Palisades $30M Relist Tops Inventory Adds in LA County

As construction activity revs up in the Pacific Palisades, so too do signed contracts and new listings.

The neighborhood held the No. 1 spot among Los Angeles County signed contracts and listings, according to the Eklund Weekly Luxury Report Los Angeles.

The priciest home to be added to the county’s for-sale inventory, according to the Eklund report, was 766 Paseo Miramar. That represented a relist as it bounced back into the market with a $30 million price tag, or $1,630 per square foot. The home first flirted with a $54 million ask, or $2,939 per square foot, in June before being relisted in August and again last week.

Local developer Guy Grimberg of GME Development is the owner and developer.

He paid $4.6 million in 2022 for the property and then began construction on the spec home, completing it just before the Palisades fire broke out on Jan. 7.

The Agency’s Santiago Arana and Rodeo Realty’s Jimmy Heckenberg hold the listing.

The seven-bedroom, 12-bathroom home comes in at over 18,000 square feet and sits on about a 1-acre lot.

Grimberg spared no expense when it came to the custom, Milan-imported finishes and amenities. A wellness center boasts a plunge, spa and sauna. The primary suite is larger than many apartments and condos at over 2,500 square feet. There’s also lots of space for entertaining on either the rooftop deck or in the ballroom.

The Palisades home at 1146 Amalfi Drive was last week’s top home to go into contract, according to the Eklund report compiled by Marcy Roth of Douglas Elliman’s Eklund Gomes team.

The 1948-built home is listed for just under $8 million, or $2,092 per square foot. It has four beds and five baths across 3,823 square feet.

Carolwood Estates’ Nick Segal has the listing.

Property records show the seller is a trust tied to a woman named Anne K. Costin.

A total of 15 homes went into contract last week in L.A. County. That was good for $79.7 million in asking volume, which was off about 49 percent from the year-ago period.

Even still, actual closings across single-family homes and condominiums were up year-over-year in the third quarter, according to Multiple Listing Service data compiled by Westside Estate Agency.

For the quarter ended Sept. 30, volume of sold L.A. County homes of $4 million or more totaled $3.9 billion, according to Westside Estate Agency. That’s a jump of nearly 25 percent from a year ago. That volume was across 497 properties, which was also up 21 percent from the number of deals a year earlier.

The median closing price in the quarter ticked up 2.1 percent from a year ago to $5.5 million.