In many of the fancier neighborhoods throughout Los Angeles, median housing prices have been rising and reaching new highs. But in the last three months of 2015, there was one neighborhood that did a much more brisk luxury real estate business than the rest: Pacific Palisades. The most recent LA market update from Sotheby's International Realty shows the coastal 'hood saw a 133-percent increase in sales of houses over $3 million compared to those in the same quarter of 2014. The final quarter of 2015 saw 28 residences over $3 million sold in the neighborhood—a robust rise from the 12 sold in the last three months of 2014.
Explaining Pac Pal's rise to greatness, the executive vice president/chief operating officer of Sotheby's International Realty said in a release that the hotness might have something to with the ongoing plans of The Grove developer Rick Caruso to remake Palisades Village (the neighborhood's quaint retail district), as well as more attention from investors to the area. Pacific Palisades also did a brisk business over the summer, when it had the most total luxury sales in the LA area for the period.
Pacific Palisades might have seen the most sales, but in terms of priciest houses, they're not even on the list. Malibu Beach took that honor, with fancy estates sold in the final quarter of 2015 averaging $9,842,857. Malibu Beach even beat out Bel Air and Holmby Hills, where the average was $8,649,818.
· Greater Los Angeles Market Update [Sotheby's]
· Median Housing Price Hits Record High in Upper-Class Parts of Los Angeles [Curbed LA]