2010 Malibu Sales January 1 to February 25

2010 Single Family Residence Sales

Address                                     Listing Price     Selling Price

1 18151 Kingsport Dr                $1,275,000   $1,220,000
2 18357 Wakecrest Dr              $2,299,000    $2,150,000
3 18326 Clifftop Way                $2,485,000    $2,150,000
4 11892 Beach Club Way          $1,695,000    $1,600,000
5 19710 Pacific Coast Hwy        $2,795,000   $2,200,000
6 18980 Pacific Coast Hwy #2   $2,999,999   $2,750,000
7 31950 1/2 Pacific Coast Hwy  $7,995,000   $6,300,000
8 24166 Malibu Rd                    $16,500,000  $15,000,000
9 43 Paradise Cove                    $295,000        $265,000
10 33439 Mulholland Hwy          $864,800       $827,637
11 140 Paradise Cove Rd           $985,000       $937,500
12 140 Paradise Cove #140        $985,000       $937,500
13 31435 Birdella Rd                  $1,050,000    $1,000,000
14 20404 Roca Chica Dr            $1,075,000     $1,056,600
15 29343 Bluewater Rd              $1,495,000     $1,510,000
16 29201 Larkspur Ln                $1,795,000     $1,650,000
17 20721 Big Rock Dr               $2,199,950      $2,000,000
18 24507 Vantage Point Ter        $2,200,000    $2,000,000
19 1771 Rambla Pacifico            $2,995,000     $2,750,000
20 3600 Sweetwater Cyn Dr       $4,850,000     $4,300,000
21 26258 Fairside Road              $551,000        $551,000

2010 Condominium/Co-Op Sales

1 27400 Pacific Coast Hwy #106   $500,000       $459,000
2 25120 Malibu Rd                        $4,950,000     $4,600,000
3 11938 Oceanaire Ln                    $550,000       $510,000
4 6473 Zuma View Pl #135            $1,239,000    $1,150,000
5 23901 Civic Center Way 373      $430,900       $430,900
6 6450 Lunita Road 122 #122        $899,000       $875,000

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Malibu City Election - City Council

As a Malibu Realtor, I speak with hundreds of Malibu citizens over the course of a year. In Malibu election seasons such as now, the talk is often of the local campaign. I am frequently asked which candidates I view favorably in the city council election.
In that vein, I write to you. Malibu will be electing two new city council members on April 13.
This year, I wholeheartedly endorse Laura Rosenthal. And I would recommend Lou Lamonte for your second vote.
It should be an exciting campaign with 10 individuals running this year! I believe Laura Rosenthal and Lou Lamonte represent our best choices: first, to bring reason and fairness to property rights matters that I care so much about; but also to the many other needs of the community and individuals within.
The “other camp” is expected to spend a lot of money and run a tough, perhaps bitter campaign. Watch closely the characters of ALL participants in this April 13th election. I hope you and the plurality of our voting neighbors cast your ballot with the desire for balanced thought and harmonious conduct in our local government.
Laura Rosenthal and Lou Lamonte are the best candidates to achieve such results, and best represent Malibu. You can find out more about each candidate or find out how you can help, by visiting their websites www.rosenthal4malibu.com or www.lamontemalibu2010.com.
Rick Wallace

Letter to the Editor

This article was recently published about me in The Malibu Times opinion section: Letters to the Editor
Published: Wednesday, February 10, 2010
Credit given
I am an appraiser who specializes in the appraisal of luxury and ultra-luxury homes in Malibu and Beverly Hills.
In the past year I have appraised more than half of the sales in Malibu in the $5 million-plus range for one of my clients.
There is a section in the appraisal report form named “Market Conditions.” In my report, I quote Rick Wallace and The Malibu Times extensively. The powers that be in New York and Germany think I am a genius.
Truth be told, I just paste and click Mr. Wallace's quotes (with proper credit given to your paper).
This note is to give credit where credit is due and to hope that Rick Wallace will continue to be a regular contributor to The Malibu Times.

Mark J. Mallinson

Home values sink 33 percent

After two years with a median home value at more $3 million, Malibu's residential real estate market saw a 33 percent plummet in values in 2009. The median price of a home sale dropped from $3,325,000 to $2,225,000.
The year began with few sales and distinctly lower prices. Throughout 2009, as deals trickled in, the median remained at less than $2.5 million. The Malibu median price, the point at which half the homes sell for more and half sell for less, is just above the level of 2004.
Only 104 known sales occurred in the Malibu real estate area that includes all addresses with a 90265 ZIP code, counting sales not reported in the local Multiple Listing Service. That is the lowest of any year going back at least 30 years, according to records. By any gauge, 2009 was the worst year for local real estate ever.
Consider that the state of California median home price had never seen a slump of more than 5 percent in one year, but then experienced a 55 percent drop during 24 months (mid-2007 thru mid-2009). It was only a matter of time before the upper end, which the Westside and Malibu represent, would suffer the impact. Malibu had never had a single-year drop of more than 10 percent in its values. Last year's slide had been thought unimaginable based on past performance.
The entire spectrum of the market is feeling the hurt in Malibu. That includes the upper end, sometimes thought to be impervious to economic forces. Nine deluxe Malibu properties found buyers for more than $10 million during 2009. But that is far less than recent years. In 2007, for example, there were 25 such sales.
At the base of Malibu real estate-condo sales-trying times prevail. After 117 sales in 2005, Malibu condo transactions numbered only 50 by 2007, 37 in 2008 and 35 last year. The median of 2008, $1,045,000, was reduced to $822,000 in 2009. Whereas no condo sold for less than $567,000 in 2007, there were three sales for less than $400,000 in the closing stages of last year.
During the past two years, Malibu homeowners have demonstrated a very deep love of their homes. Their appreciation and pride for their properties, no matter how long occupied, has translated into emotional listing prices, at least for those daring 47 that met with much resistance from the buying public.
The wide gap in opinions of value between buyers and sellers resulted in sales volume last year of less than $400 million, the lowest since 1997. For local brokerages, the business pie was 61 percent smaller than in 2005. Furthermore, about $1.5 billion in listings did not sell during the year. Five particular local Realtors alone accounted for $840 million in listings of homes that went unsold, but required expensive marketing.
It follows that the number of homes for sale, commonly called the inventory, is at high levels. Buyers have plenty to choose from among increasingly competitive sellers (all in an environment of already reduced prices and very low interest rates). Two hundred thirty homes listed for sale in the 90265 ZIP code in January was the highest tally for the month since 1999.
Since the upper end of the market was contributing less weight to the sales barrel, the average price of a home sale was also dramatically lower.
Compare: In 2008, 117 sales for $574,790,000 made for an average of $4.9 million per sale; last year, 104 sales for $384,739,000 put the average at $3.7 million per sale.
Frequently reported in the media is the increase of real estate activity in the state and region, which will surely arrive in Malibu before long. Gradual price stabilization, now seen in the lower price tiers of the Southland, will be Malibu's next phase. The stunning buying opportunities of present will diminish.
How the market reacts after some stabilization is unknown. For sellers who have been chasing the market downward seemingly forever, at least it will be refreshing to regain some negotiating backbone. For buyers who missed out in 2002 and 2003, before triple-digit appreciation raged throughout the market place, the values of those years will once again be available to capture.