Annual report shows single-family home sales spiking in Palisades
By Sam Catanzaro
Interest in large properties with five-bedrooms or more helped drive-up single-family home sales in Pacific Palisades amid the pandemic. So who is buying these properties?
A recent report titled The Red Paper 2020 Press from real estate firm The Agency finds that single family-homes in Pacific Palisades and Brentwood rose 14 percent the past year. In Santa Monica, single-family home prices rose 13 percent.
According to the report, home sales declined at the start of 2020 but this soon changed.
“Pacific Palisades saw a decline in sales early in the year, but by summer, sales of single family homes were on the rise. While typical Pacific Palisades buyers are locating from the East Coast for work, 2020 saw a surge in buyers from across Los Angeles seeking larger, multi-generational, homes with five or six bedrooms, dual offices, homework rooms, gyms, expanded backyards and guest homes,” the report reads. “By fall and winter, buyers from across the country, specifically from New York City, returned to the market seeking solace from winter and room to play, live, work in the comfort of home.”
Looking ahead to the rest of 2021, the report predicts a strong year ahead for both Pacific Palisades and the Westside in both the single-family and condominium markets.
“New build, single-family homes that halted construction during the pandemic and did not sell prior to completion will be delivered, bringing fresh inventory to a market of buyers looking for turnkey, move-in ready homes,” the report states.
Elsewhere on the Westside, the ‘Beach Cities’ – defined as Venice, Playa del Rey, Marina del Rey, Redondo Beach, Manhattan Beach and Hermosa Beach – saw a 9 percent increase in single-family home sales and median prices over 2019 levels.