LivingMalibu.com » Malibu Market update http://www.livingmalibu.com Malibu Real Estate-Malibu Homes For Sale Tue, 18 Jul 2017 20:51:46 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Malibu Beach Home Prices Soar http://www.livingmalibu.com/malibu-beach-home-prices-soar/ http://www.livingmalibu.com/malibu-beach-home-prices-soar/#comments Sat, 25 Jun 2016 21:18:48 +0000 ritasimpson http://www.livingmalibu.com/?p=3504

For the last couple of years Beach activity was stale. We would get a couple of spectacular sales but on average that market was lagging. Not Any More! this year the pace of homes sold has more than doubled and prices have soared. On average the Median Price for a Malibu beach house has gone ...]]>

For the last couple of years Beach activity was stale. We would get a couple of spectacular sales but on average that market was lagging. Not Any More! this year the pace of homes sold has more than doubled and prices have soared. On average the Median Price for a Malibu beach house has gone from $5,175,000 last year to about $8,875,000 so far this year. That is about a 70% jump UP!

Take a look at this gorgeous listing on Escondido Beach. One of may favorites! it’s on a super sandy beach that is open all the way to Point Dume, so you can enjoy those long walks watching the waves or dolphins, and even stop by for a drink at Paradise Cove Cafe on your way to the tide pools or surf points on Point Dume.

For more details on this or any other Malibu beach house call or email me. Id be happy to help.

We're sorry, but we couldn't find MLS # 16125854 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

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Malibu Road Properties Values Soar http://www.livingmalibu.com/malibu-road-properties-values-soar/ http://www.livingmalibu.com/malibu-road-properties-values-soar/#comments Tue, 21 Apr 2015 17:37:29 +0000 ritasimpson http://www.livingmalibu.com/?p=3412

Malibu Road has always been one of the favorite beach property locations for buyers moving into Malibu. In the last 12 months the median price paid for a home on Malibu road soared  by 38.8% from the previous 12 month period. While price per square foot soared by 25.8%.

The reason people like Malibu Road as ...]]>

Malibu Road has always been one of the favorite beach property locations for buyers moving into Malibu. In the last 12 months the median price paid for a home on Malibu road soared  by 38.8% from the previous 12 month period. While price per square foot soared by 25.8%.

The reason people like Malibu Road as a beach property destination?  MANY and not only for the gorgeous and mostly private beach but also for sure because It’s central: close to everything Malibu. You can walk into town to the Malibu Lumber Yard the heart of all commercial activity in Malibu. There you can enjoy top tier shopping, restaurants, movies, there is even a great childrens park, so you can take a break, or even take a walk around the Malibu Lagoon where you can bird watch, go to the beach or visit the Adamson House home of the original family that owned all of Malibu and the original Malibu Tiles .

Sorry, but we couldn't find any results in the MLS that match the specified search criteria.

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Third Quarter Malibu Market Update http://www.livingmalibu.com/third-quarter-malibu-market-update/ http://www.livingmalibu.com/third-quarter-malibu-market-update/#comments Sat, 08 Nov 2014 20:32:03 +0000 ritasimpson http://www.livingmalibu.com/?p=3353

Few names evoke visions of casual elegance of beach living as readily as Malibu. Situated close to the mega metropolis of Los Angeles, Malibu has been home to some of the most influential people in the world. The beauty of the varied terrain and the pristine beaches and rural feel are hard to find anywhere ...]]>

Few names evoke visions of casual elegance of beach living as readily as Malibu. Situated close to the mega metropolis of Los Angeles, Malibu has been home to some of the most influential people in the world. The beauty of the varied terrain and the pristine beaches and rural feel are hard to find anywhere else in Southern California.

The third quarter showed continued strength and upward price appreciation in all segments of the real estate market. Take a look at the tables bellow.

Malibu Landside Properties had robust growth in the upper segment of the market, properties over $3 million dollars with a 37% increase in the Median of sold properties compared to the same quarter last year!

