Malibu Real Estate, Highlights

by ritasimpson on December 15, 2011

in How's The Market

The market is moving nicely in Malibu Real Estate although the composition of what is selling is changing. While in the past we would hear mostly about the glamorous sales, today buyers are snapping up opportunities in beach front and land side distressed homes and condos.

Of the 213 registered sales on the MLS so far this year,  61 were sales of distressed properties or 29% of the market. That is double of the results for 2010.

Of the sold distressed properties 3 were of beach front single family homes at a Median of $5,350,000,  7 were beach front Condos at a Median of $490,000, and 23 were land side  single family homes at a Median of $1,115,000. The rest was split between land side condos and land.

Of interest is the fact that on average  in the beach home category prices paid per square foot were higher for the distressed properties than in the standard sales. Distressed beach properties survey got $2,292 per square foot while the standard sales got $1,966 per square foot. The opposite occurred with the land side sales where the average price paid per square foot for the distressed properties was about $468 while in the standard sales it was $677 a two hundred-dollar per square foot difference in favor of the distressed properties.

Foreclosure filings may have fallen in November but the number of homes scheduled for bank auctions grew significantly, indicating that a new wave of foreclosures are set to take place in the New Year. That may not necessarily apply to the Malibu Real Estate Market, however as we have experienced in the past if the wave grows  it is likely to be felt here too. Here are some examples.

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