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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Prices have come down in the condo market in Malibu, especially at the Malibu Gardens Complex. With too many units on the market and nothing really selling prices are finally coming back down to earth. For under $400k you can now get a condo at the Malibu Gardens complex near Kanan and PCH. You’ll get two bedrooms with 1056 sq.ft and can walk to Zuma Beach in 15 minutes! At these prices it might even make sense for a parent to make a purchase if their kids will be attending Pepperdine and can save on 4 years of rent. For $499,000 in the same complex you can purchase a 3 bedroom remodeled unit with ocean views!
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.
For Questions about Malibu real estate, leases, vacation rentals, and where to eat, call Michael Gardner
Prudential Malibu Realty
Cell
1 310 699 8428
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