Friday, March 23, 2007

Malibu Meltdowns

This thread is dedicated to posting actual losses on real estate in the City of Malibu during the latest declining market. According to the LA Times 3/18/07, February Sales Activity measuring Year Over Year, SFR Median Price declined 34.9%, on a Total of 21 Sales. Here are the first Malibu Meltdowns.

18450 Kingsport
Malibu, CA 90265
SFR 3+2 1872 sq ft, 6547 sq ft lot
Sold 3/22/02 $811K
Sold 2/20/07 $919K (+ 13.3%) Are we rolling back prices to 2002 ?

18452 Wakecrest (same housing track as Kingsport I assume)
Malibu, CA 90265
SFR 2+2 1705 sq ft, 6720 sq ft lot
Sold 9/5/06 $1490K (38.3% higher than Kingsport, 5.5 months before)

5 comments:

latesummer2008 said...

I think alot of people believe Malibu is immune to the price drops in store for this summer. Its very possible that, Malibu will be hit harder than most areas, as it has enjoyed some of the greatest appreciation.

latesummer2008 said...
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latesummer2008 said...

So far, just the one house on Kingsport has melted down in Malibu, according to Zillow. Perhaps, sellers are mounting a standoff with buyers, presently. What will happen, come summer?

latesummer2008 said...
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latesummer2008 said...

According to the LA Times (4/22/07), Condo median sales prices, took another huge hit last month. (-28.3%) when measured YOY (Year over Year) on only 1 sale.