Malibu is one of the most famous communities in the world. Miles of beachfront property, close to Los Angeles with fairly easy access to major cities along the Pacific Coast Highway, it’s a city of both work and fun and, of course homes that most people around the country would die to live in.
There’s a dearth of land for new homes, as most of it has been bought up by the rich and powerful, and those who want to sell to those who have the means to live in the area. Although home prices have fallen to the point where an average home can be purchased for around $600,000, which would buy luxury properties almost anywhere else, home prices used to average closer to $1.7 million, more the closer a property is to the beach. Or course, Cher is selling a home in the area for close to $45 million, and if that’s a bit out of your reach maybe stars like Jeff Bridges, Robert Downey Jr, Kenny Chesney or Tom Hanks will be willing to sell you a home at a discount price.
Most of the home communities in this area are gated, which means guards will block access unless you’re a serious buyer. But the economy has left enough homes such that, if you have a way to finance it, you can get a great quality home, and possibly live next door to a star as well.
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Mitch writes on real estate, finance, and many other things.
According to The MLS, 159 single family homes were sold, year to date (which includes mobile homes) for an average price of $2,831,772. Though we have had some smokin’ deals under $600,000 in the condo/mobile home markets.
It’s a price range almost no other community in the country could claim.