Friday, September 17, 2010

Pacific Palisades Home Sales Start at $1 million, Median Price $2,075,00 - Top Sales in Palisades Riviera

From the sun-dappled bluffs of the Palisades Riviera, to the nature-shrouded estates of the Palisades Highlands, all the way to the ocean-kissing heights of Castellamare, the Pacific Palisades remains one of the most sought-after swaths of real estate in Los Angeles -- and the nation.

The recession seems very much in recession in this prime area of Westside real estate. Of over 100 home sales in the past 3 months, all but two were over $1,000,000. The median sale price for a home in the Pacific Palisades during this period was $2,075,000 or $677/sq ft.

The top sale of the past three months in the Pacific Palisades was $10,000,000, for an estate that encompasses the iconic Case Study House 9, designed by Charles Eames and Eero Saarinen.  This legendary piece of architecture is now the guest house for a fully loaded estate that includes 6 bedrooms, 6.5 baths, 8,500 sq ft of living area on a 43,500 sq ft lot.  Top design, top location, top price.

Down the road, in the Palisades Riviera, 1272 Corsica Drive, with 5 bedrooms, 7.5 baths, 8,078 sq ft on a 17,292 sq ft lot sold for $6,500,000.  This custom built Cape Cod estate even includes a 23 seat movie theater.

Nearby, in the Riviera Rim, 527 Spoleto Drive, offers ocean and city views, and sold for $5,300,000.  The 1965 house has been fully updated and has 5 bedrooms, 6.5 baths, 5,953 sq ft of living area, and 14,374 sq ft lot.

Still in the Palisades Riviera, 1136 Corsica Drive, 2008 new construction, sold for $5,205,000.  This Mediterranean villa has 6 bedrooms, 6.5 baths, 5,912 sq ft of living area and a 14,000 sq ft lot.

But, alas, the Palisades, embracing the luxury and comfort of Westside living, is not without its inklings of distress.  720 Almar Avenue, was sold in foreclosure for $2,150,000.  The house is remodeled and has 5 bedrooms, 4.5 baths, 3,827 sq ft of living area on a 6,359 sq ft lot.

Short sales in some cases prove to be the best deals on the market, and we think 1356 Piedra Morada Drive was quite a steal at $2,630,000.  The tennis estate, has a pool and includes 5 bedrooms, 5 baths, 5,467 sq ft of living area on a 21,546 sq ft lot.