By LILY TINOCO | Assistant Editor

Landry Design Group was recently recognized for five projects across the United States by the Pacific Coast Builder’s Conference, including a Pacific Palisades residence.

The PCBC’s Gold Nugget Awards is the “oldest and most respected” design awards competition in the country, with honors presented annually to innovators in design, planning and development, according to a press release.

“The five award-winning homes by LDG could not be more different, highlighting the firm’s versatility in working with disparate properties and executing diverse architectural styles,” the press release read. “With sites in coastal California, rural Montana and tropical South Florida, the recognized designs also addressed challenges unique to dramatically different environments.

“However, all the homes share an elegant sense of drama that makes them particularly memorable, both in terms of aesthetics and spatial experiences.”

Founded in 1987 by Richard Landry, Landry Design Group is a Los Angeles-based design studio recognized for a wide range of designs of architectural styles.

“Each house is crafted to respond to clients’ lifestyles, an approach to design that draws upon their inspirations and aspirations,” according to the group. “As a result, every house by the firm features a unique, highly personalized character … LDG’s continued efforts to produce exceptional residential designs have been recognized with 90 Gold Nugget Awards to date.”

The Palisades residence that earned a Gold Nugget Merit Award overlooks a golf course with “stunning” ocean views and features a modern design inspired by traditional Japanese architecture.

“To achieve this balance between ancient tradition and 21st century modernity, LDG tempered contemporary forms with elements from Japanese gardens, whose soothing qualities create privacy from the street at the front of the house,” according to the group.

A bridge-like structure leads visitors over a water feature to the front entrance, a design that further “[enhances] the property’s Zen-like tranquility.” The front facade is adorned with dark, cast-glass windows that complement the natural textures of the surrounding elements.

Inside the home, living spaces are divided into distinct sections, with many rooms featuring glass walls to invite the natural beauty indoors.

“Throughout the residence, both indoors and out, natural materials are used to strengthen the relationship between the residence and its idyllic setting, while water features further reinforce the presence of nature,” according to Landry Design Group.

In the dining room, a specialty screen wall slides to separate the space from the open foyer area.

“To further maximize light and views, a portion of the lower level is strategically positioned beneath the lawn and pool area to open to the outdoors,” Landry Design Group continued.

On the upper level, this concept of connectivity continues with plantings surrounding outdoor living spaces assigned for each bedroom.

Landry Design Group’s 2024 collection of Gold Nugget Award winners reflect a portfolio “increasingly comprised of dramatic expressions of modernism, as well as hybrid projects that blend traditional and contemporary styles,” according to the press release.

By MICHAEL EDLEN | Special to the Palisadian Post

As of June 30, 84 single-family Palisades residences were listed in the Multiple Listing Service. The current level of inventory is 10% higher than last year’s June 30 available inventory.

A total of 104 homes were sold in the Palisades in the first half of 2024, which is a 13% decrease from 2023’s first half of the year. Median sale prices ($3,685,000) were down 20% from 2023’s first half.  The median list price is currently $6,095,000—8% higher than this time last year. There are currently 20 escrows open in the Palisades, which is 13% fewer than at the end of the second quarter last year.

The lowest-priced residence available is a three-bedroom, two-bath home on Sunset Boulevard, which is being offered at $1,895,000. The highest-priced available property is a seven-bedroom, 11-bathroom on Casale in the Riviera, which is listed at $49.95 million.

The most affordable areas so far in 2024 are the South of the Village and El Medio Bluffs neighborhoods.

The lowest sale price for the second quarter of 2024 was on Chalet Terrace ($1,395,000). The highest sale ($25,375,000) so far this year was on Sunset Boulevard.

There are 17 condominiums/townhouses on the market, which is 23% lower than what was available at the end of the first half in 2023. They range from a one-bedroom, one-bath on Sunset being offered at $790,000 to a three-bedroom, three-and-a-half-bath that is new construction on Tramonto for $2,999,000.

