If you have not already read or heard, some of the priciest rentals in the Westside are right here in our Palisades Village backyard: In addition to the spectacular Palisades Village retail development, there are now being offered, 8-luxury long term (1-year to 18 months) rental apartments along Sunset and Swarthmore. At this writing, two of the six are already rented. Each unit is exquisitely finished and appointed; private/secure terraces and balconies; the services and amenities of a five-star hotel; and a “100 walking score” to the Palisades Village and… ah… the Palisades Village…. New and original. Floor plans range from one to three bedroom (2 plus, den).
One of my colleagues, a well published, local realtor, was quick to publish in the Palisadian Post recently, “I would be very pleasantly surprised if our local market could support a Sunset-facing apartment at more than $30,000 per month, even if it is three bedrooms and baths, unless other services besides direct access from parking below are included.”
Clearly, the self-service side of this realtor’s quote is only eclipsed by the backward perspective and backhand praise of the evolution of the Palisades, the quality the Palisades Village adds to our community, and our Palisades global market position in a Westside and Los Angeles home market story that still delivers market value pricing:
Comparative Luxury Westside Rentals: Based on published entry level rates
Average price per sf
Palisades Village $11.83 per sf/per month
10000 Santa Monica Blvd. New development, Century City $10.69 per sf/per month
301 Ocean Ave, New Development, Santa Monica $10.69 per sf/ per month
1221 Ocean Ave. Santa Monica, Older residence $9.61 per sf/ per month
Consider: Malibu Beach Inn (per night, January rate) $1,049 per night.
(If the rate were $30K/mo., at 1000sf: $30 per sf/per month)
The Rental Principal; Offering price is to vacancy rate, as failure is to success. We will revisit this elite luxury rental conundrum in a year when the Residences at Palisades Village are 100% rented (a professional prediction from your friendly Palisades Luxury Rental Realtor)