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The Malibu Real Estate Blog
Giving you the low down on the high end.

The Malibu Colony Is Hot Right Now

The Malibu Colony Is Hot Right Now    

January 18 2014 · by

Demand for beach houses in the Malibu Colony ebbs and flows just like the tides. There are periods when there seems to be little demand because other beaches are “hot” or  the nightly news shows clips of storm waves battering the houses during an El Nino. Following any period of bad news,  the lower priced beach homes get scooped up, torn... 

The Malibu Colony Is Hot Right Now

Demand for beach houses in the Malibu Colony ebbs and flows just like the tides. There are periods when there seems to be little demand because other beaches are “hot” or  the nightly news shows clips of storm waves battering the houses during an El Nino. Following any period of bad news,  the lower priced beach homes get scooped up, torn down, and rebuilt into Architectural Digest worthy show places. With what I’m seeing now, we seem to be heading into the latter period right now.

In early 2013, the first major sale occurred with house #119 selling for $17,000,000. It was a spec house that originally came on the market at $23,000,000 and was new from the ground up with almost 6000 sq.ft.

At the end of 2013, 23726 Malibu Colony Road sold for $17,350,000. This was just outside the gates of the Colony and was on a lot that was considerably larger than most anything inside the gates. This was owned by a well known actor who appears in movies of “Titanic” proportions. It had three distinct structures making it ideal for soirees where guests may need to chill by the sea after a marathon party.

Malibu Colony

Now, I’m hearing that the Malibu Colony #42 house went into escrow with an asking price of $18,900,000.

At one point last year there were 9 beach homes for sale in the Malibu Colony and nothing pending. According to the MLS today, there are only 5 active listings in the Colony and I’m hearing that the gate guards are busy letting agents in for appointments almost every day.

There are currently two homes for sale worth considering depending on your taste and budget.

If you want a brand new, amazing home, then Malibu Colony beach house #45 might be for you and is my pick for the best buy on any Malibu beach. It has active plans & permits for a spectacular Douglas Burdge Cape Cod style beach home. This one is ready to close escrow and start building right away. You could keep the charming original beach cottage, but the real value is in the permit that is ready for a major property that should quickly be in the $17m-$20m range. The current list price is $13,250,000. If you manage to get a discount on that price, plan on putting $5m plus into the new home and you are into it for less than $18m. Having an active permit to build saves you about two years of headaches dealing with the city.

Malibu beach house for sale

Now, if you don’t want brand new and like to “collect” iconic architecture,  you could go retro with the most unique and famous beach house of all time…..The John Lautner currently being offered at $22m. I wrote about this offering here with pics previously…..John Lautner Malibu Colony House For Sale.

Call with any questions about Malibu real estate or the beach houses for sale in the Malibu Colony 310 699 8428



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Malibu Real Estate Market Report Jan. 2014

Malibu Real Estate Market Report Jan. 2014    

January 13 2014 · by

Here are the current stats regarding the Malibu real estate market for Jan.13, 2014. Please Email Me if you would like a detailed 10 page Market Report sent to you for either homes or condos in Malibu. 90-day stats for Single Family properties inMALIBU, CA 90265 as of April 11, 2014Median List Price:$4,719,154Average List Price:$7,117,733Total Inventory:184Price... 

Malibu Real Estate Market Report Jan. 2014

Here are the current stats regarding the Malibu real estate market for Jan.13, 2014.

Please Email Me if you would like a detailed 10 page Market Report sent to you for either homes or condos in Malibu.

90-day stats for Single Family properties in
MALIBU, CA 90265 as of April 11, 2014
Median List Price:$4,719,154Average List Price:$7,117,733
Total Inventory:184Price per Square Foot:$1,148
Average Home Size:3,827Median Lot Size:11,078
Average # Beds:4.11Average # Baths:4.12
Homes Absorbed:12Newly Listed:13
Days on Market:192Average Age:35




Point Dume Home Closes After Bidding Frenzy

Point Dume Home Closes After Bidding Frenzy    

January 6 2014 · by

Story time… About 2 months ago I got a call from a buyer looking for Point Dume homes for sale. They were looking up to $3m and I told them that I could likely find something before it hit the MLS and to be ready when I call. I then proceeded to “put the feelers” out and got a good lead on a home on Fernhill. I made a direct call to... 

