By the end of the summer, tons of homes in Pacific Palisades managed to hit the market with a whopping asking price of more than $1 million, making it one of the most expensive zip codes in Los Angeles, along with Beverly Hills which has two and Santa Monica.
For such an expensive neighborhood, of course a ton of A-listers have moved to the Palisades, big names like Tom Hanks and Rita Wilson; director JJ Abrams, Matt Damon, Diane Keaton, Steven Spielberg and much more.
In the Palisades in August, 101 properties were sold, making an increase of ten percent from August 2011. Many may ask, what gives?
Well, THR explains, “Observers say prices have been on the rise partly because the Palisades is a haven for tear-downs replaced by bigger, more expensive build-outs. The community has an abundance of post-World War II bungalows situated on lots in the 7,000-square-foot range — making them ideal candidates for razing.”
Despite the lack of good restaurants and the far distance from most of the action, many celebs have far more options such as a personal chef and plenty of amenities available to make the Palisades a very ideal location to live.
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