Miami Heat center Chris Bosh has been in a parting mood lately. As the star-studded lineup of his team becomes more and more fractured with trade deals, Bosh will be remaining in Miami, and has decided to pick up stakes from one beautiful resort-town in favor of another. The nine-time NBA All-Star has listed his Pacific Palisades property for a reported $14.5 million.
Bosh purchased the property in December 2012 for $9.4 million, but in working in Miami, Bosh and his family have spent little time actually inhabiting the palatial residence. Last year, he put the home up for rent for $45,000 a month and, at one point, leased the property to former “Community” actor and rapper Donald Glover.
With such a steep rental price, the grandeur of the home is quite apparent. The 10,700-square-foot home sits on a 1.45-acre piece of land in the Pacific Palisades that extends views from nearby Topanga Canyon out to the vast blue of the Pacific Ocean. The gated estate features the very finest of living with a grand dining room, a home theater and a chef’s kitchen among many other amenities.
The exquisite master suite faces out into the limitless beauty of the Pacific Ocean and is just one of six bedrooms and eight bathrooms housed within the elegant mansion. The resort-feel of the surrounding city is felt in the outdoor areas of the property, which are outfitted with a large infinity pool equipped with a swim-up bar, cabanas, an outdoor kitchen, a sunken fireplace and a lounge.
Pacific Palisades Real Estate Market Update
Bosh’s beautiful listed home is certainly in good company as the community of the Pacific Palisades is looking at a robust and exciting real estate market. According to Altos Research, a California-based real estate analytics company, the current median single-family home value in the Palisades is $3,117,269. While this value has been on a downward trend since early March, the subsequent sale of Bosh’s super mansion could help to boost interest in the extreme high-end of the market and might be enough to spur home price appreciation in the coming months.
Despite the falling median price, the Pacific Palisades is seeing a significant amount of demand for homes in the area. Altos’ unique value known as the Market Action Index measures buyer and seller activity based on a neutral value of 30. With an MAI of 44.99, the Pacific Palisades is well above neutral and into seller’s territory. This means that there is plenty of demand, but perhaps a limited inventory is keeping any buying and selling action at bay.
Altos reports that there are currently about 70 properties on the market in the Palisades, which is a relatively low value for the community. If inventory is able to pick up, the increased action may be able to spur some appreciation that local home owners will greatly appreciate in the coming months.
The Pacific Palisades is a beautiful, exclusive community that has a lot to offer the luxury home buyer. If you are interested in Pacific Palisades real estate, please contact our team today.