The Beach side properties showed increased activity in the medium segment of properties priced under $3 million where the Median of sold properties increased by 17% in the last quarter compared to the same period last year. Here are the details:

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International Buyers Guide For Malibu and the USA http://www.livingmalibu.com/international-buyers-guide-for-malibu-and-the-usa/ http://www.livingmalibu.com/international-buyers-guide-for-malibu-and-the-usa/#comments Sat, 30 Aug 2014 17:12:10 +0000 ritasimpson http://www.livingmalibu.com/?p=3324

Foreign buyers have flooded our Malibu market but few know how to navigate the system. Here is a guide to help you get the Malibu property you seek. In the US, almost all new real estate listings are posted to the Multiple Listing Service – or MLS – within 24 hours of coming up for ...]]>

Foreign buyers have flooded our Malibu market but few know how to navigate the system. Here is a guide to help you get the Malibu property you seek.
In the US, almost all new real estate listings are posted to the Multiple Listing Service – or MLS – within 24 hours of coming up for sale. This ensures that active listings are available to all agents, and differs from practices in many other countries, where buyers have to go from agent to agent to find a property. However, a number of listings in certain markets – the luxury market in particular – remain “pocket” or “quiet” listings. Hence, it is important to have a real estate agent who is a specialist in the area you are interested in who is well connected in the community.
COMMISSIONS
The sales commission in the US is always paid by the seller, and then divided equally between both the buyer’s and seller’s brokers and agents. Generally, commissions range from 2 to 5 percent, depending on the property and the market. Buyers here don’t pay a dime to have an agent working on their behalf, and it is therefore always advisable to work with an experienced broker or agent who will protect your interests in the transaction, and to be loyal to the agent working on your behalf so that they invest in you the time required to best serve you.
WHAT YOU NEED TO PROVIDE:
 To purchase a home, be ready to prove who you are. You don’t need to be a US citizen, but you do need an Individual Taxpayer Identification Number. This is a number assigned by the Internal Revenue Service to foreign nationals who need to file income tax returns, something you will have to do when 
buying real estate here. You will also need a valid foreign passport, or two or more current photo identifications such as a driver’s license, in order to verify who you are and your country of origin. Though property ownership isn’t tied to immigration or visa status, there are still rules about how long 
you can stay in the US, so if you’re not a citizen, check out US visa requirements before you purchase.

FINANCING:
Qualified foreign buyers can generally obtain financing for properties with a 30% down payment – though certain
markets require a 40% down payment. Check the specific state requirement where you plan to buy.
Banks are happy to offer mortgages to foreign buyers, but they usually require a relationship with the customer that
goes beyond just the mortgage. Some banks, such as HSBC (which does a great deal of foreign homebuyer financing) have a requirement that the buyer hold a $100,000 deposit with their bank. Banks often also want to see proof of 12 months’ reserves to cover mortgage payment, maintenance, and taxes, in addition to the $100,000 mentioned above.
I have relationships with many of the major mortgage banks, and  can help you find a lender and mortgage terms
that best suit your needs. Please get in touch if you’d like more specifics on various financing options.
VERIFICATION DOCUMENTS:
International buyers will usually be asked to provide the following documents, so it’s a good idea to get them in order
ahead of time:
Credit References:Usually at least four references from credit sources will be
required for mortgage loan applications. These documents must come from finance professionals such as accountants,
bankers, or insurance officials. This is very important – in 2012, US realtors reported that most of the deals that fell
through with foreign buyers did so because the buyers lacked adequate credit history.
Proper Visa or Foreign Passport Copy
Double check to make sure these documents haven’t expired and aren’t expiring anytime soon.
Verification of Rent/Mortgage Payments: Proof of rent or mortgage payments are generally required for a period of at least one year before the application.
Proof of Employment: International buyers, just like US buyers, will be asked to :You will need to show that you can afford the purchase, as well as have funds on reserve to cover the full first year of payments, insurance costs, taxes, etc.
Every US lender requires borrowers to purchase homeowners insurance to protect the home from any potential damage
and natural disasters. Insurance costs vary based on the size of the property and by state. Costs tend to be significantly
higher in states prone to natural disasters, such as Florida
and Texas.
EVERYTHING YOU WANT TO KNOW ABOUT TAXES
Tax liability is different for foreign nationals than it is for US residents. Here’s a quick breakdown of major distinctions:
•  While federal tax on long term investments (holding property for over a year) is 15% for US residents, foreigners pay 30%.
•  Under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), income tax is withheld immediately after a non US-resident sells property. The rate varies from state to state, but the federal rate is a flat 10%.
•  The IRS requires a “Statement of Withholding on Dispositions by Foreign Persons of US Real Property 
Interests.” In addition, many states request a “Nonresident Real Property Estimated Income Tax Payment Form.”
•  I recommended seeking the expertise of a professional tax accountant to provide assistance with these forms. Consult a Tax Specialist in Your Home Country An international buyer’s overall tax liability will also differ country to country based on the home country’s tax treaty with the US. Therefore, it’s best to consult a tax advisor in the buyer’s country of residence, who is familiar with the tax treaty 
and its provisions. The capital gains rate for US residents is 20% (if the property was owned for more than one year) but it could be higher if you are from certain countries. Check with a local 
tax specialist before you buy.

