Malibu Distressed Sales Almost Half of Escrows

by ritasimpson on July 22, 2012

in How's The Market

Even as almost half  (42%) of the escrows in Malibu were of properties that were either Short Sales, REOs (Bank Owned properties) or properties that had a Notice of Default, Distressed Properties account for less than 6% of the listed inventory.

There is also on average a wide gap between the values of the  Distressed Properties that sold and the properties that sold in a Standard Sale: The Median for a Distressed sale in Malibu was $650,000 with a high Sale Price of $2,500,000 and a low of $299,000 and an average price per square foot of $394, while for the Standard sale the median was  $2,349,00 with a High sale price of $6,950,000 and a Low of $1,595,000, and an average Price paid per square foot of $1,100.

This all seems to point to the fact that  inventory of Distressed Properties is low, they are selling faster that the standard properties but these properties are mostly in the lower price ranges of the market.

 

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