Point Dume Home Closes After Bidding Frenzy

Story time…

About 2 months ago I got a call from a buyer looking for Point Dume homes for sale. They were looking up to $3m and I told them that I could likely find something before it hit the MLS and to be ready when I call. I then proceeded to “put the feelers” out and got a good lead on a home on Fernhill. I made a direct call to the owner and I’d like to think that they hit a rough reception spot on PCH when I heard the hang up “click”. That was just a temporary dead end.

About two weeks later that same house came to my attention when I found out who got the listing after asking around my network of those “in the know”. I called and immediately was able to get my clients in a full 5 days before it hit the MLS. The house was listed at $3,349,000 and they wanted to write an offer. The problem was that there was also about 5 other showings before it even made it in to the MLS….word was out and the place was buzzing!

My clients ended coming to the conclusion that they were not going to buying this Point Dume home for sale under $3m and decided to wait. If they didn’t get any offers in the first  few weeks, then they would try. The amount of viewings made it likely that the owners would see an offer almost right away.

Now at the $3,349,000 there was talk about the home being overpriced but then why were people out in droves trying to get in to this house? Simple….Point Dume has such high demand that anything within a reasonable price range is going to have a ton of demand. Especially if it has a great lot or total privacy.

The house recently closed it went almost $150,000 above asking!

LOCATION: Point Dume on Fernhill between Greyfox and Boniface
PRICE: Asking $3,349,000 and sold at $3,500,000
SIZE: 3,308 square feet, 5 bedrooms, 3.5 bathrooms

 

From the MLS”Modern style beach home in highly sought after & prestigious Point Dume with deeded beach rights. This 5 Br + 3 1/2 ba home boasts an open floor plan & tons of natural light with floor-to-ceiling windows & glass doors throughout. Perfect for entertaining, this home features a gourmet kitchen with professional appliances & center island, a formal dining area, large living room with wood burning fireplace, and multiple expansive patios. The one of a kind master suite, boasts it’s own private patio, huge walk-in closets, and a designer master bathroom with indoor/outdoor shower & stylish free-standing tub. Incredibly private, gated & secure property on close to an acre of land. Lushly landscaped, park-like grounds with fruit trees, vegetable gardens, flat grassy areas, a bonus pre-fab office structure, and room for a pool. Includes Riviera III Beach rights & just down the street from award winning Point Dume Marine Science School & Cameron Park. This is modern beach living at it’s best.”

 

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Getting A Loan On A Malibu Mobile Home

Getting A Loan On A Malibu Mobile Home    

January 5 2014 · by

I had the pleasure of helping a great client find an amazing Malibu mobile home for sale in Paradise Cove this last summer. She needed financing and there was only one person I could recommend. That person was Clay Dickens from Community West Bank. Here is a quick interview I did with Clay with everything you need to know about getting a loan for a... 

Getting A Loan On A Malibu Mobile Home

I had the pleasure of helping a great client find an amazing Malibu mobile home for sale in Paradise Cove this last summer. She needed financing and there was only one person I could recommend. That person was Clay Dickens from Community West Bank.

Here is a quick interview I did with Clay with everything you need to know about getting a loan for a mobile home in Malibu.

Q: How many mobile home loans have you done for Malibu buyers? 
A: I have been lending on Malibu mobile homes  (Point Dume Club and Paradise Cove) for 17 years. I have probably financed about  30% if the mobile homes in both parks. But we also lend up and down the coast in hundreds of mobile home parks.
Q: Is the process any different than a loan for a home?
A: The lending process is very similar to traditional housing. Taxes, credit, assets, debt ratios are all part of the equation. Besides those items, the buyer just needs to get approved by the park management. We also require termite and a general home inspection. Financing a mobile home is similar to a single family residence, you also can deduct the interest on taxes. (check with accountant!)
Q: Where are the rates right now and what is the typical down payment?
A: A typical down payment for a mobile home is 20%. We have rates as low as 4.5% and terms as long as 30 years.
Q: Is there a maximum loan amount?   A: The maximum loan amount we offer is to $400K but we can get $500K with exception and board approval.
Q:How long should a buyer of a mobile home have for a contingency?
A: 30 days to 45 days should be enough time. It really depends on how prepared the buyer is.

