In many of the high end 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 shows the coastal area 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.
Pacific Palidades’ strong sales 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.
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