Homes in Escrow ‘Dramatically Lower’

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Oct. 31, there were 61 single-family Palisades residences listed in the Multiple Listing Service, which is 28 percent lower than the available inventory this time last year. So far this year, 229 Palisades homes have sold, which is only 3 percent higher than last year at this time. There are now 26 homes in escrow in the Palisades, which is dramatically lower than the 49 in escrow at this time.

The average sale price per square foot has increased by 7 percent, as compared with the same period in 2016, and is now at $1,110 per square foot. Median sale prices are currently $3.15 million, compared to $2.715 million one year ago.

The lowest-priced available home is a four-bedroom, three-bath on Avenida De Cortez in The Highlands at $2.169 million. The highest-priced property is a seven-bedroom, 13-bath on San Remo that is asking $38 million.

The lowest sale price so far this year was a two-bedroom, one-bath on Radcliffe, which sold for $1.5 million. The highest sale so far this year continues to be the off-market sale on Casale in The Riviera, which sold for over $32 million.

There are 13 condominiums/townhouses on the market. They range from one-bedroom, one-bath on Sunset (Edgewater Towers), offered at $589,500, to a four-bedroom, four-bath condo on Tramonto (that is not yet built) for over $5.185 million.

Nine condos are currently in escrow. There have been 62 condo sales so far this year, ranging from $540,000 for a one-bedroom, one-bath condo on Sunset to $1.65 million for a three-bedroom, three-bath unit on Palisades Drive. The median condo sale price is currently $1.13 million, which is a 26 percent increase over this time last year.

There are currently 15 pieces of raw land available, ranging from a 3,600-square-foot lot on Posetano, offered at $175,000, to $19 million for an ocean view, Coastal Commission-approved lot on Corona Del Mar in The Huntington. There have been two sales so far this year.

There are currently 78 available leases in the Palisades. They range from a one-bedroom, one-bath on Sunset asking $2,950 per month to a five-bedroom, six-bath home on Posetano, asking $50,000 per month.

There have been 203 leases so far this year. The highest lease so far this year was a five-bedroom, seven-bath on San Remo for $85,000 per month and the lowest was $2,850 per month for a one-bedroom, one-bath on Sunset. The median was $7,895 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 31 years.