The Malibu Real Estate Blog

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.

A landmark Malibu beach house, designed by Pierre Koenig, hit the Malibu real estate market last night for $18.5m. The home sits right above the water on a rocky promontory at the end of Broad Beach and features giant walls of glass that take in some of the best views in all of Malibu. When inside, it seems as though you are looking at a 480″ HD plasma TV watching a segment of Planet Earth that was filmed in Malibu. Imagine Sigourney Weaver’s voice as the camera pans left over the cove….”Here, dolphins marvel at the glass and steel structure while the rhythmic pulse of the tides yield an ever changing view of the cove. But all is not well in Paradise…..Soon an army of window washers descend on the magnificent structure clinging to the surface like ants on a glass Rubiks Cube”

From the MLS “Once in a lifetime opportunity to purchase Pierre Koenig’s last built project. 11 years in the making Koenig’s LaFetra Beach House was described by Pierre as being “a perfect jewel” and “with a view that rivals CSH #22″. Gated on a cul de sac with its own drawbridge, this architectural marvel could no longer be built in this location. Radiant heated, solar powered, steel, concrete & glass assembled in this perfectly designed breath-taking site.”

For showing requests contact Mike Gardner at Prudential Malibu Realty direct at 310 699 8428

Listed with Cory Weiss Partners Trust

Warning! The home you are about to view is known to cause an increase in blood pressure, a rise in heart rate, and an uncontrollable desire to live on Malibu Road. There are unconfirmed reports that this home cures the need for Viagra. Consult your doctor or accountant after viewing if any symptoms start to appear.  You must be 18 years old or older to view this home….

Architectural beach houses are sexy to begin with. Especially new ones filled with racey artwork, the coolest furnishings, and walls of glass showing nothing but blue ocean. Welcome to 21466 Malibu Road. …..my vote for Malibu’s sexiest beach house ever! The newly constructed home just hit the market last week at $15,995,000 and sits on 65 feet of frontage with a rare 6 bedroom floor plan. The home features dramatic walls of concrete and glass enhanced with exotic hardwoods and natural stone finishes. There is a flat panel control system, heated floors, swirling flame fireplaces, and numerous outdoor decks.

I’ve been in 100′s of  Malibu beach house over the years and have never seen anything as cool as this. If you have young kids this house may not be for you. But, if you collect Italian sports cars, like to entertain, and want to ditch your special blue little pill, you may have found your next home.

We’ve got exclusive pics not seen on the MLS!
Call for a showing 310 699 8428

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.

Like this article???  For the “Low Down on the High End” in Malibu subscribe via the RSS feed button on the right or here. We break news like this all the time so subscribe and be the first in the know.

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.

I see this all the time….A major Malibu estate goes on the market at a high price and the neighbor a few doors down says “Hey! If he can get that, I should get this!” and will list their home for sale. It’s not a bad idea either if one house looks like a great deal and the other is priced a lot higher.

That’s my guess with what happened with the two major bluff estates above Paradise Cove competing for buyers right now. The first property at 28060 PCH came on the Malibu real estate market a few month ago at $55m then took a $10m price chop (just imagine that conversation between the listing agent and owner). Just a few days ago the property at 27740 PCH, just a few lots down, came on the market at $42.5m. Both are on similar lots and have homes between 11,000 and 12,000 sq.ft. They are both trophy properties by Malibu standards and sit on some of the most expensive real estate on the planet.

You can bet buyers in that price range are going to be looking at both properties for sale. Both homes are distinctively different in styles so it will be interesting to see which one sells first. Which one do you think will sell faster, the Spanish estate at 28060 or the traditional home at 27740? Check out the photo tours and decide! Comments about the price?

Like to see either home for sale? Call 310 699 8428 for a showing but be prepared to prove you can actually afford the properties! Unless you are crazy famous, it’s going to take more than “Just Google me” to get in!

