Malibu’s Weak Spot: That Tricky Sub-$2 Million Price Range

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This is our very first item about the Malibu real estate market, and we promise, it will be short. Curbed LA links to a Malibu Times story, which says the market is showing signs of sluggishness.

This anecdote on a five-bedroom home in Point Dume: ‘When it hit the market in June of last year, the asking price of nearly $3 million would’ve brought a profit above the $2,750,000 paid in 2005. But profit would not come. The listing had a price reduction several times before finally expiring from the multiple listings. According to public records, the home sold in March for just more than $2.1 million, a loss of $650,000.’

The analysis is from Coldwell Banker real estate agent Rick Wallace: ‘Homes at less than $2 million, where only 15 of 66 this year have found a buyer that currently have or closed an escrow, are the most apt to see price reductions...’

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Photo Credit: Curbed LA