most affordable areas so far in 2016 are the upper and lower Marquez neighborhoods, as well as Bel Air Bay Club with a median sale price of $2,375,000. The Riviera had the highest median average sales prices ($6,690,000). The El Medio, Upper Bienveneda/Marquez and Riviera areas currently have the largest number of homes for sale in the Palisades.

The lowest sale price for the first quarter of 2016 was on Las Lomas ($1,375,000). Three homes sold for the highest sale price of $6,900,000—on De Pauw, Wynola and Camino De Yatasto.

There are 16 condominiums/townhouses on the market, which is more than double the number of units that were available at the end of the first quarter in 2015. They range from a 2-bedroom, 2-bathroom on Palisades Circle being offered at $820,000, to a 2-bedroom, 3-bathroom on Sunset for $3,450,000.

Seventeen condominiums were sold in the Palisades since the start of the year, ranging from a 1-bedroom, 1-bathroom on Sunset, which sold for $500,000 to a 3-bedroom, 3-bathroom on Haverford, which sold for $2,250,000. The median sales price for condos at the end of the first quarter was $880,000, which is down 1 percent over 2015 first quarter median sales prices.

There are currently 13 pieces of raw land available, ranging from $149,000 for a 3,887-ft. lot on Posetano to $49,995,000 for 2 acres on Corona Del Mar in the Huntington. There have been no land sales yet this year.

There are currently 44 leases in the Palisades, starting at $1,450 for a 1-bedroom, 1-bathroom apartment on PCH, and asking as high as $65,000 per month for a 6-bedroom, 9-bathroom house on Umeo in the Riviera.

There were 55 Palisades leases done in the first quarter of 2016 (up 34 percent from last year), ranging from a 1-bedroom, 1-bathroom on Castellammare, which leased for $2,350 per month, to a 5-bedroom, 6-bathroom ocean-view home on Arno Way, which leased for $50,000 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 30 years.