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What to Expect in the 2022 Housing Market in Pacific Palisades, CA

pacific palisades aerial view

Located between Malibu and Santa Monica, Pacific Palisades is one of the most iconic neighborhoods in the Los Angeles area. Known as “Palisades” for short, this affluent enclave is perched on the hills overlooking the Pacific. With sun, sand, and plenty of privacy, it’s the stuff dreams are made of. Here’s an overview of the Pacific Palisades real estate market for 2022.

The Pacific Palisades is still one of the most expensive markets in California

The Pacific Palisades constantly ranks among the priciest housing markets in California with a median sales price of $4,332,000 as of September 2022, up 33.9% year-over-year, according to real estate data from Redfin. The average home in the Palisades spends just 29 days on the market, or 17 fewer days year-over-year. The real estate website considers the neighborhood to be a competitive market with many homes receiving multiple offers. The most desirable properties can sell for 6% over list price.

Buyers are willing to pay a premium for a home in the Palisades, which is less touristy than the neighboring city of Santa Monica. Its location is also a huge drae, with the Pacific Coast Highway offering easy entry to Malibu and providing access to over three miles of coastline. The Palisades is primarily residential with a close-knit community that appeals to many top-tier buyers.

It has more than its fair share of celebrity homes

Like many places in the Westside of Los Angeles, the Palisades counts many high-profile individuals among its residents. Batman actor Ben Affleck listed his Palisades mansion for $30 million following his nuptials to singer Jennifer Lopez this year. The property is a 13,000-square-foot golf course estate with a Traditional-style mansion with a wine cellar, private theater, outdoor pool, and wet bar.

Former boxer Sugar Ray Leonard also listed his Palisades mansion for $46.5 million. Leonard and his wife resided on the 16,700-square-foot estate for nearly two decades before putting it on the market in 2019.

Ultra-luxury homes are here to stay

As with many neighborhoods in the LA area, developers have set their sights on the Palisades and have built ultra-luxury homes on speculation. These homes are mega mansions with over-the-top features to push the limits of design and attract top-tier buyers. The trend of ultra-luxury homes shows the potential for profitability at the high end of the housing market.

One such mansion sold for $83 million, making it the second most expensive home to be sold in California in 2021. The Pacific Palisades mansion has six bedrooms, including a primary suite with a retractable roof and retinal scanner among other high-tech features. It also has a wine cellar, infinity pool, and showroom-style garage with a car turntable.

It’s sought for architecture

Despite the modern trend of ultra-luxury, many homes in the Palisades have history and provenance, having been designed by renowned architects like Richard Neutra, Harry Newman, Charles W. Moore, John Byers, and more.

Architecturally significant homes and landmarks include the Eames House, a Mid-Century Modern home designed by Ray and Charles Eames, and the Parry Residence, designed by Stanley Wyant and George Elmore Gable.

Find your next home in Pacific Palisades, CA

DeSanti & White Group offers honesty, integrity, and accountability in real estate. Call the team at 480.622.3112 or send them a message at nickwhiteaz(at)gmail(dotted)com to find the perfect home in the Palisades. Their agents are top producers with over 43 years of combined experience. They assist clients with luxury real estate, property acquisition, and athlete relocations.

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