RENTAL INCOME
US law requires that the foreign nationals “elect“ to pay US income taxes on any net income earned from rental property. If this election is not made in a timely fashion – and the proper forms filed with the IRS – a tax of 30% of the gross rental income will be demanded. Even if the property owner is incurring tax losses initially and doesn’t owe any taxes to the government, he or she must still file their tax returns in order to make the “election” required by law.
DEDUCTIONS!
The good news is that international buyers who finance their purchases with a 40 to 50% down payment will generally not pay income taxes on their rental income for the first 10 to 15 years, since the US is very generous when it comes to expenses that can be deducted from rental income. Mortgage interest, common charges, depreciation, property taxes, insurance, and amortization of closing costs can all be claimed as deductions against income, so in the early years your property will generate negative taxable income and you will not have any tax liability.
NOTE: You Do Not Have To Be in the US to Close the Deal.
When the property is officially closed on and transferred to the new owner, the new owner does not need to be in the
US. Instead, the owner can provide his or her representative (usually a broker) with “Power of Attorney,” and then the
representative will close the deal on behalf of the new owner. This is a common practice and can be very convenient for the buyer who does not want to come back to the US for the closing. Talk to your realtor about that possibility if it may
interest you.
.ESTABLISHING AN LLC
 International buyers should ask themselves if it suits their interests to buy under the name of a domestic US company, or LLC (Limited Liability Company). Although there are benefits to buying through a LLC, such as tax incentives, certain treaties between a foreign country and the US can sometimes detract from those advantages. Foreign buyers should do their research ahead of time, and enlist the help of a tax adviser who specializes in international law.
Here are six things you should know about LLCs in the United
States:
1. It takes one week or so to form an LLC.
2. The LLC has to be created in the same state as the
property to be purchased.
3. The LLC is required by law to file local, state, and federal
tax returns.
4. An LLC can include foreign nationals and US residents.
5. At the time of sale, property owners can sell or transfer
shares of the LLC to a buyer.
6. A US-based LLC can be owned by a Foreign Corporation
for additional benefits.
Tip – If You Want To Avoid the US Estate Tax
When a non US-resident dies, his or her estate will be taxed by the US government at roughly 45%. This can be avoided if the international buyer sets up a Limited Liability Corporation (LLC) – which owns the property – and a Foreign Corporation to own the LLC. Since the property in this scenario is owned by the Foreign Corporation, the US would not be able to tax it upon the death of the owner. This can be a huge tax savings and is not very expensive or time intensive to implement, especially if you solicit professional help.
If you are considering buying property in Malibu or the Los Angeles area, give me a call 310-617-0996. I will make your search easy fun and productive!
This is meant as a general guide. Please consult an international tax attorney before you make any decisions.
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Malibu Beach Home Sales Soaring http://www.livingmalibu.com/malibu-beach-home-sales-soaring/ http://www.livingmalibu.com/malibu-beach-home-sales-soaring/#comments Mon, 18 Aug 2014 19:38:37 +0000 ritasimpson http://www.livingmalibu.com/?p=3313

Malibu Beach properties are selling at a very fast pace this year despite the lull in the broader market.

