Pacific Palisades has long been known for its abundance of multi-million-dollar properties, stunning views, and luxurious homes. All of which are constantly in demand. But what makes this neighborhood one of LA’s most expensive? Why does it draw so much attention from investors around the world?
There are a variety of reasons for that, one of which has to do with its unique geographic location. Located on the Westside of Los Angeles, Palisades has access to both picturesque mountain views as well as beaches. Even though this neighborhood does not attract many tourists, the economy of this region is driven by many big businesses.
Recently, the region has experienced a growth in interest in online poker and other gambling-related activities. Although you do not need to travel to Palisades to share that interest, since there are many online tournaments that can be found at www.ignitioncasino.eu/poker/tournaments. When it comes to gambling, California has strict regulations.
State laws dictate that casino companies cannot base their headquarters within the state boundaries, but it doesn’t mean that residents have no entry to gambling websites. In fact, they can still access offshore websites. The prosperous nature of the region has given the area a further edge in the domain of online gambling.
Unlike other cities in Los Angeles County, Palisades offers more privacy and seclusion. This is another reason you will find many high-profile individuals here, such as CEOs, A-lister celebrities, and business tycoons, who love the feeling of seclusion and a close-knit community.
What makes Palisades so unique compared to other expensive neighborhoods in LA?
Aside from everything we mentioned before, the sales market here is highly active. Pacific Palisades made the cut for the most expensive L.A. County neighborhoods. Additionally, the report stated that the region also turned out to have one of the most productive sales markets, with 393 deals on properties closed in 2022.
Forbes, however, gave a more comparative view of the neighborhood. With the average sales price for a standard Pacific Palisades property being around $3.97 million, the report unravels why Pacific Palisades is highly coveted. Hilton & Hyland’s Bjorn Farrugia revealed, as reported by the outlet, that “There are so many factors that change from neighborhood to neighborhood. Even between Pacific Palisades and Brentwood, which are right next to each other, there are differences. The weather’s even different.”
Moreover, the rental economy in the neighborhood sees a lot of money changing hands. A studio apartment would go for $2,000 a month, while a two-bedroom apartment would go for about $6,000. If you were looking for an ocean-view residence, the rent would jump into the five-figure territory.
The Pacific Palisades lie between Santa Monica and Malibu, in the hills by the sea. With its unique location, it is quite a journey to situating yourself in the coast-side neighborhood. However, with this comes the benefit of experiencing one of the most breathtaking views in Los Angeles. Given the remoteness and low exposure of the Palisades, it radiates a peaceful vibe.
What are other factors making Palisades’ neighborhood so pricey?
Affluence: The high demand for luxury properties in the neighborhood has driven up real estate prices. Recently, Ben Affleck and Jennifer Lopez found themselves a perfect mansion in Pacific Palisades after months of shopping. More celebrity houses you might find in the area belong to the likes of Maroon 5 singer Adam Levine, director Steven Spielberg, actor Tom Hanks, and Billy Crystal.
Schools: Pacific Palisades is home to some of the best schools in the Los Angeles area, including Palisades Charter High School, which has been ranked among the top public high schools in the United States. Families with school-age children are often willing to pay a premium to live in the area.
Amenities: The neighborhood is well-known for its state-of-the-art amenities, which include parks, hiking trails, and other recreational facilities. The Palisades Village, a popular shopping and dining destination, is also located in the area. These amenities contribute to the high quality of life in the region.
Limited supply: There is limited inventory in the neighborhood due to its geography, which limits the amount of available land for development. As a result, prices for existing homes have increased significantly over the years.
The only downside for professionals living in Palisades is. But many see it as a worthy trade-off for everything else the region has to offer. That being said, this is not much of a problem for those who moved into the neighborhood seeking a laid-back lifestyle. The Getty Villa, Eames house, the Self-Realization Fellowship Lake Shrine, and the local beaches still remain the only popular tourist attractions in the area.
