2006 sales prices better than 2005
By Rick Wallace / Special to The Malibu Times
In 2006, 18 homes sold that had also sold in 2005. Sixteen of them were for a higher price. Indeed, that two sold for less was a sign the hectic rising market had ended during the year. That 16 sold for augmented prices was a sign that prices weren’t dropping overall.
Two other homes sold twice during the past year and both sold higher the second time. The average of the increase of the 20 re-sales was 22 percent, but many of the homes had proportionate upgrades between sales and further accounting for commissions and sale costs, the true upswing was perhaps half that. The overall median in Malibu increased during 2006 from $2.5 million to just less than $2.8 million, though sale units were off nearly 30 percent.
While the market was characterized by many owners listing their property in hopes of scoring a 30 to 40 percent increase higher than their actual value, and then having to adjust downward from their lofty dreams, buyers, for the most part, were willing to pay at slightly bigger values than previously established. The 2006 Malibu homebuyer was finding reasonable deals from the most reasonable sellers.
What did the sales look like in your neighborhood? Here is a sampling of sales from the past few months in the Malibu/90265 real estate area:
A fixer home in the Sea Vista neighborhood sold in September for $2.2 million, just a littler more than its sale price in 2005. It has four bedrooms, in one story, on less than an acre. Considering costs, it was practically a wash from 2005.
A home constructed in 2001, in the La Costa Hills, was in virtually brand new condition when it sold in November for $3,150,000. It was a fire rebuild, and includes rights to the beach club. The home is Mediterranean style, with a huge kitchen and top-shelf appliances. There are several decks around the house and unobstructed ocean views.
A brand new home in the Horizon Hills above Malibu Park sold for just more than $4.7 million. The ultra-custom home of sleek contemporary style has commanding views of Malibu Park, the schools, Zuma Beach and the coastline in each direction. There are six bedrooms in the home, on about an acre, where an unfinished foundation sat for almost two decades. Much of the home has wall-to-wall glass and huge sliding glass doors.
A home at the top of Decker Canyon sold for just a little more than $2 million, though it originally hit the market for about a million dollars more. It sits on 10 acres, very private, with mountain views, a pool and four bedrooms, down a long, secluded driveway.
One of the lowest sales prices in Big Rock in a long time was a very small two-bedroom home on less than an acre, for $1.1 million. The property first came on the market in May, and closed escrow six months later.
A Latigo Canyon home that was on and off the market for some time dealt at $1.5 million. A large home, with four levels of living space, including a loft above the top floor, it has ocean views from the front and back of the home, on a knoll location.
A beach home on Malibu Road sold for $9.3 million. The same home sold in 2005 for $5 million, before extensive upgrades last year, making it the highest year-to-year resale winner of the 20 previously mentioned. Celebrity-owned for many years, the home sits on 50 feet of beachfront and features four bedrooms and four bathrooms, a lush courtyard entry and detached guest house. The location of the home on the beach, near western beach rock formations, is one of its advantages.
Another fully remodeled contemporary home on the bluffs of Point Dume sold for $6.4 million after fetching only $3,850,000 in 2005. On less than an acre, but with commanding sunset views, the two-story home sits behind custom gates. The home has large outdoor patio spaces and mostly walnut hardwood floors inside.
Practically across the street, another home on less than an acre sold for $4 million. The previous year, before a spectacular remodel, it had sold for just less than $2.6 million. The current version, a four-bedroom home, has about two-dozen French doors opening to a saltwater pool area, a central courtyard and beautiful outside patio spaces.
A property on two and a half acres at the top of Rambla Pacifico sold late last year for $1,230,000, just less than it’s 2005 sale price and thus one of the two to have such a distinction in 2006. With ocean views, the home has four bedrooms. The deal closed escrow in November.
Nicknamed “Aspen in Malibu,” a six-bedroom estate on Winding Way recently closed escrow for $6 million. It sits on nearly three acres with excellent views of Paradise Cove. Originally built in 1979, the wood-sided home had sold in the year 1990 for $2 million and sold in 2004 for $3,850,000. The property has a two-bedroom guesthouse and a five-car garage.
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