America’s economy is steaming along strong, according to almost all indicators. The country is at peace (outside its borders, if not inside). There has been no significant natural disaster or recent major disruption to the harmony of the nation. Under such a backdrop, Malibu has a chance to thrive with its real estate market—and thriving it is!
Racking up impressive sales and statistics, Malibu is halfway through a robust seventh year in a row. Besides two ultra-mammoth deals (at $85 million and over), the market up and down the chart has been brisk, particularly as spring hit our coast. Mid-year stats will be arriving soon, but meanwhile, let’s look at some of the sales so far in 2018, randomly selected:
A Cape Cod-style beach home on Latigo Shore has sold for about $4.5 million. It was owned for decades by a celebrity and features an octagon-shaped dining room and lots of outdoor spaces near the end of the cul-de-sac. The home oozes with charm, having been built originally in the 1940s.
A cul-de-sac home in Big Rock has sold for just under $2.2 million. The ranch style one-story tract home has ocean view and four bedrooms, and was also owned for decades by the same owner.
A major estate in the Winding Way area was dealt for just under $16 million. It last traded in 2014 for about $7 million. The two-acre estate includes a home with eight bathrooms within more than 10,000 square feet, with a 10-car circular motor court. There is an infinity resort pool with waterfall, 75 feet long. The Mediterranean mansion has 270-degree views of rolling hills and the ocean.
Four homes have sold in Malibu West to this point, including three on Paseo Canyon Road, the most recent of which was not listed and sold privately for just over $1.7 million. It has five bedrooms. An earlier sale on the upper mesa, including ocean view, brought in a staggering $3,275,000, easily a new record for Malibu West. The four-bedroom home has a pool and was very modern and upgraded inside with the nicest of finishes.
Point Lechuza and Victoria Point, both adjacent to Broad Beach, have had big sales. The Victoria Point home, which closed escrow for $12,050,000, features a Calcutta marble kitchen and a stunning media room that showcases an artistic wine wall. The home features four bedrooms and six baths on about 46 feet of bluff and beach frontage. It is a “smart house” and includes a massage and exercise loft, library and elevator. A major sports star was the buyer.
A home in the back of Serra Retreat has sold for about $3.9 million, after a challenging two years on the market. Backed up to parkland, it includes a pool on two-and-a-half acres of privacy. The six-bedroom house is Mediterranean in style.
An ocean view home built in 1963 has sold for $1.7 million in the La Chusa Highlands alongside Encinal Canyon. On a hillside of less than an acre, it has three bedrooms and was a rental property for many years.
In early April, the sale of a La Costa Beach house amounted to about $6.3 million. On 40 feet of beach and with a celebrity pedigree, the home is 3+4 with a chef’s kitchen and spacious sunroom off the huge entertaining oceanfront deck.
Last year was a blockbuster year for Malibu real estate, going to new established highs in median and average values. If 2018 stays anywhere near 2017, it will be a prosperous year. Through May, that was the case.
The lowest-price beach sale this year has been a small cottage on Big Rock Beach for just under $2 million. On 33 feet of frontage, the home has two bedrooms and an interior courtyard.
A 41-acre ranch in Decker Canyon has sold for just under $2.5 million. It features equestrian facilities and 500 avocado trees. The house has an 18-foot river rock fireplace and ocean views. The property runs on its own water wells and solar power. It last sold four years ago for about half the current price.
A one-bedroom cottage in Malibu Park finally sold for $1,350,000; it was on and off the market for about 10 years. It has ocean views on a small lot of about one-quarter acre. Also in Malibu Park was the April closing of a $5.3 million estate on nearly two acres, with pool, ocean views and a Hamptons-style home. The gated four-bedroom, five-bathroom house is in a quiet cul-de-sac, with full landscaping.