Thirty condominiums were sold in the Palisades since the start of the year (unchanged from last year), ranging from a one-bedroom, one-bath on Sunset, which sold for $500,000, to a two-bedroom, three-bath on Sunset, which sold for $2.5 million. The median sales price for condos at the end of the first half was $1,387,000, which is down 14% over 2023 first half median sales prices.

There are currently nine pieces of raw land available, ranging from $699,000 for a 3,703-square-foot lot on Castellammare to $14,995,000 for approximately  six acres off Casale. There has been one lot sold so far this year.

There are currently 75 available leases in the Palisades (a 20% decrease over the first half of 2023), starting at $2,450 per month for a one-bedroom, one-bathroom unit on Sunset Boulevard and asking as high as $98,000 per month for an eight-bedroom, 11-bath house on DePauw.

There were 156 Palisades leases done in the first half of 2024 (a 16% increase from last year’s first half), ranging from a two-bedroom, two-bathroom unit on Sunset Boulevard, which leased for $2,700 per month, to a four-bedroom, seven-bath on Toulon, which leased for $65,000 per month. The current median lease price is approximately $11,415 per month, which is a 14% bump from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics of Pacific Palisades housing prices for the last 38 years.

By MICHAEL EDLEN | Special to the Palisadian Post

Many people have heard of Zestimates, which are readily available from Zillow, and often rely on them to decide how much their home is probably worth or how much to offer on a home for sale. Others have no awareness of what a Zestimate actually is. Fundamentally, a home is worth what a buyer is willing to pay.

What is the Zestimate and how is it created?

The Zestimate is simply a home evaluation by computer technology that takes into consideration many factors that are available in public records. It is one of many similar systems that use sophisticated algorithms in calculating a probable range of value on a particular property. Today Zillow covers more than 100 million homes in the U.S.

The factors used include recent comparable sales in the area, the square footage of the home and property, tax assessments, number of bedrooms and baths, and history of previous sales. The estimates are updated several times per week automatically and are modified by any market trends that are present.

How accurate are the Zestimates?

The accuracy of Zestimates has been questioned by many people ever since Zillow began using the tool in 2006. For example, when their model was used to estimate the home value of their company’s president more than 10 years ago, the eventual sale of the property was about $1 million lower than the Zestimate had predicted. This was due to the fact that it backed up to a major roadway, which the evaluation model could not have taken into consideration.

Over the years, though, Zillow has made significant progress in improving its accuracy.  In some areas it is highly accurate, especially when due to a large number of sales of relatively similar properties. However, if a homeowner has made significant improvements to their property, which might increase the value substantially, Zillow would not likely include that information. Also, Zestimates vary in accuracy based on the area. For example, it has been found to be off by 5% half of the time in some areas.

Within communities such as west of the 405 freeway, the estimates can quite often vary widely. Since Zillow’s system does not know the difference between the Huntington Palisades and the adjacent Alphabet Streets area, for instance, several recent sales in either one of those neighborhoods may skew the numbers in the other one. The reverse is found in areas such as the Palisades Highlands townhomes, where the units are much more homogenous, making it easier to calculate more accurately.

A home in the hills may have a great view, while one below it by a few hundred feet might have none. Their Zestimates might be almost identical, even though one would sell for $1 million more than the other.

What difference do these inaccuracies make though?

The record shown by Zillow indicates that approximately 20% of the Zestimates are off by 20% or more. This variance could be either above or below the actual present value of a property.  Therefore an owner who thinks the value is just what the Zestimate says, may be leaving a lot of money on the table if he accepts an offer anywhere near that level. Or, he may be sorely disappointed if the market does not bear what he is so sure its value is. Likewise, a buyer may think a listing is overpriced, whereas it may be priced right at its market value.

According to Zillow’s data, the median average error rate is greater than 7% for homes that are not for sale. Even for homes that are on the market, the error rate is more than 2%. In an area where the average home may sell for $4 million or more, even a variance of 5% is $200,000.

