Southern California and the greater Los Angeles area have many amazing neighbourhoods and beautiful communities. But nothing can bit Malibu’s location and infrastructure. Malibu is known worldwide as a playground for the rich and famous and is home to Hollywood celebrities and the titans of many industries. Most recently Larry Ellison of Oracle spent $195 million on properties in Malibu. In December a Russian Billionaire spent $75 million on a beachfront home in Malibu, the highest price ever paid for a property in Malibu.
Elite Club spoke to Brian and Judy Merrick who specialize in residential Real Estate in the posh seaside community of Malibu California. Brian and Judy are members of Coldwell Banker’s exclusive International Elite for sales production placing them in the top 2% of all agents internationally. Coldwell Banker Malibu is the dominant Brokerage in the seaside community with over 50% market share. Specializing in beach front and landside mansions the Merrick’s are native to Malibu and bring a wealth of local knowledge unmatched by other agents.
Could you please describe the real estate market in Malibu?
The Malibu California real estate market is unique because of its location and weather. Malibu is 26 miles of coastline 30 minutes outside of Los Angeles and is home to celebrities, business executives, and international dignitaries. With only a limited number of properties along the water demand is high for Malibu real estate. Malibu’s laid back beach vibe is sought after by high net worth clients and is in stark contrast to the hustle and bustle of Los Angeles. People feel relaxed and invigorated by beautiful weather and gentle sounds of the ocean along the coastline.
What is so special about Malibu?
Malibu California has always been known as a playground for the rich and famous as well as the Hollywood elite. Malibu has beautiful beaches and miles of hiking trails through the coastal mountain ranges which are accessible year round. Where else can you hike a rural trail with no sign of civilization around and then settle in for dinner and drinks on the beach at world famous Nobu restaurant. If Nobu is not your thing you can shop at the many high end stores located in Malibu like Lanvin, James Perse, Ralph Lauren, Kitsen, and many more. Finally, if you want a feel for the surf culture try Dukes restaurant on the beach for some Mai Tais . The weather in Malibu is nice all year with no humidity or insects making outdoor activities enjoyable every day.
What are the best areas in Malibu?
Beach front properties are the most popular and sought after properties in Malibu and are in high demand as there is a limited supply. Carbon Beach is most popular with tear down properties selling for $9 million and up. The Malibu Colony is also popular with celebrity clientele due to the gated and 24 hour guards who patrol the beach. For families Point Dume is most popular with private beach access and large blocks of land.
What is the price range for a nice mansion/house for rent and sale?
Nice beach houses sell for $10 million to $35million on average and those same houses rent for $150,000 per month for furnished summer rental and yearly for $40,000.
Most people in Malibu buy the property as a second home?
Malibu has a mix of full time residents and second vacation homes. Often people will buy homes as a second home but find the lifestyle so appealing that the property soon becomes a full time residence. Approximately, half of all beach homes are second homes where as the properties off the beach are more of the full time variety.
Is it a good investment to buy a house in Malibu?
Malibu beach properties are a very good investment and known as “recession proof” because they hold their value through the ups and downs of the economy. Beach properties that in 1950 sold for $2,400 sell today for $12,000,000.