Less quantity, but still good quality
By Rick Wallace / Special to The Malibu Times
There may be many ways of describing a good real estate market. Rising prices is always one sure way. Plentiful sales may be another. And then there is 2007 in Malibu – surrounded by sour market news all around, prices still hold.
As a general rule, while the quantity of sales locally is poor, the quality of those rare deals that close escrow is pretty good. There have been few times that Malibu has ever suffered a noteworthy downturn in real estate values. The current market is showing that historical resilience.
The following sales are recorded during 2007 from a variety of neighborhoods in Malibu reflect values in a real estate marketplace that, so far, is avoiding a trend south.
An ultra-elegant beach home on Sea Level Drive just west of Broad Beach sold for nearly $8 million. The home, looking brand new despite a 1990 construction date, has four bedrooms and five and half baths, and more than three stories. Besides a large rooftop deck, the ocean side patio has a fire pit and barbecue. The home includes a home theater.
A home in Malibu Park not far from the beach sold for $5 million, including a separate adjacent lot, with a total of about one acre. The deal, which closed in February, featured a sprawling one-story home and large backyard pool of 1,250 square feet. Outside the house, completely remodeled with five bedrooms, are large lawns and entertaining areas with ocean views. The house is contemporary Cape Cod in style.
More to the east, a home at the top of Big Rock was on the market only shortly and sold at full price, $3,750,000. With superb views, particularly to the city lights and ocean to the east, the sleek, architectural showpiece in a secluded location was also one level, with three bedrooms. The living room features mahogany-framed walls of glass that retract for indoor/outdoor ambiance. There is also a lap pool and spa.
A Point Dume ranch home has sold for $3.4 million, according to information in the Multiple Listing Service. It sits on an uphill slope, with well more than an acre of usable land and ocean views to the Santa Monica Bay. The home of three bedrooms has a remodeled kitchen with granite countertops.
The local market has benefited by a deficiency of listings during this slower period. Fewer buyers indeed; also not a great deal of sellers. Fewer than 200 homes have been listed at any time, so far this year.
Two homes on the bluffs near the Broad Beach area have sold: one for $4.2 million, another for $5 million. The former is on 31 feet of bluff front with stairs to the sand. The home has a fireplace in the living room and kitchen, and a solarium. The latter home includes a pool beside a large five-bedroom house with a wine cellar and large family/media room.
A Mediterranean villa on the landside of Malibu Colony sold quickly at full price, nearly $7 million. It was on the market before, but this year’s effort was quickly successful. The property has a long lap pool. The home is four bedrooms. Since it is located at the east end of the ultra-exclusive, gated community, its upper floor has ocean, lagoon and mountain views.
After a long market time, a house on Pacific Coast Highway across from the Paradise Cove area has sold for $2.5 million. The house was remodeled and has a grassy yard on a lot of two acres. There is an artist studio above the garage.
Four homes have sold in the La Costa Hills this year, all for about $2.7 million to $2.8 million. The latest of them was a unique architectural home with huge rooms of high ceilings and ocean view. Patios and gardens surround the house.
A property nestled in a secluded area above Solstice Canyon and west of Corral Canyon sold for $2.9 million. It has 11 acres of park-like grounds at the end of a long, private driveway. The home has four bedrooms and has a six-car garage.
Homes sales below $2 million have been very rare and the canyon areas of Sea View Estates, Corral Canyon and Latigo Canyon have had only three sales to date less than $2 million where in past years there may have been dozens. Though a few homes are in escrow, price reductions and frustration have been the prevailing sentiments. Malibu West has fared slightly better. Recently an ocean view home on the upper mesa sold at its last price, just less than $1.9 million. The three-bedroom house behind an entrance gate looks out onto a grassy yard.
Two other homes on the same street in lower Malibu West both topped $2 million. Both had last sold in year 2000 for below $750,000.
In the West Saddle Peak gated neighborhood, a house on the market for well more than a year sold for $1,650,000. It has huge ocean views; inside features a gourmet kitchen with granite countertops. The original list price was $2,175,000.
From early in the year, a large Mediterranean home off Kanan sold quickly at a price of $3.8 million. The buyers were surely lured by the palm trees, pool, spa, fireplace, barbecue and enchanting gardens all around the house, with large windows to view them throughout. With an ocean view as well, the house has four bedrooms and five baths.
Rick Wallace of the Coldwell Banker company has been a Realtor in Malibu for 19 years. He can be reached at his Web site, www.RICKMALIBUrealestate.com