 



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Holiday Cheer…Malibu Colony Beach House Sells After $4m Price Chop.

Holiday Cheer…Malibu Colony Beach House Sells After $4...    

December 27 2013 · by

An A-list celebrity actor has an extra reason to celebrate the holidays this year….his Malibu Colony beach house just sold for $17,350,000 on Dec 26. 2013. 23736 Malibu Colony Road came on the market back in 2012 for $23m and got a major price drop 7 months later to $18,900,000. The three house compound, originally built in 1927, consist of a... 

Holiday Cheer…Malibu Colony Beach House Sells After $4m Price Chop.

An A-list celebrity actor has an extra reason to celebrate the holidays this year….his Malibu Colony beach house just sold for $17,350,000 on Dec 26. 2013.

23736 Malibu Colony Road came on the market back in 2012 for $23m and got a major price drop 7 months later to $18,900,000. The three house compound, originally built in 1927, consist of a large main house by the ocean and two additional guest houses that had ample privacy. On the ocean side was a large deck with room for a dozen chaise lounges, an outdoor firepit, and a real luxury among beach houses….a flat grassy lawn and landscaped yard. The Malibu beach house has high ceilings with exposed wood beams and an open floor plan connecting the outdoor living spaces. Other details include a modern gym, a second kitchen in one of the guest houses, hardwood floors, and plenty of windows framing the ocean views.

The home sits on a portion of Malibu Road that we refer to as “outside the gates” of the Malibu Colony. This one is unique in that you could still access the inside portion of the Colony via a side gate and had the option of belonging to the association. Homes on this section of Malibu Road tend to to sit on some of the largest lots in the area. Lots here can be 2 to 3 times deeper in length than the beach homes “inside the gates”. That alone adds tremendous value but even more is that fact that the beach here is extra deep too and stays drys at almost any tide. A few hundred feet down from this home are beach houses that have no beach at all at high tide and having a “Dry beach” or “Wet Beach” can affect prices by 30% or more in Malibu.

The home had a solid rental history with summer rents as high as $175,000 per month an ample demand. Off season rates ran $75,000 per month.

I had a client interested in the property but was unable to fly out soon enough to see it. When I called to gather some intel the listing broker had sad there had been multiple offers and that the “seller” was holding out for a solid offer. It sounded to me that a few “low ball” offers were submitted but only one buyer was willing to step up in to the $17m range to close the deal.

Public records show an purchase price of $6m back in 2002.

Check out our Malibu Colony information page with current listings.

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Malibu Ca Beach House Sells In Cove Colony

Malibu Ca Beach House Sells In Cove Colony    

December 18 2013 · by

The Malibu Cove Colony sits just south of Geoffrey’s restaurant in Malibu. It’s unique in that road the beach homes are located on is private and has a 24 hour guarded gate entrance. Security is tight! The only other beach neighborhood like that would be the Malibu Colony. Homes at the Malibu Cove Colony all sit on cement caissons or wood... 

Malibu Ca Beach House Sells In Cove Colony

The Malibu Cove Colony sits just south of Geoffrey’s restaurant in Malibu. It’s unique in that road the beach homes are located on is private and has a 24 hour guarded gate entrance. Security is tight! The only other beach neighborhood like that would be the Malibu Colony.

Homes at the Malibu Cove Colony all sit on cement caissons or wood pilings about 15-20 feet above the sand. At high tide the water rushes up under the homes and only during certain tides is the sand underneath dry. While a “wet sand” beach isn’t nearly as desirable as a dry sand beach, the homes at the Cove Colony have a few pluses worth considering.

The view looking up to Point Dume and Paradise Cove is rather stunning. The tall sandstone cliffs above the water make this portion of the Malibu Coast one of the most scenic. Being in the lee of the Point, the wind is much calmer in this bay so residents of the Cove Colony can enjoy more warmth than homes on the other side of Zuma. There is not a lot of surf here either so wading out for an afternoon swim can be less daunting for the inexperienced ocean swimmer. Paradise Cove Beach Cafe and Geoffrey’s are both walking distance from these home so having an extra cocktail might not be something to think twice about.

