Palisades Monthly Update

By MICHAEL EDLEN | Special to the Palisadian-Post

As of November 30, there were 99 single-family Palisades residences listed in the Multiple Listing Service, which is 11% higher than this time last year. So far this year, 188 Palisades homes have sold, which is a 9% decrease over last year at this time. There are now 27 homes in escrow in the Palisades, up 17% from November 2018.

The average sale price per square foot has decreased by 2% as compared with the same period in 2018 and is now at $1,162 per square foot. Median sale prices are currently $3.1 million, compared to $3.36 million a year ago—a decrease of 8%.

The lowest-priced available home is a four-bedroom, four-bath on a bank-owned property on Muskingum being offered at $1,674,900. The highest-priced property is a three-bedroom house on 30 acres off Pacific Coast Highway asking $25 million.

The lowest sale price so far this year was a two-bedroom, two-bath on Sunset, which sold for $1,595,000. The highest sale so far this year was an eight-bedroom, 12-bath on Ravoli, which sold for $21 million.

There are 25 condominiums/townhouses on the market, six of which are not yet completed condos on Tramonto. Seven condos are currently in escrow, two of which are not yet completed condos on Tramonto.

There have been 67 condo sales so far this year, ranging from $615,000 for a one-bedroom, two-bath condo on Tramonto to $5,465,000 for a two-bedroom, three-bath unit on Ocean Avenue. The median condo sale price is currently $1,175,000, which is down 3% from this time last year.

There are currently five pieces of raw land available, ranging from a 4,270-square-foot lot on Posetano, being offered at $325,000, to a two-acre lot on El Bosque Court in The Highlands being offered at $3.15 million. There have been three land sales so far this year.

There are currently 67 available leases in the Palisades. They range from a two-bedroom, two-bath on Sunset asking $4,200 per month to a seven-bedroom, 10-bath home on Amalfi Drive asking $85,000 per month.

There have been 238 leases so far this year, down 9% from last year. The highest lease so far this year was a six-bedroom, eight-bath on La Cumbre Drive for $100,000 per month and the lowest was $1,800 per month for a studio on Glenhaven. The median lease price is currently $8,850 per month, which is up 7% from this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 33 years.