The Luxury Malibu Real Estate Market
MALIBU, Calif., Dec. 29, 2012 /PRNewswire/ -- The luxury Malibu real estate market took a turn for the better in 2012. According to records from the L.A. Multiple Listing Service, through November 2012 there were 190 sales of single-family homes over $1 million, the best since 2005 and 49 more sales than 2011. Looking at the $5 million plus market, through November 2012 there were 42 sales, the best in years and 20 more than in all of 2011. Looking at the blockbuster market, (i.e. $10 million plus) there were 6 sales, 2 less than 2011, but when 3 undisclosed sales from the L.A. County Public Records are included, the total adds up to 9 sales.
As of November 2012, there are also 42 Malibu homes in escrow over $1 million, and out of those, 8 over $5 million and 2 over $10 million, with the leader at $16 million located in MariSol Malibu, an exceptionally private, award winning resort-style residential community of 17 grand properties including Malibu beach homes and oceanfront lots for sale.
The industry experts in Malibu and around the country have weighed in on the real estate market with positive expectations. The Malibu Times said, "2012 has ended the sweet five-year period of the 'buyer's market' in Malibu." According to a recent article from the California multiple listing service, "California is one state posting significant improvements" as the "housing market continues to improve." On a broader national scale, the Wall Street Journal reported on November 29th that the real estate market in October "saw demand hit its highest level in 2.5 years."
Some notable blockbuster sales in Malibu from 2012 include a November mega sale for $37 million on Carbon Beach, an Encinal Bluff estate sold for $13 million in June and in April, a Point Dume bluff home sold for $21 million. There was also an $18 million sale on Malibu Road in October.
If the American economy continues to improve, the momentum from Malibu's 2012 sales should make 2013 a record-breaking year for the luxury Malibu real estate market. For the New Year, MariSol Malibu will put its newest luxury home on the market in February at $15.9 million.
SOURCE MariSol Malibu