Malibu Posted The Most Expensive Real Estate Sale In The Nation Last Year

by ritasimpson on February 7, 2014

in How's The Market

 Luxury sales came roaring back to Southern California last year, and there is no reason to expect less this year.

Sales of homes priced over $1 million went up by 45% last year compared to 2012, and just 8% shy of the sales volume of homes over $1 million in 2007!

Malibu notched the most expensive sale last year — at  $74.5 million for a 15,355-square-foot, eight-bedroom, 14-bathroom beachfront estate built in 1993, according to Dataquick. The estate sits on a 4.85-acre lot on the north end, the Encinal bluffs area of Malibu,  with a tennis court and infinity pool and sweeping ocean view.

According to Forbes.com  in a Dec 6 posting,  Howard Marks, founder of Oaktree Capital Management, sold the estate to an anonymous Russian buyer. It was the most expensive sale in the U.S. at the time and a record for Malibu, the site noted.

“The luxury home market is unique, and always has been,” John Walsh, DataQuick president, said in a statement. “It responds to its own set of economic factors. Things like job growth, mortgage interest rates and migration patterns do not play the same role as IPOs (and) stock-market performance.

 

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