Despite clogged traffic, tacky shops and the occasional natural disaster, house prices keep going up in Malibu. A new study shows that the cost of buying a home in Malibu jumped 37% in 1988, with the average single-family house going for $678,000. The cost of the average beachfront house rose 20%, reaching $1.62 million.
Real estate broker Dick Lowe said that although the figures are startling, the sales prices reflect escalating home costs throughout the county, particularly in the affluent Westside.
“Unfortunately, I don’t think it’s going to get any cheaper,” said Lowe, who predicts that the average price will reach $1 million within the next three years. “It’s just becoming increasingly difficult for people to find a home in the $400,000 range.”