I’ve enjoyed reading Rick Wallace’s columns on Malibu real estate over the years. Anyone who has lived here through several boom and bust cycles should appreciate his clear presentation of statistical trends and insightful analysis. So I was quite surprised to see Matt Borenzweig’s attack on Rick’s September 18 Malibu Times article. The fact that we are in a sharp downtrend is tough on people whose incomes have declined and it’s scary for those who counted on ever-increasing prices or used their homes as a big piggy bank. However, to attack Rick for presenting facts and suggesting strategies for sellers is a bit over the top.
Rick’s warning that the 20 per cent average (mean) price reduction of the 50 least expensive single family homes for sale in Malibu may not be adequate to get a home sold may be tough medicine to swallow, but shooting the messenger is usually counterproductive. A home seller must recognize the situation as it exists today instead of fixating on the giddy days of 2005. That prices may be returning to levels of 2000-2002 and then hovering at that level for another 7 – 10 years isn’t pleasant news for someone wishing to sell a house right now. Rick is not the only real estate analyst warning home sellers against this scenario and warning (sometimes begging) home sellers to avoid chasing a declining market with a series of inadequate price decreases when a properly priced home should sell in a reasonable amount of time. This is the kind of tough love advice one should expect from a professional.
Mr. Borenzweig’s attack on the Times for judging a contributor’s political opinions could be taken right out of Stalin’s Gulag. If we evaluate an article or, for that matter, a screenplay, on the writer’s politics we all lose a bit of the freedom of expression that makes our American experience so unique.
Scott Dittrich