The largest sale of the week took place here at the Malibu Cove Colony. A beach home that came on the market at $6,795,000 closed today for $6,300,000. It was one of the better homes with fine interior design and one of those ” just bring your toothbrush” ind of homes.

From the MLS ” This designer done spanish influenced beach house with contemporary elements is located on prestigious guard gated Malibu Cove Colony Drive. The floor plan takes advantage of the smashing head on ocean and coastline views and creates spaces for dramatic entertaining as well as quieter moments. Highlights include a dream master bedroom with walk-in closet, beautiful archways, sitting area, and wraparound deck. Downstairs, the open kitchen is perfectly situated to service the dining area, living room with vaulted ceilings, the media room and the incredible interior courtyard patio with direct beach access. Natural materials and a fine eye for detail create a sense of calm befitting its surroundings the moment you enter this beach house without compromise.”

Search all Malibu Ca beach houses for sale
Learn more about the Malibu Cove Colony.



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Two Significant Sales On Broad Beach Road

Two Significant Sales On Broad Beach Road    

December 10 2013 · by

Finally…Some good news about Broad Beach Road real estate! Sales have been a bit quite on Broad Beach Road over the last six months. This can likely be attributed to the ongoing beach restoration project and the battle between the homeowners and the government agencies on how to make it happen. This uncertainty has definitely affected the real... 

Two Significant Sales On Broad Beach Road

Finally…Some good news about Broad Beach Road real estate!

Sales have been a bit quite on Broad Beach Road over the last six months. This can likely be attributed to the ongoing beach restoration project and the battle between the homeowners and the government agencies on how to make it happen.

This uncertainty has definitely affected the real estate market on Broad Beach with a decrease in perceived value compared to other beaches.  The downturn of 2007/2008 to a big chunk out of the values of the beach homes and the condition of the beach has  hindered the recovery rate that other beach areas  are seeing now.

The good news is that in the last 30 days there has been two sales that should help form a new baseline for judging the values of the beach homes that sit along Broad Beach Road.

The first sale closed  for $8m in the beginning of Nov. at 31202 Broad Beach Road. The 4 bedroom traditional style home was completely remodeled and updated. The home has a spacious guest house near the street side garage, a large grassy courtyard with outdoor fireplace and bbq area, and has the same charm and detail as every picture in a Restoration Hardware catalog.

Quick history….purchased in 2002 for $5,200,000 then a massive remodel.  Listed as high as $13,900,000 in 2010 and sold for $8,000,000.

 

The next sale that took place is the one that really should get Broad Beach Rd. homeowners talking about. The former Robert Redford house was last sold in 2010 for $11,750,000. This was when the market seemed to be still sliding down with no bottom insight. The home closed yesterday for $12,500,000. Not a huge profit but still proves that this is a home that seems to move buyers enough to get them in the mood to transfer   money to an escrow company.

Broad Beach Malibu

 

Call Mike Gardner for more info about Broad Beach Rd homes for sale. 310 699 8428

Learn more about the Broad Beach Rd area of Malibu and see all available listings.



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Deal Alert ! Malibu Condo For Sale At A Very Low Price

Deal Alert ! Malibu Condo For Sale At A Very Low Price    

December 14 2013 · by

Update – The listing is at 11964 Whalers Lane in the Malibu Bay Club near Neptune’s Net. The unit will be open tomorrow from 11:30 to 12:00. The unit is now listed in the MLS and on Zillow. Listed at $465,000 with great ocean views and a lot of upside. Call 310 6998428 for a showing. I need 24 hour notice to show the bottom unit where the... 

Deal Alert ! Malibu Condo For Sale At A Very Low Price

Update – The listing is at 11964 Whalers Lane in the Malibu Bay Club near Neptune’s Net. The unit will be open tomorrow from 11:30 to 12:00. The unit is now listed in the MLS and on Zillow. Listed at $465,000 with great ocean views and a lot of upside. Call 310 6998428 for a showing. I need 24 hour notice to show the bottom unit where the tenant is living. There is a similar unit for sale, fixed up, with permitted rooms roughly on the same level asking $775,000

Click the picture below for all the pics and more information.