Click here for photo tour at 27740 PCH

Click here for photo tour of  28060 PCH

Both places listed with Chris Cortazzo

20, 19, 18, 17 …..No, it’s not a count down to a rocket launch at Cape Canaveral. It’s the millions of dollars being chopped off the asking price of a home in Malibu. The beach front estate, located on the Encinal bluffs, started out at $20m and is now bank-owned and listed at $8.9m! I don’t think the countdown can go too much lower as the home itself is very nice and comes with an additional, separate apn, that is advertised as having “potential for future development.” From the MLS “OVER $2,000,000 PRICE REDUCTION!!! BANK OWNED FORECLOSURE! OUTSTANDING OPPORTUNITY TO OWN A BANK OWNED BEACH FRONT REO WITH A PREMIER LOCATION ON THE ENCINAL BLUFFS IN MALIBU. FANTASTIC LOCATION PROVIDES SENSATIONAL COASTLINE AND OCEAN VIEWS WITH TWO LEGAL LOTS TOTALING OVER 1.6 ACRES. EXPANSIVE DECKS WERE BUILT TO ENHANCE THE ENJOYMENT OF THIS OCEAN FRONT OASIS. THE LOWER DECK OFFERS DIRECT AND PRIVATE ACCESS TO THE BEACH! RECENTLY REMODELED/REBUILT, THIS PRIVATELY GATED, SINGLE LEVEL ITALIAN VILLA BOASTS SOARING WOOD BEAMED CEILINGS, BEAUTIFUL LIMESTONE FLOORS, AND AN OUTSTANDING GREAT ROOM FOR ENTERTAINING. THE RESIDENCE LIES ON THE LOWER (BEACH FRONT) OF TWO LEGAL PARCELS, WHILE THE UPPER PARCEL IS CURRENTLY VACANT, AND HAS POTENTIAL FOR POSSIBLE FUTURE DEVELOPMENT. A TRUE COMPOUND OPPORTUNITY AWAITS TO OWN THIS UNIQUE OCEAN FRONT PROPERTY THAT IS PRICED TO SELL NOW!”
Like this article???  For the “Low Down on the High End” in Malibu subscribe via the RSS feed button on the right or here. We break news like this all the time so subscribe and be the first in the know.

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.


listed with Jordan Cohen

There  are two beach homes for sale on Malibu Road that I’m saying are heading in to the “deal” category. I can’t give away to much info but I will say the both places are vacant and are owned by family members who want to see them sold. In other words, there’s not a whole lot of emotional attachment to the homes which gives you a better  chance at getting a good price. Call for a showing 310 699 8428

Here’s the Low Down on The High End

House number one. 24134 Malibu Road. Listed at $4,975,000

Great price, good sq.ft., big rooms, and a huge deck for parties. Continue Reading »

There’s a skit on SNL/Hulu that we watch called “What Up With Dat”. It’s silly and doesn’t make a ton of sense but the catch phrase get’s so stuck in your head you to will be saying it to your spouse like I do. My wife will say, “The dog just jumped on the bed with dirty feet!” and I’ll reply, Continue Reading »

A few years ago you’d be hard pressed to find anything on Malibu Road for under $6m. The Malibu real estate market has changed, so if you’ve been on the sidelines now may be the time to pick up that Malibu beach house you’ve always wanted. Currently asking $5,400,000, the homes features  expansive decks, a third story guest nook or office, and a two story open ceiling living room. Check out the master bath with it’s period correct stained glass and deep, round, swingin spa tub. At this asking price, there is a legitimate chance that it could sell at under $5m. Call for a showing 310 699 8428.

