Over the past eight months I have been closely monitoring the lack of sales activity in the Palisades Riviera. I am happy to report that over the past two months activity has finally picked up with 5 homes currently in escrow and 1 recorded sale. Quick review:
609 Amalfi: In Escrow as of 6/28/09 at a list price of 7.6. Originally listed at 9.5 and had been on the market for 250 days. Description: 8,065 sq. ft./18,325 Lot/6 bed/7 bath/Built in 2000.
1117 Napoli: In Escrow since 6/26/09 at a list price of 2.895. Originally listed at 3.7 and had been on the market for 136 days. Description: Tear-down or re-build. 3,945 sq. ft/13,119
965 Napoli: In Escrow since 6/22/09 at original list price of 6.495. Was on the market for 94 days. Description: 5,716 sq. ft./13,200 Lot/5 bed/5.5 bath/*New Construction (2009). Built simultaneously with 981 Napoli (see below) by developer.
1511 Amalfi: In Escrow since 5/6/09 at original list price of 2.995. Only on market for 26 days. Description: 3,300 sq. ft./21,175 Lot/4 bed/3.5 bath/*remodel candidate
972 Corsica: In Escrow since 5/21/09 at original list price of 2.995. Only on market for 15 days. Description: 12,998 Lot/4 bed/3.5 bath *remodel candidate
981 Napoli: SOLD for 6.744 on 5/22/09. Originally listed for 8.60 and on the market for 180 days. Description: 6,725 sq. ft./12,913 Lot/5 bed/6.5 bath/*New Construction (2008)
The Riviera has dropped about 20% in price over the past year and list prices are finally starting to reflect that correction which is leading to quicker sales.
Please contact me if you would like any additional information.