Malibu real estate market in favor of sellers
Malibu, with a population of 12,743 residents as of 2014, is an affluent beach community in Los Angeles County, California. The community is famous for its sandy beaches and for being home to many celebrities. It’s nicknamed “billionaire’s beach” with entertainment mogul David Geffen, Oracle CEO Larry Ellison and some more business tycoons living here.
This year the supply of homes in Malibu is way down with the demand being way up. It has been declared a sellers’ market once again. The year 2013 ended with relative balance and stability among buyers and sellers in the tiny beach community.
The inventory of residential real estate available at present is at super-skimpy levels. There are just 150-160 homes that have been listed as available for sale this year. The figure last year was close to 170 and two years back it was approximately 230 homes. The last time when supply was at its lowest was in the beginning of 2008 when prices were skyrocketing. This may return once again now. The other half of the story is that buyer demand is on a high even during these slow months.
A staggering 43 homes are in escrow in Malibu. In addition, 31 entered escrow at the start of this year. There are voracious purchasers in almost all price ranges. With eight listings under $1 million to around two of $14 million, sales have been healthy all over the place.
Sales from all over Malibu
There seems to be plenty of buyers in the whole of Malibu and lots of cash to pump into the real estate market. Here are some important sales recorded in Malibu since the beginning of 2014.
• A property in the Big Rock area was sold for $3 million. The home is built on an area of three acres and includes a pool and a tennis court. The three bedroom Spanish style home with scenic ocean views was listed in the market since 1974 when it was newly constructed. Many fruit trees surround the home which is of tremendous architectural beauty.
• The record sale of 2014 was a celebrity-owned home which was sold for a whooping $17 million. The house sold by Leonardo DiCaprio has 8 baths, 5 bedrooms and a beach frontage of 40 feet along with an indoor pool. There is also a media room and gym.
• A cul-de-sac estate on Point Dume was sold for $14 million. The home designed by John Lautner is built on an acre and has four bedrooms, a pebble- stoned pool, a tennis court and even a yoga studio with landscape gardens. The property has spacious rooms with adequate indoor and outdoor spaces.
• The latest property to be sold was a beach home on Malibu Road which was transacted for approximately $6.3 million. It has been described as a home of the 1970s and has three bedrooms, a remodeled kitchen and huge decks.
Why are people considering buying a home in Malibu?
• Natural beauty
Malibu is a beach community facing south, which indicates that the sun sets as well as rises over the beautiful ocean. Besides beautiful beaches, indigenous plants and canyons, the place is home to some of the most fascinating sunrises and sets which are unimaginable.
In many cities across the US including Los Angeles, cardinal public schooling is almost a rarity. This is why many parents are forced to send their children to private schools and spend the equivalent of college fee each year. Malibu boasts itself of having some of the ultimate public schools in addition to some extraordinary after school programs, such as The Malibu Boys and Girls Club.
• Shopping and restaurants
Over the last few years, Malibu has turned out to become an important dining hub. With some of the finest restaurants in LA, such as Mr. Chow and Nobu, the city has made a mark for itself among diners and shoppers. Besides, people flock to the place for wine tasting at the local wineries and to peruse high class shops and boutiques, with visitors from far and near.
Even though people don’t leave their homes unlocked, Malibu has a very low crime rate. The beach community takes care of its residents, and keeps everyone safe and sound.
Malibu gets 22 inches of rain every year with 281 sunny days a year. This is why home buyers pay higher prices just to get a slice of the mild weather.
The place has a unique sense of community. After you spend some time in the place, you’ll understand that the community is closely knit with a small town mentality. Residents of the place come together for important issues, such as environment, health and overall safety. It’s an amazing place to be called a home.
• Investing in real estate
Malibu real estate is attached to the pricier side, but the best part is that it’s a solid and smart investment. With restricted beach inventory along with some of the most amazing architecture across the globe, the properties in the city have a great value. It’ll always remain a coveted place to live in.
Spend some time exploring this huge county of Los Angeles and you’ll find out that every sub-community has a dramatic different vibe. Even though Malibu has a tiny population of over 13,000 and gives you a sense of laid back beach community, you are just 20 minutes away from one of the largest cities in the world with a lot of diversity.
• Outdoor activities
Rock climbing, hiking, surfing? You’ll find everything in Malibu. The city has the world’s best beaches and state parks. Having these as your playground makes the place even more special to you.
Malibu residents have an incredible sense of well-being and health. Residents have an increased passion and prioritize taking care of their body, mind and soul, which could be one of the most valuable things about this community. This passion overflows even into the restaurants, with many serving pure organic food.
Only three deals in the $10 million mark have been struck this year. However, the overall pace of Malibu real estate market indicates that the total sales last year may be topped easily in 2014.It’s a record which will be broken, says Rick Wallace, Malibu’s expert Realtor. In short, the real estate market in Malibu looks upbeat with increasing demand and more deals to come this year.