A quick search of the MLS within the Malibu Real Estate market  shows that there are are total of 14 homes for sale that fall within the distressed category. Home range from a $6m beach house on Sea Level to a $399,000 condo at Malibu Villas. The smart investor or opportunist might just want to email me for that list of homes!  Email Me
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Want daily emails showing price reductions in Malibu? Email me asking for ” Listing Book” for access to he MLS Malibu agents use.
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If you are looking to lease or rent a beach home on a private, guard gated street, this home on Malibu Cove Colony may fit the bill. Point Dume, Paradise Cove, Geoffrey’s, and Latigo can all be walked to from this beach house. $19,500 per month. Call for showings 310 699 8428

Listed with Isabell Miller and Shelly Yrigoyen PR Malibu

“Incredible,” “One-of-a-Kind,” “I feel like I’m in another country”… These were just a few of the statements heard at the broker’s open house in Malibu on Thursday. The Spanish-style villa, designed by Malibu’s own Michael Lee, sits above a dramatic coastal section of shoreline near El Matador Beach. Formally know as the Buddy Hacket home, Lee transformed the 60’s contemporary structure into a home that looked as though it came from the Basque coastline circa 1700’s! There is a seaside, stone amphitheater complete with stage thats sits above a shallow pool, a design from ancient Rome where scenes of naval warfare could be reenacted. There are modern elements, like the high-end freestanding tubs, set amongst reclaimed vintage wood and a minimalist kitchen with pantry separated by a salvaged barn-style sliding door. The exterior has large stone decks with whitewashed stone planters holding mature olive trees. You’ll even find hand hewn rock troughs with herbs, decorative terracotta vessels, and a small bathing terrace closer to the waves. If you are in the market for an exceptional home and can be qualify for the $19,000,000 price tag , contact me for a private showing. There is no other home in Malibu that will give you the feeling of being on vacation in another country!
If you enjoy getting current information on Malibu Real Estate subscribe to my RSS feed! If you have no clue what an RSS feed is click here for a quick video.

Listed with Ellen Francisco CB Malibu

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.

Condos have come down in price and there are so many units on the market that your bound to find a seller who will let one go at a great price. If you are a Pepperdine Parent and have a student heading to school for four years, now would be a good time to consider picking up a unit.

There are few great deals out there on beach houses that have been on the market to long and can be purchased at 30 to 50% off the original asking price. Long term, there are few real estate investments as good as a Malibu beach house, especially if you plan on renting out when you aren’t using it.

There are multiple large estates that were in the $5-$6m range that are now selling in the high $3m to low $4m range.
Click here to search for Malibu beach house listings.

I’m trying out some new links that will enable buyers to search Malibu in different price categories. Let me know what ya think! This is just the test run and if you like it let me know. I’ll later make it permanent in the Malibu MLS search area.
SEARCH MALIBU REAL ESTATE
Up to $1,000,000
$1,000,000 to $2,000,000
$2,000,000 to $3,000,000
$3,000,000 to $5,000,000
$5,000,000 an above

It’s not often we see a beach house for sale on Malibu Road for under $6,000,000. This particular home also happens to be in what may regard as a better section of Malibu Road, near the beginning, closer to the Malibu Colony. At $5.9m, it’s worth a look if you have been in the market for a beach house. Call 310 699 8428 for a showing or to discuss all the different beaches in Malibu. Google map link here

Click here for a link for the low down on the home

Listed with Renee Grant of Century 21

A new lease listing has hit the Malibu Real Estate market for a whopping $200,000 per month! You can only rent it for the month of July and you won’t even be able to set foot in the door until you are very pre-qualified. The deposit will be another $200,000 so be prepared to shell out almost a half a million dollars to get the lease started. The good news is that if you do rent it for a month you’ll be on Carbon beach, right smack dab in the middle of some big high rollers with mega pads. If you need the ultimate beach house, you’ve found it.

The Malibu Beach Home is listed with Stephan Shapiro/ WEA

A very unique Malibu Real Estate listing has surfaced this week on the MLS. The home not only has one of the best views in all of Malibu but also delivers incredible privacy. The home sits above the Malibu Pier and Surfrider beach and offers whitewater views from Palos Verdes to Point Dume. Check out the pics on the Flckr photostream. Call for showing 310 699 8428

Update! Home is now $1,995,000!!!!! Least expensive home on the Point with a beach key.

