• 753 Chapala Drive – Reduced $5,550,000.

5 Bedrooms / 9 Baths – House: 7,295 sq/ft / Lot: 11,010 sq/ft

Previously reviewed on Jan. 17, 2011

This is currently the best value in the Huntington and should sell immediately.  The replacement cost of this house is far beyond the list price.  To date it has not sold because the floor plan is less than perfect (during my last showing at the house, the owner thought my client was just there to steal his plans?), the yard is small, and the location across from the park is not ideal.  It is, however, an extremely well built 7,300 foot home in the Huntington.  I will be surprised if this is not in escrow by the end of the week.

Pocket Listings / Coming Soon To The Huntington

• View side of Alma Real

Approx. 3800 sq/ft / Lot: 14,113 sq/ft  Call for more information.

• 14930 Alva Drive - Previously Listed at $5,750,000

5 Bedrooms / 6 Baths – House: 7,190 sq/ft / Lot: 12,050 sq/ft

Seller has stained the floors a lighter color and added new landscaping. New price will be $5,500,000.  New agent has indicated to the seller that he expects to have multiple offers.  I believe that is highly unlikely.

• 838 Toyopa Drive – Previously listed at $2,195,000.

5 bedrooms / 3.5 baths – House: 2,557 sq/ft / Lot: 8,050 sq/ft

New listing will be under $2M, which is getting close to land value.  The house has Creosote, which can be a huge impediment to selling a house.  The new listing agent is a family friend of the sellers.  They should have stayed with the old agent.  Imagine taking you biggest asset away from the local expert and handing it over to a friend.  This must be the only asset class where owners act so irrationally?

• 516 Ocampo Drive – Sold $7,800,000

7 bedroom /  9.5 baths – House: 7,500 sq/ft / Lot:  8,800 sq/ft

Sold at over $1,000 a foot on a smaller lot, this is an indication that the market is very strong in the Huntington.

Comparing this year’s activity to last in Pacific Palisades, the number of properties currently under contract and pending are up over 15%. In addition, the numbers of homes on the market are down over 22% which ultimately will lead to an upward pressure in values.

What’s your take on the Pacific Palisades real estate market? Do you have any questions about it? You can download this report and more by visiting the PT Market Stats website. Please let me know in the comments below!

• 15050 Altata Drive - $7,549,000

5 Bedrooms / 5.75 Baths – House: 7,270 sq/ft / Lot: 12,000 sq/ft

Another Ken Ungar development and once again Ken does not stray far from a proven formula.  This traditional style has a large following and, as has been the case in the past, should sell quickly.  The floor plan is great for families, the location is exceptional and the lot is on the larger side for the Huntington.  Based upon the sale of 516 Ocampo it is priced well.

Ken is not a developer known to be reckless with quality.  It is a strong package, but he does not get emotional with the details.  This is a business.

Pocket Listings / Coming Soon To The Huntington

• Call For Address – $12,000,000

Approx. 7700 sq/ft contemporary house. Tennis Court. $12M. Call for more information.

• 14930 Alva Drive - Previously Listed at $5,750,000

5 Bedrooms / 6 Baths – House: 7,190 sq/ft / Lot: 12,050 sq/ft

Seller has stained the floors a lighter color and added new landscaping. New price will be $5,500,000.  New agent has indicated to the seller that he expects to have multiple offers.  I believe that is highly unlikely.

• 838 Toyopa Drive – Previously listed at $2,195,000.

5 bedrooms / 3.5 baths – House: 2,557 sq/ft / Lot: 8,050 sq/ft

New listing will be under $2M, which is getting close to land value.  The house has Creosote, which can be a huge impediment to selling a house.  The new listing agent is a family friend of the sellers.  They should have stayed with the old agent.

• 516 Ocampo Drive – Sold $7,800,000

7 bedroom /  9.5 baths – House: 7,500 sq/ft / Lot:  8,800 sq/ft

Sold at over $1,000 a foot on a smaller lot, this is an indication that the market is very strong in the Huntington.

Active Huntington Properties Currently in the MLS:

857 Toyopa Drive     List Price: $2,395,000

3 bedrooms/ 2 baths     House: 2,216 sq/ft      Lot: 8,624 sq/ft

753 Chapala Drive     List Price: $5,990,000 Reduced: $5,550,000

5 bedrooms/ 9 baths     House: 7,295 sq/ft     Lot: 11,010 sq/ft

15050 Altata Drive     List Price: $7,549,000

5 bedrooms/ 5.75 baths   House:  7,270 sq/ft     Lot: 12,000 sq/ft

231 Alma Real Drive     List Price: $7,775,000

5 bedrooms/ 5.50 baths     House: 5,964 sq/ft     Lot: 36,966 sq/ft

558 Chautauqua Blvd.     Listing Price: $8,595,000

6 bedrooms/ 8 baths     House: 6,616 sq/ft     Lot: 21,954 sq/ft

14927 Altata Drive     List Price: $8,950,000

7 bedrooms/ 6.50 baths     House: 8,249 sq/ft     Lot: 13,700 sq/ft

14880 Corona Del Mar     List Price: $14,900,000

Lot: 81,457 sq/ft

668 Chautauqua Blvd.      Listing Price: Reduced: $14,950,000.00

7 bedrooms/ 17 baths     House: 11,544 sq/ft     Lot: 43,342 sq/ft

Pending/Looking for Backup

738 Toyopa Drive  

574 Chapala Drive

Sold

815 Toyopa Drive

573 Chapala Drive

14975 Corona Del Mar

522 Chapala Drive

The reality is that we live in a very seismically active area where hundreds of fault lines crisscross beneath us. In fact, the U.S. Geological Survey says that in the next 30 years there is a 90% chance of a major earthquake ripping through Southern California.

