Really incredible breaking news! The Malibu Real Estate market is busting loose!
Man! Where do I begin? Picture the Colossas at Six Flags. You know the first big drop? We’ve been there. The big dip in the middle. We’ve been there, too. The part where you start heading back up really fast? That’s where we’re at, baby. Heading up and looking towards clear blue skies. There might be a bump or two on the way back up but I think we are flying past the big dip!
It’s like people just got fed up with waiting around and decided to move on, regardless of their fears. We’ve been bombarded with some much bad news about everything over the last few years I think people have just had enough and are realizing that it’s just time to spend some money and grab some deals.
Here’s what going on. All the data is showing sign of a real upturn:
- NAR is claiming we may see the strongest home sales year in the last 5 years. February pending sales up 9.2% from year ago.
- 15 Malibu beach houses are pending and 45 deals on the land side are pending. 45! That’s a huge number!
- 11 condos in one complex sold or pending in the last 7 months.
Ok enough boring stuff. Let me dish you up a hot plate of tasty good news directly from the trenches.
I asked a few local managers to give me the low down on what they are seeing in their offices. So get out your napkin, grab a spoon, and gobble this up.
“Properly priced Malibu property sales are driving the market. A lot of activity in all ranges. On the beach, where it had been quiet, also very active from $5mm to $10mm. Much of that inventory went into escrow the past 30 days”
-Michael Novotny Prudential Malibu Realty
“The good news is we are having a $100+ million dollar month, it appears that approximately 20-25% of the Malibu inventory is either Back up or Pending.”
– Jay Rubenstein Coldwell Banker Malibu
“The last 60 days have seen more activity than I have seen in the last 5 years. It seems as though the “Bell has rung” for the bottom of the market. These are not low end sales but $5,000,000 to $25,000,000 and several of them. I hope it continues.”
-Jeff Chertow Pritchett- Rapf Malibu
“6.5 mil listing in BH was in the MLS for one week, received 7 offers, and closed all-cash in 3 business days…over asking. Significant lack of good inventory. “
-Tom Dunlap Prudential Beverly Hills
So there’s the straight talk. Ready to stop worrying and step to the plate? Call me at 310 699 8428 to discuss anything about Malibu real estate.Tags: beach house, malibu real estate