Pacific Palisades Market Update- June 2011

Special to the Palisadian Post

As of May 31^st, there were 126 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is nine percent lower than this time last year. So far this year 91 Palisades homes have sold (which is four percent lower than this time last year), and there are now 48 homes in escrow in the Palisades.

Median sale prices are currently $1,715,000, which is off 10% from the same period last year. The average sale price per square foot has dropped by seven percent as compared with the same period in 2010, and is now at $644 per square foot.

The lowest-priced available home is a 2-bedroom, 2-bath on Swarthmore at $859,000. The highest-priced property is on Evans Road. This 7-bedroom, 7-bath house is listed at $23,500,000.

The lowest sale price so far this year was a 2-bedroom, 2-bath on Livorno, which sold for $825,000, which was over the asking price of $750,000. The highest sale so far this year was a 3-bedroom, 5-bath on Alta Mura in the Riviera, which sold for $6,350,000.

There are 39 Palisades condominiums/townhouses on the market. They range from 1-bedroom, 1-bath in the Edgewater Towers on Sunset Blvd. offered at $374,900, to a 3-bedroom, 2.5-bath townhome on Haverford for $1,795,000. Seven condos are currently in escrow. There have been 16 condo sales so far this year, ranging from $410,000 for a 2-bedroom, 2-bath on Tramonto Drive, to $1,300,000 for a 3-bedroom, 3.5-bath on Palisades Drive. The median condo sales price is $700,000, which is up five percent over the same period last year.

There are currently 24 pieces of raw land available, ranging from a steep slope with 17,000 sq. ft. on PCH, being offered at $90,000 to $19,900,000 for over an acre of sloped land on Corona Del Mar in the Huntington.

There are currently 56 leases in the Palisades. They range from a 1-bedroom, 1-bath apartment on Sunset asking $2,000 per month, to a 7-bedroom, 9-bath home on Rivas Canyon asking $70,000 per month. So far this year, 99 Palisades homes have been leased. The highest lease was a 4-bedroom, 4-bath on Alta Mura for $16,500 per month, and the lowest was $2,595 per month for a 2-bedroom, 2-bath on Sunset.