Aug 18 2009
Are We at the Bottom of the Malibu Real Estate Market?
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.
I would love to hear your comments about this.
I sure hope you are right about the later half of 09 being the bottom of the market in Malibu. Across Los Angeles we have sen a tough market onthe residential side and the commercial side is just as damaged. A lot of talk is going around saying that the recovery has begun and to that I say Amen!
The market should recover a bit because of government’s extension of the $8000 credits for the first time home buyers.