Home sales have been more of a mixed bag, however, as the early returns on the year show disappointing sales and volume numbers. Little inventory, on the other hand, continues to put pressure on buyers who often act like they control the market, but they don’t. Though statistics for the first quarter show little price change, pressure upwards is being felt in every price tier.
Last year saw price increases in Malibu real estate of 15-18 percent and this year bodes well, also. Here is a random sampling of sales throughout Malibu through the first few months of 2015:
The Sea View Estates has seen an all-time high sale of $2,750,000 for a distinctive mansion of nearly 6,000 square feet. The five bedroom home with pool on a half acre has long been the largest home in the neighborhood, and last sold in 2004 for just over $2 million. Two other sales in the custom home housing tract up Las Flores Canyon have gone in the $1.4-1.5 million range.
A celebrity-owned property popularly viewed on star’s home tours above the Malibu Pier, in the hills of Serra Retreat, sold in February for about $10.6 million. The property was purchased last in 2005 for $6.5 million. The lot has more than two acres but the main feature of the contemporary home are the amazing views of the coastline, Malibu Lagoon, Surfrider Beach and the entire Santa Monica Bay. The four-bedroom home is the highest sale off the beach so far this year.
Two homes combined into one ocean view compound sold in the Horizon Hills above Malibu Park for just over $4 million. The homes are on two separate lots but with one driveway, all used together. Combined, there is about 7,000 square feet, originally constructed in the 1970s, and with unobstructed views of Zuma Beach.
Under $2 million is a very low price for Serra Retreat, but a four-bedroom house dipped under that price in a March closing. The property, actually last listed below its final sale price, was a rare short sale. It has a pool and four fireplaces throughout the home, with a spacious kitchen.
The main street of Malibu West has seen three quick sales, all close to each other, for $1,535k, $1,650k, and $1.8M. Such is the range for the 1960s tract neighborhood that has its own beach club. Each home is four bedrooms on a standard lot. Another home on the upper mesa sold for $2.3 million, however. (The same home sold for much more in 2008). It also has four bedrooms, an ocean view, in Cape Cod style and a resort feeling to it.
The top sale on the beach so far this year, other than to be mentioned below, goes to the Malibu Colony. The home is three stories with five bedrooms, on a narrow 30-foot lot. It traded for a little more than $10 million.
Down at the other end of Malibu Road, a remodeled contemporary home dealt for $7.7 million. The two-story home is virtually all windows to the ocean on both levels. The property has a detached guest house and sits on 50 feet of frontage.
The upper part of Broad Beach saw a home transact at about $2.8 million earlier this month. It is a four bedroom Craftsman home that is a short walk to the sand. It has a gourmet kitchen with granite countertops, top of the line appliances and center island.
A fixer home on Upper Zumirez has sold twice in the past year. After getting $1.6 million last year, the price was just over $2.1 a month ago. Originally built in 1960, the home sits on two usable acres and has a Santa Monica Bay view.
Two homes have sold for more than $3 million in Malibu Country Estates, a very healthy sign for the neighborhood and Malibu as a whole. Only once before has $3 million been topped in the neighborhood. One of the homes is a one-story, four-bedroom home with a huge patio and a saline pool/spa looking out to a sweeping ocean view. The large master suite takes in the same view. Both homes are more than 3,500 square feet.
The second highest sale in Malibu history landed just as the year began. It was not actively listed but sold in a private transaction. According to public records, the price was $60 million. The property is a fantastic, four-acre compound on Paradise Cove. It has just about everything an estate could hope to want, including direct access to the beach, as well as many guest units, tennis court, and fully landscaped and walled grounds. While never confirmed in public records or otherwise, the highest sale ever in Malibu is purported to be on Encinal Bluffs, a seven acre compound in early 2013 for $74 million.