The Malibu Real Estate Blog

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.

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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Read the story below. Further evidence that we may be at the bottom and buyers are buying up bargains. More evidence that backs up my feelings as reported yesterday. I think you’ll soon see this hit the condo market and the mobile home market in Malibu. Those two markets are flooded with inventory and bargains are starting to show. A few years ago I would get calls asking if there are any condos under $500k and I’d always say no. Now there are several….nice ones too, with ocean views to boot!

http://www.latimes.com/business/la-fi-home-sales19-2009aug19,1,994564.story