The Malibu Real Estate blog first brought this house to your attention a few ago and touted it a great buy on Point Dume. It’s now being elevated to a “Smoking Deal” after it received a price reduction to $2,090,000. Read the original write up below.

A new home has hit the Point Dume Real Estate market and it’s listed at a great price. The home, located on the corner of Wildlife and Fernhill, is close to the private beaches that the Point Dume community enjoys. The home is listed at $2,190,000 and includes a large lot of over .5 acre.
It’s what we commonly call an original Point Dume “ranch house” typical of building in the late 50′s and is in very clean condition. Call for a showing. This one won’t last long. 310 699 8428

The home is listed with Matt Ogden of Pritchett-Rapf

Money is cheap. Interest rates are at an all time low.
Prices have come down. I’m seeing 20-30% off of last years prices.
Inventory is up. There’s lots of competition in every price category.
Most of the good land has been built on. There will not be any huge jump in inventory from big developments.
A Malibu purchase is a major hedge against inflation. Malibu has consistently outperformed other areas.

I’m getting a sense that we may be at the bottom of the curve and a recovery to a normal market is at hand. Here’s why. The stock market has done well in the last few weeks, and some key indicators weren’t as bad as many expected. This is boosting consumer confidence. This week, a client who had decided to sit out the market for the last 5 months, called to start looking at homes in the $4m-$6m dollar range. They felt that prices were more reasonable and interest rates were about as low as they can get. I personally had numerous showings at a condo here in Malibu, and many of the top agents I’ve spoken with are all reporting a big increase in showings. Clients are still slow to write offers but they seem to be coming out and getting ready to strike at anything that seems like a good buy.
Watch the video below from San Francisco. Keep in mind that it is often California that leads the way in trends for the rest of the country.

How can two Malibu beach houses, similar in size, beach frontage, and condition, located on the same road , AND just a few lots away from each other be priced $5,ooo,ooo or more apart? Answer: Beach Depth. Take the example below in the photo showing the Malibu Colony. There is one section “within the gates” and one section “outside the gated”  on Malibu Road. Notice the houses on the beach in the Colony that have wooden sea walls with stairs leading down to the sand. At high tide there will be no dry sand and a few waves might even bounce of the wall. Now take a look at the section where there is 20-60 feet of depth to it with dry sand. In this photo you can see where the last high tide came up to and how the residents of this section still had a dry sand beach to enjoy. That’s the  big difference and what can affect the price, in the millions, for a Malibu beach house.

Here are the best deals in Malibu right now.  Call for showings and the “Low Down”. 310 699 8428 

31636 Sea Level Drive  A BEACH HOUSE!  $5,950,000 Near Broad Beach

BEACH FRONT LIVING- LIGHT, BRIGHT and a THIRD LEVEL DEN THAT OPENS TO VERY LARGE SUN DECK. GREAT MASTER SUITE ON THE WATER. GATED COMMUNITY. Seller has Ca. Real Estate License. SHORT PAY SUBJECT TO SELLER HAVING LOANS ACCEPTABLE TO SELLER.

Listed with Bill Mason Malibu Surf

  4134 MAGUIRE DR , MALIBU 90265  $1,099,000

REO/BANK OWNED FORECLOSURE!!! EXCELLENT, PRIVATE LOCATION IN THE HILLS OF MALIBU, JUST MINUTES TO PCH & THE BEACH. NEWER BUILT CONSTRUCTION W/LARGE ROOMS, OPEN FLOOR PLAN & HIGH CEILINGS. SPECTACULAR CANYON, MOUNTAIN, & PEEK-A-BOO OCEAN VIEWS FROM NEARLY ALL ROOMS & BALCONIES. LUXURIOUS MASTER SUITE W/FIREPLACE, PVT. BALCONY, DUAL VANITIES, LARGE WALK-IN CLOSET, & A LIMESTONE BATH W/SEPARATE STALL SHOWER & SPA TUB. ALL BEDROOMS EN-SUITE W/EUROPEAN STYLE BATHS. SPACIOUS COOKS KITCHEN & MUCH MORE

