The Malibu Real Estate Blog

There are several condos on the Malibu real estate market that are heading into the  ”half off” sale category so take note of these deals!

Deal numero uno…

28266 Rey De Copas Lane, Malibu

Top row remodeled unit with ocean views and twice the parking as any other unit. Exceptional finishes make it look like a swanky hotel room at a high end resort. Once listed at $1,075,000 now at $659,000. Here is the MLS description and pictures… Continue Reading »

I saw a few things this week that made me pick up the phone and call clients telling them about some great opportunities within the Malibu real estate market. Yesterday on caravan, I was wowed by a home for sale located on Ramirez Mesa. This is a gated development of roughly 20 homes that sits above Paradise Cove and has great ocean views. The home for sale is almost 6000 sq.ft., nicely remodeled in a Tuscan/Mediterranean style, had 5 bedrooms ,a pool, and a three car garage. The home had views of all on Santa Monica Bay and has room for a vineyard. It’s current asking price is $3,950,000, which in my view makes it one of the largest, and nicest, homes available under $4m. I even think there is some room on the price! Call 310 699 8428 for an appointment to view it.

Listed with Chris Cortazzo

The other great deals in general are showing up in the condo market. I think we may see some condos closing at $350k or less in the next few months. There is one listed at the Malibu Gardens for $389,000! At that price it makes a great rental for Pepperdine students or just a weekend crash pad to enjoy the beach.

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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.

A condo has surfaced in the Malibu Villas for $499,000 on the third row. That’s a crazy price and worth having a look at if you are sending some kids to Pepperdine for a few years. I don’t think anyone on the upper rows of Malibu Villas ever thougt they’d see a condo ASK under $500,000. If you’d like to search the Malibu Condo Market click this link.

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 listings.

Update! Unit went in to multiple offers right away. Beach Key and Whitewater views are hard to resist at that price! I will publish the final closing price when it comes out. Be ready to pounce on the next great deal!

A new listing has hit the Malibu Real Estate condo market this week and if it closes at anything near its asking price, other sellers may need to rethink their asking price. The 2 bedroom condo on Heathercliff was originally purchased in 2006 for $850,000 and has been listed this week for $427,900. Yes, almost a half-off sale and likely to upset many nearby condo owners when it becomes a comp. I showed the property this morning. It was surprisingly clean and had white water views of Zuma beach. Good enough views that your surfing buddies will be calling to get the early morning swell report from you. Other bonuses include a beach key, walking distance to Lilys Burrito Shop, Pavillions, and Zuma Beach. The unit is bank owned and likely to sell fast. Call for more info 310 699 8428

Listed with Robert Glinert Coldwell Banker

What was this seller thinking? A condo goes up for sale in Malibu and starts with a listing price of $1,098,000. Many agents that saw it thought it was overpriced. 5 days later the seller drops it to $999,999. A drop of around 10%.  14 days later the seller raises it $1,150,000. An increase of 15%. 3 days after that the seller drops it over 20% and lists it at $899,999 with the following description. 

SHORT SALE!!!!!!!BRING ALL OFFERS SPECTACULAR MALIBU TOWNHOUSE WITH OCEAN VIEWS AND BALCONIES FROM EVERY ROOM! ENTER INTO AN ELEGANT LIVING SPACE WITH ROMANTIC FIREPLACE, SPACIOUS DINING AREA AND A MAGNIFICENT GOURMET KITCHEN. 2 BEDROOM SUITES UPSTAIRS EACH WITH PRIVATE BATH AND OCEAN VIEW PATIO. CONVENIENTLY LOCATED TO CROSS CREEK COUNTRY MART, MINUTES FROM SANTA MONICA BUT FEELS LIKE YOUR IN ANOTHER WORLD. COME HOME TO MALIBU!

It is now in escrow.

Sellers who “need to sell”  should take note that in this market you really have to price your home at realistic price. Don’t play with numbers. Analyze the market and set a realistic asking price. If you don’t have offers after 30, or most 60 days, you need to reduce the price before it’s too late. 

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