In Malibu New Construction Comes At A Premium

by ritasimpson on July 19, 2012

in Community Information

Although the dynamics may be different  than in other regions of the country, Malibu Real Estate is also staging a great comeback.

In Malibu we can’t really measure new construction as an indicator because our city is  quite frankly anti-growth. The stumbling blocks to new construction are more than an obstacle course in an Olympic Championship. But it all is for a good cause: “keep Malibu Beautiful, Natural and Real” simply put Malibu does not go after snazzy development, although flashy homes tend to be built here. But….they go through a long process to make sure our environment is protected, and that there is no infringement on neighbors or the goals of the community.

In  other parts of the country the story is that the Price gap between old and New construction is narrowing. Why?

Keep in mind new homes tend to be more expensive. For one, the median new home is 2,300 square feet — 25% larger than the median existing one. There’s also less maintenance on new homes, experts say. Superior building materials add to the price tag in the short-term but make the new homes cheaper in the long run, says Stephen Melman, director of economic services at the National Association of Home Builders.

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