Pacific Palisades Gets New Record with $26M Trade

A new No. 1 has emerged in Pacific Palisades, with a $25.8 million trade besting last week’s previous high-water mark for the Los Angeles neighborhood’s residential market so far this year, according to the Multiple Listing Service.

The off-market sale of 1124 Napoli Drive pencils out to $2,437 per square foot and was recorded in the MLS for purposes of market comparisons.

The Beverly Hills Estates’ Lea Porter and Carolwood Estates’ Zac Mostame represented both the buyer and seller in the deal.

Records obtained through PropertyShark show the seller was a trust tied to Christopher Damico. The buyer was not immediately known. A record of the sale has not yet been filed with the Los Angeles County recorder’s office.

Carolwood and the Beverly Hills Estates declined to comment on the deal.

The home is over 10,500 square feet, with five beds and six baths, according to the MLS entry. Built in a traditional style, it offers views of the ocean and Riviera Country Club golf course.

The Napoli Drive deal comes on the heels of the $22.1 million sale of the Parry Residence at 14924 Camarosa Drive, which closed last week as the Palisades’ priciest deal of the year.

The Monterey Revival, the second home to be built in the Huntington neighborhood in 1929, was sold in conjunction with 14929 La Cumbre Drive for $5.3 million.

Carolwood was also on that deal with Peter Zimble, Shaun Alan-Lee and Nick Segal the listing agents. Berkshire Hathaway HomeServices California Properties’ Larry Young was on the buy side.

Alan-Lee, in discussing the Parry Residence deal last week, noted brisk activity for the Palisades more recently.

“Over the past couple of months, we’ve seen an uptick in buyer activity, especially sub-$10 million,” he said. “So from lots to actual properties that are still standing, we’ve seen them trade.”

The more recent pick up is likely to appear in recaps for the third quarter, with the three months through June still showing signs of headwinds.

The average sales price of a single-family home in the Palisades fell 23 percent year-over-year in the second quarter to $4.2 million, according to a quarterly report prepared by Miller Samuel Real Estate Appraisers & Consultants for Douglas Elliman. On a price-per-square-foot basis, single-family homes traded for $1,311 in the second quarter, slipping 10.5 percent from a year ago.