Palisades Joins L.A.'s 'Million-Dollar Listing' Club
Gary Baum, Daniel Miller
period in September, no single property listed for sale in the tony enclave --
home to J.J. Abrams, Bradley Cooper and Chuck Lorre -- was on the market for
under seven figures.
as the summer was winding down, the Pacific Palisades real estate market
plateaued in a way that area observers say they've never seen. For a stretch of
September, every single-family residence for sale in the seaside community,
home to the likes of Bradley Cooper, Kate Hudson, Hilary Swank and Billy
Crystal, was listed at more than $1 million -- a feat rarely achieved in
Sept. 21, two properties were priced at less than $1 million, though the
remaining 116 houses for sale were above that benchmark price. According to
Realtor.com, only one Santa Monica and two Beverly Hills ZIP codes are
currently members of L.A.'s million-dollar-listing club. That the Palisades --
a once-sleepy hamlet founded in the 1920s as a Methodist Episcopal enclave --
was part of this group says a lot about how things have changed for the area
now favored by Hollywood. Indeed, everyone from showrunners (Chuck Lorre)
to agents (Jeff Berg) to managers (Matt Lichtenberg, Larry Rudolph)
to directors (J.J. Abrams, Ed Zwick, Nancy Meyers -- whose daughter
Annie was recently wed in the property's garden) reside there.
Trust agent Melanie Sommers says she isn't surprised that the area
reached this seven-figure floor. "Inventory is low, there are a lot of
buyers out there, and people are pulling the trigger," she says. Brokers
note the community of about 23,000 -- whose prestige streets just northwest of
Riviera Country Club bear La Dolce Vita names like Napoli, Spoleto, Amalfi and
Capri -- has become increasingly popular because of its proximity to the
Pacific and its secluded, small-town feel, complete with a long-running July
key thing is that it's charming," says 2012 THR Power Lawyer Michael
Gendler, a resident who points to the hilly neighborhood's historic network
of stairs as Exhibit A. "Some are well-known, with people running up and
down them for exercise. But most aren't. They take you all over -- down to the
beach, into town. It's this wrinkle in time."
lives across the street from Goldie Hawn and Kurt Russell. Steven
Spielberg has a 3-acre-plus compound previously home to David O.
Selznick and Cary Grant. A few blocks away, Tom Hanks and Rita
Wilson bought their $26 million, 14,500-square-foot contemporary residence
in 2010 from producer Frank Marshall and Lucasfilm co-chair Kathleen
quaint retail zone known as The Village is the sort of place where you'll see Julia
Louis-Dreyfus with her guard down, grabbing a casual bite or running an
errand like any other middle-aged neighborhood mom. "From a shopping
perspective, we rarely have paparazzi -- unlike on Robertson," says
Elyse Walker, proprietor of an eponymous boutique in The Village. "It's
very much under the radar."
community, a frequent setting for Palisadian Larry David's Curb Your
Enthusiasm, was where silent-film director Thomas Ince set up his
Western backlot "Inceville" in 1911. Two decades later, it became
known as something of a pastoral Weimar on the Pacific, home to expatriate
German intellectuals like Thomas Mann, though Santa Monica resident Bertolt
Brecht complained that it was too "far away from civilization."
Even now, it's a grievance that some in the business -- who can face
two-hour-long rush-hour commutes to Hollywood premieres -- certainly appreciate,
especially when it comes to a gastrosphere best known for the
divorced-dads-with-kids scene at Steve & Lenny's Sports Bar on Wednesday
nights. At least, that is, until noted chef Alain Giraud, previously of
the acclaimed Bastide, opened his Maison Giraud in 2011, followed by the
already-jammed Chez Mimi, which opened in mid-September. "We were the
desert of deprivation when it came to quality eats," says TV producer Tamara
Rawitt. "I mean, how much Gelson's take-out can you survive on?"
prices have been going up in the Palisades, so have sales. According to Trulia,
101 properties sold in August, up 10 percent from a year earlier. In the past
six months, Diane Keaton bought a 7,800-square-foot Cape Cod built in
2009 for $5.6 million, and Matt Damon picked up an 8,890-square-foot
modern manse for $15 million. Nearby are his friends Ben Affleck and Jennifer
Garner, who purchased a Cliff May-designed, 8,800-square-foot ranch house
from Brian Grazer for $17.5 million in 2009. Affleck recently said he
and Damon live closer in the Palisades than they did in Cambridge, Mass.:
"We've got the kids back and forth in the yards."
course, the boldface crowd comes and goes. Judd Apatow headed inland to
Brentwood once he sold a traditional-style house for $2.6 million in 2010, and Dennis
Quaid unloaded a $9.5 million equestrian estate in January. Chinatown
screenwriter Robert Towne has put his English manor-style house on the
market for $13 million. And top entertainment attorney Gary Stiffelman
is selling a Case Study House built in 1950 by Charles Eames and Eero
Saarinen. The property, which now also includes a three-story contemporary
residence, is listed at $15 million.
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.
are concerned with "getting the most out of their lot. It's a strong
phenomenon," says homebuilder David Carlin of White Picket Fence
Inc., who's erecting two spec houses on De Pauw Street. To wit, Carlin's
traditional residences will both be about 5,775 square feet; one is in place of
a 1,100-square-foot house.
only looming danger is landslides. In 1996, two sunbathers on a neighborhood
beach were covered in rocks and dirt -- but not seriously injured -- after a
20-foot-high cliff fell; in 1958, a landslide covered PCH with 30 feet of rubble
and carried cars out to sea. Thus, the opening of the 46-acre Potrero Canyon
Park, which broke ground in 2011, is expected to be a boon for the area when it
is completed in roughly four years. The project, which could cost as much as
$40 million, will stabilize properties impacted by a 2005 slide. It also will
include trails leading to the ocean, giving some houses beach access.
that end, the residences Carlin is building will include backyard steps that
lead into the canyon. "You could go out your door, down your steps and
walk to the ocean -- you can't do that anywhere else in the Palisades."
While his two houses won't be completed for another year, "I've gotten a
call from a guy who wants to get his name in early given the market conditions,"
says Carlin. "Any agent I talk to says, 'Tell me what you've got -- I've
got tons of buyers.' "
the Palisades Was Reagan Country
the rest of the Westside, Pacific Palisades ranks as one of the most liberal
bastions in the country, but back in 1980, it was â€œReagan Countryâ€ -- or at
least thatâ€™s what the T-shirts and buttons sold at local stores proclaimed when
former actor and Palisades resident Ronald Reagan was elected U.S.
president. From 1957 until 1981, Reagan and wife Nancy (who were known for
settling in Bel-Air after he left office) lived in a 5,000-square-foot,
three-bedroom ranch house in the Riviera section with a view of Santa Monica
Bay. When they had it built in 1956, the couple had been married for four
years, and Ronald, then a spokesman for GE, took TV audiences on tours of the
house as host of General Electric Theater. â€œI canâ€™t tell you how many
refrigerators, ovens and fancy lights GE gave us,â€ Nancy later said. â€œThey even
put in a garbage disposal, which was unique for the time.â€ According to the
Palisadian-Post, the Reagans sold it for $1.9 million when they went to
Washington -- there are photos of a tearful Patti Davis and her parents
saying goodbye to the place. The current owners didnâ€™t answer the door when a
THR reporter went by, but a sign on the gate read: â€œBeware of Cat.â€ -- Degen