Listed with Philip Boroda Coldwell banker

  6115 PASEO CANYON DR , MALIBU 90265 $1,625,000  

Totally redone home in prime Malibu West location. Finest materials throughout with magical yard located on natural creek. Short pay, subject to bank approval. Deeded beach club and tennis court rights. Seller has California Real Estate License. 21549 PACIFIC COAST

Listed with Steve Karsh Malibu Surf

21549 PCH , MALIBU 90265  $1,399,000

La Costa beach landside ocean view home with 3 bedrooms & 2 baths. Open living room off of kitchen. Updated kitchen with granite counter tops and hardwood floors throughout. Wood beamed ceilings in family room. French doors throughout. Large private backyard with palm trees and lushly landscaped. Terrace & gardens with lots of entertaining decks. Large sun deck overlooking ocean. Home needs TLC. Walled and gated with La Costa beach rights. This is subject to a short pay -see private remarks

Listed with Irene Dazzan-Palmer Coldwell banker

  1944 CORRAL CANYON RD , MALIBU 90265 $614,900  

Bank owned foreclosure. Charming 1bed/1bath home in the canyon of Malibu! HW, tile, & carpet. Kitchen appliances. Big garage. Views from many angels! Info herein is not verified by agent. Buyer to verify all info. & rely on their findings. All offers must be submitted on CAR form w/pre-approval (NOT pre-qual), copy of earnest money check +proof of funds (if cash offer) & agency disclosure. For a guarantee receipt of your offer please check our prvt. remarks for fax cover & faxing instructions.

Listed with Joyce Essex Coldwell Banker

   2315 LIVE OAK MEADOWS RD , MALIBU 90265 $1,449,000

 Lender owned. REO. Reduced for immediate sale. You saw it on CBS series “Shark” (exterior shots). Striking home on almost an acre of land with outdoor patio kitchen, gas fire pit, and room for a pool. Assessor states 3 bedrooms, but most likely use is as 2 bedroom. Open floor plan with gourmet kitchen. Cannot last at with this price reduction. Must be seen. Listed with Joan Shultz/Dilbeck

Back to the current articles

I can’t take credit for writing the article but I did come up with the story and pitched it to Ann Brenoff who did a great job describing the caravan food scene around Los Angeles. I originally had the idea to rate caravan food and have it as a regular blog article. If an agent consistently served great food at the caravans then I wanted to make sure the blogosphere knew about it. If they only served M and M’s than maybe the public shame would encourage them to up the ante to something better and more expensive, like, Nilla Waffers, or even a few glazed donuts! Still a far cry from the agents who put out La Salsa buffets or  build your own omelet bars with a personal chef.

I held off on writing the article and let Ann know about the idea. She loved it and I talked my way in to being the photographer for the article and even got a photo credit in the L.A. Times. The article made it in to several other papers including the Mercury News,  and The Examiner.

Peter Villes blog at the Times also ran the article and can be seen here.

http://www.latimes.com/classified/realestate/la-hm-caravan30-2008aug30,0,981999.story

Hungry agents pilaging the buffet set out by Alan and tony Mark at their Broad Beach listing
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A new listing hit the Malibu Real Estate market this morning with an asking price of $27,000,000. The 1 story Fred LLoyd Wright design sits on 5 acres of coastal bluff directly above the Pacific with it’s own private trail down to the sand. There are currently a dozen or more listed and unlisted properties for sale in Malibu over $15,000,000. Many will set new price records if they sell. Call for showings 310 699 8428

The home is listed with Paul Randall/Coldwell Banker