Can the consumer use online evaluation systems like Zillow effectively?

There are at least six other similar algorithm-based systems that are readily available to people wanting a potentially greater degree of confidence in the estimates done in this manner. Redfin, Realtor.com, Core Logic, Quantarium and Collateral are some examples. Since each method has its own algorithm, someone can look up the estimates of a property on each one, note the ranges of value on each, and then calculate an average of all of them. This way, one might minimize the variation from value that any particular system has.

Are there more accurate ways to estimate the potential value of a property?

An evaluation done in person by a licensed professional appraiser will usually result in a number that is very close to what the home is actually worth at that time. However, few owners or potential buyers would want to invest in the cost of obtaining such an appraisal.

A Comparative Market Analysis by a local real estate expert will be customized to the particular property and based on much more specific information than any online evaluation method can possibly know. It will also take into consideration any factors that could impact the value such as potential view obstruction, limiting easements or deed restrictions, etc. A review of properties currently under contract as well as those on the market would be taken into consideration too, as those might affect the pricing strategy to maximize ultimate sales value.

As an example, our team’s evaluations are accurate 98% of the time within 5%. Of course the ultimate sale price of a home will be affected by the preparations an owner is willing to do before putting their home on the market. These can easily make a difference of 3 to 5% in sale value.

Are Zestimates and similar valuations of no value?

These estimates definitely do give a rough idea of potential value of a property, and thus, are a good starting point for planning and discussions with a professional Realtor.  However, owners and potential buyers would do well to not place heavy reliance on the numbers derived this way.

Michael Edlen has been a leading consultant in real estate for 30-plus years, and is available for a complimentary and confidential conversation upon request at 310-600-7422
or michael@edlenteam.com.

By BRUCE SCHWARTZ | Contributing Writer

Here are some questions: What do you consume 19.2 pounds per year on average? (And that represents a 79% increase in the last 30 years.) What is produced in 25 states? What takes 350 semi-truck loads to provide for daily consumption?

What is grown on 125,000 acres and produces 6.75 billion pounds per year? What is a member of the lily family, and there were 71 native species in America before European settlers like Christopher Columbus arrived? Where did the word “Chicago” come from, and what did it really mean?

If you guessed onions, then you are right.

On the shores of Lake Michigan and all the Great Lakes, leeks and other bulb-type plants grew on the shore, and the Miami and Illinois people called them “Chicago,” and used them to season what they were cooking.

George Washington was a big onion eater. He planted them at his farm at Mt. Vernon. Thomas Jefferson planted onions at his farm at Monticello.

By 1806, there were six varieties of onions in the new world. By the Civil War, there were 14 varieties. Because onions stored well, they became a staple provision for pioneers coming west across America. Even General George Custer, who died at Little Bighorn, was a big onion eater (cepaphiles).

In a documented letter that Elizabeth Bacon Custer wrote, she described her husband as having “onion breath.” Onions have become big business since those days.

The reason I am writing about onions is because of my experience as a grower and nutritional consultant overlooking 1,000s of acres of onions in the Bakersfield area. I have been bringing onions to friends and clients in the Palisades for over 20 years.

I like bringing the spring onions (over wintering) to the Palisades because they are truly sweet. Most people don’t know the difference, but some do.

A spring onion is grown in areas like McAllan, Texas, in the Rio Grande Valley; Vidalia, Georgia; Las Crusas, New Mexico; and El Centro, California (Imperial Valley). These locations are the first to harvest onion in the crop year.

Later in the year the onions from Oregon, Washington and Idaho start harvesting, and those onions will make you cry.

Bruce Schwartz is a 24-year resident of the Palisades Highlands. He was an agricultural consultant for 20 years, specializing in soil nutrition for crops grown in the Central Valley. He was named Pacific Palisades’ Citizen of the Year in 2017 and a Golden Sparkplug award winner in 2013, and is a member of several community organizations. To reach Schwartz, call 310-779-1773 or email bruceschwartz@rodeore.com.