As of early August, $12.5 million emerged as the sweet spot for record sales on Southern California’s tony Palos Verdes Peninsula. Two properties—a 6,000-square-foot estate in Palos Verdes Estates and a 10-acre hilltop residence in Rolling Hills Estates—sold for the top price in the last six months.
It’s hard to know whether the record will stand for the rest of 2023. Last year, the most expensive home on the Palos Verdes Peninsula sold for $17.1 million while in 2021, the record sale was $16.6 million, property records show.
The most recent sale, a contemporary home at 952 Paseo La Cresta in Palos Verdes Estates, was completed in July. “It was very fast,” says selling agent Suzanne Dyer of Strand Hill Properties. “The buyer was in Dubai on a business trip, and he saw it come up online and fell in love with it. He flew back … and bought it.”
The two-story residence with five bedrooms and six bathrooms sits on a bluff above the coast with no homes between the property and the ocean. The design—glass walls on all ocean-facing rooms—takes full advantage of the location. Inside, the open floor plan with cathedral ceilings allows abundant natural light and views.
A ground-up remodel by Pritzkat & Johnson Architects of Redondo Beach was completed in 2023, adding amenities, such as a pickleball court and an infinity pool with unobstructed ocean views. “It feels like a whole new home,” Dyer says.
The home’s setting feels serene and private, starting with tranquil water features in the front courtyard to the back of the house with a large lawn. The primary bedroom has a private outdoor area and Jacuzzi. The home also has a three-car garage, wine cellar and outdoor dining and lounging spaces for entertaining.
Palos Verdes Estates is located along the coastline of the South Bay. Recreational destinations in the small city include Palos Verdes Bluff Cove Beach and Lunada Bay (for surfing and beach activities), the 18-hole Palos Verdes Golf Club—designed in 1923—and the Palos Verdes Tennis Club.
In March, the sale of a hilltop home on Georgeff Road in Rolling Hills Estates set the current 2023 record price of $12.5 million. The house is set atop lush canyons with coastal views and horseback riding and hiking trails nearby. It sold in one day.
Suzanne Dyer was the listing agent for both sales.
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