While sales in the over a million dollar homes grew by 9.1% ,  sales overall fell 7.4%, according to a recent study performed by San Diego-based DataQuick. Additionally, California in the second quarter set all-time records for the ...]]>

Malibu Beach properties are selling at a very fast pace this year despite the lull in the broader market.

While sales in the over a million dollar homes grew by 9.1% ,  sales overall fell 7.4%, according to a recent study performed by San Diego-based DataQuick. Additionally, California in the second quarter set all-time records for the number of homes sold for more than $2 million, more than $3 million, more than $4 million and more than $5 million.

In Malibu, during the last six months,  we experienced a 40% increase in the Median of sold beach properties!

Here are the recently sold homes:

Sorry, but we couldn't find any results in the MLS that match the specified search criteria.

 

What’s driving these high-end home sales? According to market-watchers, there are several factors.

One is the hot technology sector in the Bay Area and some affluent parts of Southern California, which is minting new millionaires who can afford seven-figure homes. Another is the 11.6% price growth in California over the last year, which means a house worth $925,000 last summer may be worth $1.03 million today. And there’s the influx of international buyers, which is pushing up prices at the high end.

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Looking To Buy In Malibu? Compare Neighborhoods First http://www.livingmalibu.com/looking-to-buy-in-malibu-compare-neighborhoods-first/ http://www.livingmalibu.com/looking-to-buy-in-malibu-compare-neighborhoods-first/#comments Wed, 06 Aug 2014 22:37:20 +0000 ritasimpson http://www.livingmalibu.com/?p=3281

If you are looking to move to Malibu and are not intimate about the area try out the neighborhood search on this site to familiarize yourself with the differences in each area. Believe me, they are substantial and not only in price!

Getting to know what area suits your lifestyle best will not only save you ...]]>

If you are looking to move to Malibu and are not intimate about the area try out the neighborhood search on this site to familiarize yourself with the differences in each area. Believe me, they are substantial and not only in price!

Getting to know what area suits your lifestyle best will not only save you lots of time, it will enhance your appreciation of the properties you choose to visit and will make your decision easier and more informed.

Nature lovers who want more quiet and more space will have more choices than those that don’t want to drive up a canyon or the ones that strictly want a beachfront property. The good news is that there is something for nearly every preference and pocket book. If you would rather see the difference in person, give me a call to schedule the tour that will answer your questions.

 

 

 

 

 

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Malibu / In-Town Q2 Comparative Market Update http://www.livingmalibu.com/malibu-in-town-q2-comparative-market-update/ http://www.livingmalibu.com/malibu-in-town-q2-comparative-market-update/#comments Mon, 04 Aug 2014 21:40:41 +0000 ritasimpson http://www.livingmalibu.com/?p=3273

The Malibu Real Estate market remained strong in the second quarter.  Compared to last year’s Q2, average prices for the whole area increased by 12.5% to $3.15 million and the Median jumped by 16% to $2.5 million. While sales volume at the beach decreased compared to landside sales,  the average prices at the beach jumped ...]]>

The Malibu Real Estate market remained strong in the second quarter.  Compared to last year’s Q2, average prices for the whole area increased by 12.5% to $3.15 million and the Median jumped by 16% to $2.5 million. While sales volume at the beach decreased compared to landside sales,  the average prices at the beach jumped by 25% a 8% advantage over  the landside properties in Malibu, where sales remained at same levels of  Q2-2013.

Santa Monica by contrast experienced a slight decrease in  volume of SFR sales but had a 6% increase in PPSF. Condo sales however jumped more than 25% in Santa Monica.

In Bel Air, Mega deals characterized the first half of 2014 with six deals over $20 million and the historic sale of 350 N. Carolwood Dr at $102 million!

In Beverly Hills continued strong demand in the high end of the market pushed average prices by 16% to $5.2MM, and a couple of closing above $30 million.

The Sunset Strip area saw SFR sales soften last quarter with prices down by 8% and condo prices dramatically down by 24% causing the volume of condo sales in the area to double!

