Pacific Palisades Update

[glenn walker]

A year for planning and permits??...that's crazy. We built a new house in '21-'22. Contract on builder's
lot in March '21, finalized plans and structural options shortly after and they broke ground a month later in April. That included the builder having to re-submit all new plans for structural changes. I think they got the plans approved the same week they were turned in. There were over 2700 new SF houses built in this county in 2021.
I don't see how it takes that long on existing lots. Hopefully they speed that process up.

A year is a special fast track ...we built our last home in LA County in 2017 and
3 years from start to finish. Most small builders have left the county.

 

[Joe Flacco]

View attachment 97918

This is what we have so far in this area of Pacific Palisades.

That blue area around W Pampas Ricas Blvd is $1 million better than the other two for a typical 8,000 SF lot.

Everything west of Temescal Canyon Road is less than $1.6M so far.

Looks like there are two more new contracts in the blue area. $4 million and $4.93 million LP for 8,000 SF lots.

 

[Joe Flacco]

In the blue area, the sellers are pricing 7,000 SF lots fronting W Sunset Blvd for $2.5M.

So if they sell for that, then the adjustment to a property in the blue box fronting the busy street would be in the $1.5m - $2m range compared to a property in the blue box not fronting a busy street.

But if comparing the property in the blue box fronting W Sunset Blvd with a property in the gray or red box, the adjustment would be less significant.