April-May 2009 sales and listing statistics for Pacific Palisades, California 90272;
Market Opinion From K.C. Soll, SOTHEBY'S INTERNATIONAL REALTY
Market conditions in Pacific Palisades, current listings and April sales stats and summary of 2007/2008 sales:
In April 2009 there were 11 closed sales ranging in price from $1,375,000 to $6Mil. The median sales price was $2.4Mil.
As of May 1, there are 29 pending sales ranging in price from $1,149,000 (asking price) to $9.295Mil. This dramatic upswing in sales since January and February should continue through July, judging by open house activity.
Currently, there are 184 SFR (single family residences) for sale. They range in price from $798,000 for a major fixer-upper (tear-down) probate sale, to $25Mil for a home plus acreage in Las Pulgas Canyon (address and access from Pacific Coast Highway). The median asking price is $2,499,000. The average DOM (days on market) = 100.
The Average Price per SF = $859.43 (currently listed homes) compared to the current Average Price per SF (recently sold) of $742.
2007 closed sales of Single Family Residences = 271 homes ranging in price from $1,075,000 to $11,980,000. The average dollar per Sq. Ft. was $860. The average Sq. Ft. was 2,960.
2008 closed sales of Single Family Residences = 188 homes ranging in price from $830,000 to $16,000,000. The average $ per Sq. Ft. was $841.71. The average Sq. Ft. was 3,377.
The real estate market in Pacific Palisades (and throughout the Westside of LA) is soft. Sellers are motivated and encouraging offers (beating the bushes). Sellers are dealing.
I will gladly provide a list of "must sell" properties.
Please call for details regarding condominium inventory. The price range for condominiums is from about $500,000 for a 2 bedroom *in the Village* to $1.3Mil for a canyon view townhome in the Palisades Highlands.
Best regards,-
K.C. Soll
Sotheby's Intl. Realty
11911 San Vicente Blvd. #200
Los Angeles, 90049
310.454.1525
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