Coldwell Banker: Malibu Market Update
The summer of 2014 will be one for the record books. I am in my 36th year of real estate in Malibu (20 with this company) and usually, summer in Malibu is slow, as most folks are enjoying their summer, going to the beach, traveling, etc. Not this summer. This was the busiest and best summer I can ever remember, capped off with some huge sales, that I am proud to say, Coldwell Banker was on 4 of the 6 sides of a $23 mil, $26+mil and $33+ mil sale!
From June 15 to September 15 (what I am calling summer), there were 67 closings and another 43 are currently pending.
Of the 67 closings, 21 were on the beach (Area 32) and 46 off the beach (Area 33). I have already mentioned the 3 largest as there were 3 over $20 mil and 5 more over $10 mil. At the lower end (under $2 mil) there were 22 sales, another 14 between $2 & $3 mil, so over half the sales were under $3 mil.
Regarding inventory, we still have plenty of homes for sale, 233 as of September 18 with 61 in Area 32 and 172 in Area 33.
I have noticed a little slowdown after Labor Day with fewer showings and new pendings, more than likely the usual post summer, back to school thing. Looking forward to a strong 4th quarter!
By: Jay Rubenstein