With this in mind, my wife Lauren and I decided to host an Emergency Preparedness Seminar to help some of our  friends get prepared.  Lauren told me that “preparing for an earthquake is something my girlfriends have always talked about, but actually doing the work to get prepared always seems to fall to the bottom of our list.”. So, on April 19th, Captain Mike Ketaily and his crew from the LAFD Palisades Station 69, taught 30 Palisades Mom’s everything they needed to know from how to create an emergency preparedness kit, creating an evacuation plan and how to use a fire extinguisher.

Mike and his guys where amazing and incredibly informative. It was also fun for all the Mom’s to meet Doak Smith, LAFD’s Firefighter of the Year. All of them helped us understand that by getting prepared and taking the necessary steps now, we can all be safer and more comfortable when disaster strikes. It is paramount for people to remember that after a major quake you can be on your own for up to 7 days without electricity or running water. Science proves that the ” Big One” is coming and it’s our obligation as parents to be prepared and keep our children safe. While it’s hard to find the time, I  suggest  that you try to set aside one hour a week or one weekend to at least do the basics. It’s amazing the peace of mind a few simple steps can provide.

For more information on earthquake readiness visit:  www.ready.gov   AND  http://www.cert-la.com/EmergPrepBooklet.pdf

Currently in Pacific Palisades, the average sold price is up in comparison with last year, and the days on market are down. There is an increase (over 16%) in the number of properties under contract.

What’s your take on the Pacific Palisades real estate market? Do you have any questions about it? You can download this report and more at http://www.ptmarketstats.com. Please let me know in the comments below!

Coming Soon To The Huntington

7,500 foot house on a 14,000 foot lot.  Not yet priced.  Call for more information.

Active Huntington Properties Currently in the MLS:

857 Toyopa Drive     List Price: $2,395,000

3 bedrooms/ 2 baths     House: 2,216 sq/ft      Lot: 8,624 sq/ft

14930 Alva Drive     List Price: $5,750,000

5 bedrooms/ 6 baths     House: 7,190 sq/ft     Lot: 12,050 sq/ft

753 Chapala Drive     List Price: $5,990,000

5 bedrooms/ 9 baths     House: 7,295 sq/ft     Lot: 11,010 sq/ft

231 Alma Real Drive     List Price: $7,775,000

5 bedrooms/ 5.50 baths     House: 5,964 sq/ft     Lot: 36,966 sq/ft

558 Chautauqua Blvd.     Listing Price: $8,595,000

6 bedrooms/ 8 baths     House: 6,616 sq/ft     Lot: 21,954 sq/ft

14927 Altata Drive     List Price: $8,950,000

7 bedrooms/ 6.50 baths     House: 8,249 sq/ft     Lot: 13,700 sq/ft

14880 Corona Del Mar     List Price: $14,900,000

Lot: 81,457 sq/ft

668 Chautauqua Blvd.      Listing Price: $16,500,000

7 bedrooms/ 17 baths     House: 11,544 sq/ft     Lot: 43,342 sq/ft

Pending/Looking for Backup

738 Toyopa Drive  

14975 Corona Del Mar

522 Chapala Drive

574 Chapala Drive

Sold

815 Toyopa Drive

573 Chapala Drive

5 Bedroom / 5.5 Baths – House 5,964 feet – Lot 36,966 Feet

One of the more unique Huntington opportunities in quite awhile.  The strength of this property is not the structure.  It is a dated Mediterranean last remodeled perhaps in the 1980′s.  All of the finishes, hardware, fixtures and probably systems will need to be updated.   Should someone need to wait to remodel, it is quite livable as is, and fresh paint will go a long way.

Most of the 36,966 feet of the lot feels to be flat.  The privacy from the street is exceptional, which is usually not the case in the Huntington.  The view is Protrero Canyon directly behind and ocean to the side.  The money shot is from the master bedroom, which has dramatic ocean views.

The complication with this property is the stability of the hillside.  The subject property and neighbor have been involved in a lawsuit with the City, which was recently won by the two neighbors.  The issue was whether the grading of Protrero Canyon below has adversely affected the stability of the hillside.  It appears the neighbors property has actually slipped.  The City is now responsible to stabilize the hillside below both properties.  I am told the work should be completed in eight months, but have no feeling if this is realistic.

