Single-Family Inventory Up

By MICHAEL EDLEN | Special to the Palisadian-Post

As of Aug. 1, there were 76 single-family Palisades residences listed in the Multiple Listing Service, which is 12 percent higher than at the start of August 2017. So far this year, 133 Palisades homes have sold, which is 11 percent lower than last year. There are now 23 homes in escrow in the Palisades, opposed to 38 at this time last year.

The average price per square foot ($1,195) is up by 5 percent over this time last year, and the median sale price ($3.34 million) is up by 5 percent now. Relatively low inventory continues to be the strongest driving forces behind the increased market performance.

The lowest-priced available home is a three-bedroom, three-bath on Sunset at $1.495 million. The highest-priced property is an eight-bedroom, 12-bath on Ravoli, asking $26.75 million.

The lowest sale price so far this year was a three-bedroom, three-bath on Las Pulgas, which sold for $1.4 million. The highest sale so far this year was an exquisite estate on San Remo in The Riviera, which sold in May for nearly $34 million.

There are now 19 condominiums/townhouses on the market. They range from a two-bedroom, two-bath on Marquez offered at $910,000, to a two-bedroom, two-bath on Sunset for $2.75 million. Eight condos are currently in escrow.

There have been 39 condo sales so far this year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $580,000, and the highest was a one-bedroom, two-and-a-half-bath townhome in the Rockwell Building on Sunset, which sold for $1.83 million. The median condo sales price is $1.278 million, which has increased by 13 percent from this time last year.

There are currently four pieces of raw land available, ranging from a 16,000-square-foot lot on Sunset, offered at $1.399 million, to $15 million for a 27,000-square-foot lot. Seven lots have sold this year.

There are now 70 available leases in the Palisades. They range from a two-bedroom, three-bath condo on Sunset asking $3,800 per month to a five-bedroom, six-bath home on Posetano asking $50,000 per month.

There have been 160 leases so far this year. The highest lease so far this year was a six-bedroom, eight-bath on La Cumbre in The Huntington for $57,500 per month and the lowest was $2,500 per month for a one-bedroom, one-bath guesthouse on Via De La Paz. The median was $8,100 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 32 years.