There’s a lot going on out here in the Malibu so here’s a quick run down on the real estate scene.
– It seems as though a bunch of mobile homes hit the market in the last 2 weeks. Prices are dropping too with the added inventory and competition. I think there will be a downward trend in prices on the less desirable units (one without ocean view or close to the highway)
-The condo market has seen a lot of demand with short sales and foreclosures. Numerous condos are selling at HALF of their high’s from three years ago. When one comes up at a great price 4-5 offers will come in.
– The most difficult segment to sell is homes from about $3.6m to $5.6m. Homes in this price range are just sitting. If it’s on Point Dume with a beach key it has a chance.
-The upper end is active. I closed an $11m deal in Dec. and high end agents are busy with showings in the $6m and up range.
-Anything that looks like a McMansion is going to be tough to sell. There are several spec homes out here that will sit until the price makes the sq.ft attractive to someone who likes this style.
– Summer rental market seems slow. If you have a beach home for lease, be grateful if you get a one or two month tenant. The phone just isnt ringing like it used to for 3 month rentals.
-There are several high end homes in the $40m plus range that have had large price cuts….like, $10m price reductions in the first round. See below for two that recently got the price chop.
Email Me to get all properties in Malibu on my Bank Owned/ Foreclosure/ Short Sale list. There are 40 right now within the Malibu real estate market. You can run your own reports anytime on the link above called Foreclosures.
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For seriously straight talk about actually buying or selling a home in Malibu, call me on my cell at 310 699 8428 anytime 7am to 10pm.
Tags: beach house, condos, malibu real estate, mobile homes http://themaliburealestateblog.com/wp-content/themes/michaelgardner-new