The buyer of this property will need a good geologist and attorney to interpret what I assume is a significant amount of information.   The risk in purchasing the property is that the work is not completed effectively and does not eliminate the chance of any future problems.   It would seem to me that this risk can be measured.

I will update as I learn more.

Coming Soon To The Huntington

7,500 foot house on a 14,000 foot lot.  Not yet priced.  Call for more information.

Active Huntington Properties Currently in the MLS:

857 Toyopa Drive     List Price: $2,395,000

3 bedrooms/ 2 baths     House: 2,216 sq/ft      Lot: 8,624 sq/ft

14930 Alva Drive     List Price: $5,750,000

5 bedrooms/ 6 baths     House: 7,190 sq/ft     Lot: 12,050 sq/ft

753 Chapala Drive     List Price: $5,990,000

5 bedrooms/ 9 baths     House: 7,295 sq/ft     Lot: 11,010 sq/ft

231 Alma Real Drive     List Price: $7,775,000

5 bedrooms/ 5.50 baths     House: 5,964 sq/ft     Lot: 36,966 sq/ft

558 Chautauqua Blvd.     Listing Price: $8,595,000

6 bedrooms/ 8 baths     House: 6,616 sq/ft     Lot: 21,954 sq/ft

14927 Altata Drive     List Price: $8,950,000

7 bedrooms/ 6.50 baths     House: 8,249 sq/ft     Lot: 13,700 sq/ft

14880 Corona Del Mar     List Price: $14,900,000

Lot: 81,457 sq/ft

668 Chautauqua Blvd.      Listing Price: $16,500,000

7 bedrooms/ 17 baths     House: 11,544 sq/ft     Lot: 43,342 sq/ft

Below are the figures I have compiled for both land and home sales in the Huntington Palisades going back to 2007.  These figures will be updated on a semiannual basis and commented on in future blogs.

These numbers only include properties that were listed in the MLS.  Going forward I will comment on off market sales  and may include them in the final analysis.

2011 had two notable off-market transactions that would have raised the average house’s dollars per foot.  One sale for roughly $7 million (I represented buyer and seller) and the other for $10.5 million.  Both sales were around $1,000 per foot, which demonstrates the demand for newer, well-executed traditional homes.

I have defined land sales as a structure that is significantly under-developed with respect to the value of the land and will most likely be torn down in the not-too-distant future.

There have been five sales on Chautauqua (one property twice) since 2007.  I have not included these sales in the averages because the property type has too many dissimilar characteristics.  The parcels on Chautauqua are significantly larger, they have views, and there is noise from the street. Excluding these sales gives us a more accurate representation of the majority of the Huntington.

Most surprising is the total number of listed sales from year to year.  There are about 478 homes in the Huntington which means roughly 3.25% of them are sold each year.  I think this speaks to an exceptional quality of life that residents tend to stay far longer than in other Westside neighborhoods.

As always, would love to hear your feedback regarding these Huntington Palisades analytics. And if you have any questions or would like to know more, feel free to contact me at hugh.evans@thepartnerstrust.com or dropping me a comment in the field below!

738 Toyopa Drive - $2,195,000 – Reduced

3 Bedroom / 3.5 Baths – House is 2,890 feet – Lot is 8,015 feet

Reduced $100,000 from when previously on Caravan.  I think this is a good investment as a very livable entry point to the neighborhood.  At $250 a foot (522 Chapala was $271 for the land and a much smaller house) I should think the structure is worth $200,000.  The discount with respect to the Chapala location is due to the smaller lot, location on the Sunset side of Toyopa and to a lesser extent the close proximity to Corpus Christy.  This should sell.

Coming Soon To The Huntington

7,500 foot house on a 14,000 foot lot.  Not yet priced.  Call for more information.

Active Huntington Properties Currently in the MLS:

738 Toyopa Drive     List Price: $2,195,000

3bedrooms/ 3.50baths     House: 2,890 sq/ft     Lot: 8,015 sq/ft

857 Toyopa Drive     List Price: $2,395,000

3 bedrooms/ 2 baths     House: 2,216 sq/ft      Lot: 8,624 sq/ft

14930 Alva Drive     List Price: $5,750,000

5 bedrooms/ 6 baths     House: 7,190 sq/ft     Lot: 12,050 sq/ft

753 Chapala Drive     List Price: $5,990,000

5 bedrooms/ 9 baths     House: 7,295 sq/ft     Lot: 11,010 sq/ft

558 Chautauqua Blvd.     Listing Price: $8,595,000

6 bedrooms/ 8 baths     House: 6,616 sq/ft     Lot: 21,954 sq/ft

14927 Altata Drive     List Price: $8,950,000

7 bedrooms/ 6.50 baths     House: 8,249 sq/ft     Lot: 13,700 sq/ft

14880 Corona Del Mar     List Price: $14,900,000

Lot: 81,457 sq/ft

668 Chautauqua Blvd.      Listing Price: $16,500,000

7 bedrooms/ 17 baths     House: 11,544 sq/ft     Lot: 43,342 sq/ft