Malibu, California offers beautiful homes, on the beach and in the hills overlooking the beach, in a setting unlike any other in the world. Malibu life is like being on vacation year 'round. Easy-access to shopping, restaurants, the city and the valley, as well as one of the best school systems in the country (not to mention "stellar" neighbors) all make Malibu a hugely desirable place to live, say local Realtors.
"Homes range from $350,000 to $15,000,000. Beach-front homes tend to be more expensive than those in the Malibu hills, where one can find some of the more reasonable homes in Los Angeles," says Realtor Dan Urbach. "With many buyers wanting to live in Malibu, there are very few homes available, and we have seen home prices appreciating very quickly.
Urbach says, "This past month we saw 40 homes sell with an average price of $930,231 and an average days on market of 126. With condos we saw 8 condos sell for an average sales price of $417,063 and an average days on market of 61."
Says Realtor Rick Lombardo, "With low interest rates and a low number of homes on the market, Malibu real estate has continued to stay hot. There are still a large number of buyers who are looking to purchase their first home or move-up buyers. If you are looking for a home that needs some cosmetic work you may be able to find something under $700,000, but typically anything under $1,000,000 seems to be selling within 21 days. Homes priced over $3,000,000 tend to be sitting on the market longer due to some sellers having unrealistic expectations of their property as well as there are not as many buyers that are able to purchase the high-end homes."
"Malibu/Topanga has seen an average price appreciation of 12-14 percent for the past four years," says Realtor Anthony P. Marguleas, "If a home is priced well, we are still seeing multiple offers and sometimes even over the asking price."
He advises, "Currently there are 319 homes available. Low interest rates seem to be fueling this hot market. Entry-level homes from $400,000 to $900,000 are still selling very quickly due to the large number of buyers who want to live in Malibu and Topanga. The higher end price range of $1 million and up has been hit harder. This is especially true in the upper end of $5 to $15 million."
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Published: April 14, 2003
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