Malibu Bay Club Condo For Sale

 

In a few hours I’m listing an ocean view condo for well under market value. Great rental income in two units. Top floor and bottom floor separate now or can be combined in to one . Beachside complex and big ocean views from upper floor. Call if you are an investor and can deal with getting some unpermitted work permitted. Unit needs updating but has tremendous upside potential. Lower unit rented at $1500 per month and tenant there until Aug. Upstairs  can avg. around $1800.

 

Will be listed at $465,000. Current config in one bed, one bath, upstairs with kitchen and lower unit is two beds, bath and kitchen.

Records show two bedrooms total.

 




Gold Mine, Hidden Spanish Treasure, and Cabin For Sale in Malibu

Gold Mine, Hidden Spanish Treasure, and Cabin For Sale in Ma...    

December 8 2013 · by

You know the recreated mining area of Knott’s Berry Farm? The faux rocks, mining carts on rusty tracks, and boarded up mine shafts with recorded wind noises? Well here is a real life place that looks just like it in Malibu…..really! The MLS description says it all…. “Extremely Rare 1 bedroom, 1 bath Rock Cabin on 40 acres in... 

Gold Mine, Hidden Spanish Treasure, and Cabin For Sale in Malibu

You know the recreated mining area of Knott’s Berry Farm? The faux rocks, mining carts on rusty tracks, and boarded up mine shafts with recorded wind noises? Well here is a real life place that looks just like it in Malibu…..really!

The MLS description says it all….

“Extremely Rare 1 bedroom, 1 bath Rock Cabin on 40 acres in the Malibu Hills. Property is bordered by State Land on three sides with a half mile dirt road to property. House was built in the 1940′s and needs major remodeling. Original owner believed there was a buried Spanish gold treasure in the large rock next to the house and spent many years digging three mine shafts to try to find it. It is unknown if he was successful. Amazing views in all directions from this very private property! There is an old fashion rock hand dug water well in the stream area under the trees. To view property, you can go up from Mulholland to the Cabin- please see aerial maps in photo section with detailed road maps to property. Dirt road to house is too over grown to drive and is only 6 to 10 feet wide in some sections. You will not see another property like this one ever again!”

I like the part about “it is unknown if he was successful.” By looking at the photos, I’m guessing he wasn’t. Which is really good news if you want to pick up where he left off!

If you are a fan of Discovery Channel’s Gold Rush Show….grab a pic,bring your crew, and start an argument. You’ll find gold in no time.

$579,000 with 544 sq.ft. on record.

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malibu land for salemalibu land

 



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Malibu Real Estate Market Update Nov 2013

Malibu Real Estate Market Update Nov 2013    

April 23 2014 · by

Malibu real estate market data was just released and here is what I’m seeing for the month of Nov. The great news is that the median price for Malibu homes continue to go up and I’m hearing from our escrow company that Dec. should finish up strong with a high number of closings. The best way I can explain the drop in the median price per... 

Malibu Real Estate Market Update Nov 2013

Malibu real estate market data was just released and here is what I’m seeing for the month of Nov.

The great news is that the median price for Malibu homes continue to go up and I’m hearing from our escrow company that Dec. should finish up strong with a high number of closings.

The best way I can explain the drop in the median price per sq.ft. is that there were a large amount of higher end sales heading in to the beginning of fall. The data I saw this morning  showed that a majority of sales that have occurred over the last 2 months have been for homes under $2m. Several Malibu West and Malibu Park homes that hit the market around $1.5m to $1.8m received multiple offers.

Inventory is dropping off fast but that is to be expected this time of the year. We should see the trend reverse in Jan. when new listings hit the market.

We’ve got two very detailed market reports for you to download with the links below. If you are an investor or just like to see the big picture enjoy these exclusive market reports.

Michael Gardner Market Update [Singel Family]_CA_MALIBU_90265

Michael Gardner Market Update [Condo]_CA_MALIBU-2

 

 

90-day stats for Single Family properties in
MALIBU, CA 90265 as of April 11, 2014
Median List Price:$4,719,154Average List Price:$7,117,733
Total Inventory:184Price per Square Foot:$1,148
Average Home Size:3,827Median Lot Size:11,078
Average # Beds:4.11Average # Baths:4.12
Homes Absorbed:12Newly Listed:13
Days on Market:192Average Age:35



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