Jun 14 2008
More rare than the sushi at Nobu…..a Malibu Condo Under $500k
Currently Malibu has 78 condos on the market and roughly half of them have had a price reduction since being listed. Only one has sold in the last 90 days and many agents are claiming the phone just ain’t ringing for condo’s right now. That’s a serious flat spell! The highest price unit on the market is $3.6m for a swanky new pad across the street from Billionaires Beach. Yes, it’s on the land side of PCH at that price, not on the beach. You’ll need another $20m to live on the other side of PCH 50 feet closer towards the sand. The lowest price condo is something many realtors thought they wouldn’t see….a unit under $500k. The complex, which is known as Malibu Gardens, lies between Kanan and Cavalleri on PCH and has a new listing at $499,000 for a 2 bedroom unit. A few weeks ago it was $559,000…a drop of more than 10 percent. It wasn’t long ago that the lowest price condo in this complex was closer to $575,000. With this many condos being on the market sellers are having to fiercely compete with other sellers to get their untis sold. I would venture to say than in the $1.5m and under category prices are down 10-15 percent off last years prices and could be heading to a 20 percent or more price drop.
Condo Search
Click this link to be taken to an MLS search for all condos in Malibu. The user id is x55032 and the password is condo
This unit is listed with Terry Lucoff of Coldwell Banker and you can find the sushi at Nobu
Click below to search like an agent! 
