There’s a great ocean view house for sale on Calpine in Malibu Park. Malibu Park is known for it’s family friendly environment and having k-12 schools located about 1 mile from any house in the neighborhood. Real estate prices in this area range form $1.7m and up. This particular house may be a good buy because of the following reasons…
It was purchased for $1,895,000 in 2007
The owners spent upwards of $350,000 remodeling the property
They spent an estimated $35,000 on preliminary research and plans for an additional 800 sq.ft. to be added on and a pool. Final plans need to be selected then submitted to the city.
The new addition would feature a master bedroom that faces the water and deck that raps around the entire back of the house
and http://pa.photoshelter.com/c/photostokedThe Fifth Annual Malibu Community Surf Classic will be held Sat. 29, 2009 at Zuma Beach Tower 7. We just got back from Becker surfboards with a truck load of gear including new surfboards, skateboards, wetsuits, stomp pads, back packs, and other awesome raffle prizes. We will be giving away two surfboards worth close to $2000. One is an Aviso carbon fiber, the most advanced, high tech board on the market today. We will also be picking up gear from Freedom Artists, Drill, Oquinn, and West Coast Riders. Don’t miss the raffle, it will be like Christmas Morning part 2. Also on board is Zinka, so don’t miss the face painting contest. Tiger Lily Jewelry is also throwing some bling our way for the ladies. Crumbs Bakery also is donating to this event with dozens of freshly baked cupcakes just for the contest. So, don’t miss the event – see you at Zuma!!
Read the story below. Further evidence that we may be at the bottom and buyers are buying up bargains. More evidence that backs up my feelings as reported yesterday. I think you’ll soon see this hit the condo market and the mobile home market in Malibu. Those two markets are flooded with inventory and bargains are starting to show. A few years ago I would get calls asking if there are any condos under $500k and I’d always say no. Now there are several….nice ones too, with ocean views to boot!
I going out on a limb here an claiming that the later half of 09 will be the “bottom of the market” for Malibu real estate.
Why?
Condos have been slashed. The unit for $499k on the third row of the Malibu Vilas is a significant chop and a great value.
I’ve seen a few Malibu beach houses sell at close to half of their original asking price.
There are real investors out there that know it’s the right time to buy and they are coming out of the woodworks with cash. Trust me on this, I get 3 calls a week from all cash buyers looking for “deals”
I’m getting word from agents in the valley that there are multiple offers hitting homes that are priced right and I think the C.A.R. numbers will be very positive.
One of our Santa Barbara agents reported a significant upswing in transactions on the lower end in SB ( $500k-$1m)
There’s an overall feel from buyers that we are coming out of the recession and that it’s time to look for a home.
With positive stock market news, talk of coming out of recession, buyers looking for deals, I’d say now is the time to seriously consider that purchase you’ve been putting off.
A condo has surfaced in the Malibu Villas for $499,000 on the third row. That’s a crazy price and worth having a look at if you are sending some kids to Pepperdine for a few years. I don’t think anyone on the upper rows of Malibu Villas ever thougt they’d see a condo ASK under $500,000. If you’d like to search the Malibu Condo Market click this link.
The Malibu Christian Surfing Association will be holding it’s 5th annual Community Surf Classic at Zuma Beach on Aug. 29th. $20 entry fee gets you a t-shirt, Lily’s burrito lunch, and a raffle ticket for a chance to win over $5000 worth of gear including an Aviso carbon fiber surfboard. The first entry form received gets a brand new O’neil fullsuit and if you reading this on Thursday morning you have a great chance! http://www.mcsacontest.com/
Condos have come down in price and there are so many units on the market that your bound to find a seller who will let one go at a great price. If you are a Pepperdine Parent and have a student heading to school for four years, now would be a good time to consider picking up a unit.
There are few great deals out there on beach houses that have been on the market to long and can be purchased at 30 to 50% off the original asking price. Long term, there are few real estate investments as good as a Malibu beach house, especially if you plan on renting out when you aren’t using it.
There are multiple large estates that were in the $5-$6m range that are now selling in the high $3m to low $4m range. Click here to search for listings.
A very unique Malibu home has sold and well below it’s original asking price. The one of a kind home located at the end of Zumirez on Point Dume came on the market at $27,500,000 back in December. It was reduced to $23,000,000 and it closed a few days ago for $16,500,000! That’s a serious chop of $11,000,000! The house may have been listed high in hopes that Ms. Streisand, who owns multiple lots next to the property, would make a run for it but it appears she has passed on it. The home sits on a rare bluff parcel but was considered by many to be a “scraper” and in pretty rough shape.
The home was co listed with Chris Cortazzo of Coldwell Banker
I’ve been busy working on a new Malibu real estate blog that will make searching easier. There will be more of a focus on showcasing properties rather than articles. I could use some feedback on the site so have a look and tell me what you think. www.maliburealestateandhomesforsale.com
For Questions about Malibu real estate, leases, vacation rentals, and where to eat, call Michael Gardner
Prudential Malibu Realty
Cell
1 310 699 8428
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