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Malibu Market Shifts Into High Gear http://www.livingmalibu.com/malibu-market-shifts-into-high-gear/ http://www.livingmalibu.com/malibu-market-shifts-into-high-gear/#comments Sun, 06 Jul 2014 17:57:51 +0000 ritasimpson http://www.livingmalibu.com/?p=3229

While last year we saw property sales on the land side of Malibu concentrated in the under $2 million dollar range. This year so far sales are tilted towards the higher priced properties. The price range that has been more popular so far this year is in the $3 million to $5 million dollar range, ...]]>

While last year we saw property sales on the land side of Malibu concentrated in the under $2 million dollar range. This year so far sales are tilted towards the higher priced properties. The price range that has been more popular so far this year is in the $3 million to $5 million dollar range, with sales over one and a half times more than last year in this same bracket. On the $2 million to $3 million dollar range, sales increased by 50% so far this year compared to the same period last year and in the over $5 million dollar range sales increased 6 fold more than last year in this price bracket.

All indicates that the winds have finally shifted towards the super luxury properties in Malibu with little activity in the lower brackets. This may be because offerings are mostly concentrated in the higher brackets. While there are 180 properties on the landside for sale in Malibu today, only 37 are priced under $2,000,000 dollars. with 55 priced over $5,000,000 dollars and 143 priced over $2,000,000. It is clearly the exception to find a property under $1,000,000. Today there are only 3!

Notable among the sales this year are:

Sorry, but we couldn't find any results in the MLS that match the specified search criteria.

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Malibu Beach Market Update http://www.livingmalibu.com/malibu-beach-market-update/ http://www.livingmalibu.com/malibu-beach-market-update/#comments Wed, 18 Jun 2014 19:41:57 +0000 ritasimpson http://www.livingmalibu.com/?p=3215

The first 6 months of 2014 had mixed results for the Malibu Beach homes market. While homes in the $5 to $10 million dollar range had a 200% increase in sales this year. The total sales volume for the beach house market was down 24% from last year, so most sales were of the Mid-High ...]]>

The first 6 months of 2014 had mixed results for the Malibu Beach homes market. While homes in the $5 to $10 million dollar range had a 200% increase in sales this year. The total sales volume for the beach house market was down 24% from last year, so most sales were of the Mid-High end properties.  Prices in the most active price range of $5 to $10 million dollar properties saw the Median appreciate by 12.6%, while properties in the over $10 million dollar range saw the median go up by almost 27% but had a 30% of the sales as compared to last year.  Contrary to common intuition, the properties that remained flat were the lower priced properties,  the under 5 million dollar range, which had half the sales this year than the same period a year ago.

Here are charts comparing last 2 years activity. Be sure to compare each month to its corresponding month for a more accurate insight.

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Malibu Sales Up 20% In 2014 http://www.livingmalibu.com/malibu-sales-up-20-in-2014/ http://www.livingmalibu.com/malibu-sales-up-20-in-2014/#comments Wed, 05 Mar 2014 20:10:36 +0000 ritasimpson http://www.livingmalibu.com/?p=3103

Despite the Very tight inventory, and tight financing conditions, sales are up in Malibu.

A gloomy real estate  forecast  for most Southern California areas for 2014 appears to not be affecting the Malibu Market.

While in  six county regions of Southern California, sales in Jan-Feb were down 21 percent from  December and down 10 percent from the same ...]]>

Despite the Very tight inventory, and tight financing conditions, sales are up in Malibu.

A gloomy real estate  forecast  for most Southern California areas for 2014 appears to not be affecting the Malibu Market.

While in  six county regions of Southern California, sales in Jan-Feb were down 21 percent from  December and down 10 percent from the same period a year earlier. In Malibu sales were UP 20% during the same period and Sale to list price was at 90% 5% above last year’s ratio.

DataQuick reports that 2014 started out with continued tight inventory, rising prices, rising interest rates and a shortage of baragin-priced foreclosed homes. We currently have none in Malibu.

In the overall region, sales were 17 percent below the average 17,493 for a January dating back to 1988, when DataQuick began tracking the marker. That is not unusual, though, since the market collapsed in the middle of the last decade.

Read the full story here.

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