Tuesday, May 1, 2007

MALIBU MELTDOWNS

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16 comments:

latesummer2008 said...

31364 Broad Beach Rd, Malibu 90265
2+2, 1234 sqft, SOLD on 9/21/06 for $7400K, 10824 sqft LOT

1234 / 10824 = .114 (HF) Housing Factor
.114 x $7400K = $843.6K (HV) Housing Value
$843.6K / 1234 = $683.6 / sqft (P/SQFToH)

1.0 - .114 = .886 (LF) Land Factor
.886 x $7400K = $6556.4K (LV) Land Value
$6556.4K / 10824 = $605.7 / sqft (P/SQFToL)

683.6 + 605.7 = 1289.3 (HPM) House Price Multiplier


31376 Broad Beach Road, Malibu 90265
4+4, 2532 sqft, SOLD on 1/30/07 for $7400K, 10515 sqft LOT

2532 / 10515 = .240 (HF)
.240 x $7400K = $1782K (HV)
1782K / 2532 = $703.8 / sqft (P/SQFToH)

1.0 - .240 = .760 (LF)
.760 x $7400K = $5624K (LV)
$5624K / 10515 = $534.9 / sqft (P/SQFToL)


703.8 + 534.9 = 1238.7 (HPM) House Price Multiplier


1238.7 / 1289.3 = .961 (RBX) Rabindex (-3.9%) in 4 months

534.9 / 605.7 = .883 (-11.7%) (P/SQFToL) Change in Price per Square Foot of Land in 4 months

latesummer2008 said...

Any other observations out there about Malibu ?

latesummer2008 said...

Malibu 90265 is VERY WEAK :

22 sales, Median House Price of $2575K (March 2007)
to
24 sales, Median House Price of $2263K (April 2007)

In addition, the Median House Price of $2263K (April 2007) is DOWN -20% from last year.

latesummer2008 said...

Unusual CONDO Meltdown :

27400 PCH #101 Malibu 90265
2+2, 828 sqft, SOLD on 8/23/06 for $2632K, $3178 / sqft

27400 PCH #106 Malibu 90265
2+1, 915 sqft, SOLD on 2/14/07 for $1300K, 1420 / sqft


1420 / 3178 = .447 (RBX) Rabindex (-55.3%)
in 6 months..

Anyone know about the transaction on Unit #106?

latesummer2008 said...

Couple more Condo Meltdowns:

26664 Seagull Way #A205 Malibu 90265
1201 sqft, SOLD on 10/25/06 for $1200K, $999 / sqft

26664 Seagull Way #A211 Malibu 90265
1201 sqft, SOLD on 4/18/07 for $1030K, $857 / sqft

857 / 999 = .857 (RBX) Rabindex (-14.3%) in 6 months


26665 Seagull Way #A212 Malibu 90265
953 sqft, SOLD on 10/23/06 for $1075K, $1128 / sqft

26665 Seagull Way #A201 Malibu 90265
953 sqft, SOLD on 4/30/07 for $850K, $891 / sqft

891 / 1128 = .790 (RBX) Rabindex (-21.0%) in 6 months

latesummer2008 said...

Last month, according to Melissa Data, the number of sales and average selling prices were:

5/06 23 sales @ $1812K

5/07 14 sales @ $1993K


Sales -39.1%

Price +9.9%

latesummer2008 said...

According to the LA Times Southland Home Prices (6/24/07):

Malibu 90265 dropped (YoY)
20 sales, $2600K median price, -10.3%

Perhaps a better market indicator is $/sqft

April $1119 / sqft
to
May $822 / sqft

822 / 1119 = .735 (RBX) Rabindex -26.5%

latesummer2008 said...

According to Melissa Data, just in, zip code 90265:

(6/2006) 12 Sales, Average Selling Price $1992K
(6/2007) 15 Sales, Average Selling Price $1402K

Sales +25.0%
Average Selling Price -29.6%

latesummer2008 said...

A little information about Topanga form Dataquick. Their monthly City and County Charts show the median price dropped in July:

(2006) $1100K
(2007) $828K on 8 sales


-24.73%

latesummer2008 said...

Malibu 90265 continues to show weakness according to Melissa Data:

(August 2006) 17 sales, $1502K median price
(August 2007) 7 sales, $821k median price

Not good........

latesummer2008 said...

Malibu still struggling. According to Melissa Data:

(Sept 2006) 16 sales @ $1777K = $28,432K

(Sept 2007) 6 sales @ $1735K = $10,410K

-62.5% drop in Sales
-63.4% drop in Volume


(Aug 2006) 17 sales @ $1502K = $25,534K

(Aug 2007) 7 sales @ $821K = $5747K

-58.9% in Sales
-77.5% in Volume



(Combined Aug & Sep 2006) 33 sales = $53,966K in Volume

(Combined Aug & Sep 2007)13 sales = $16,157K in Volume

-60.6% in Sales
-70.1% in Volume

Ouch!!!!!!!!!!!

latesummer2008 said...

October numbers form Melissa Data are in for Malibu 90265. More bad news I'm afraid:

$23,548K Total Sales Volume (2006)
$13,584K Total Sales Volume (2007)

-$9,964K (-42.4%)

latesummer2008 said...

What has happened to Malibu ? According to Melissa Data, there has only been 2 sales @ $777,000 for the first 10 days of November...

Looking at the past 2 years for the months of November:

(2005) 21 sales @ $1,990,000 = $41,790,000
(2006) 14 sales @ $1,197,000 = $16,758,000 (-60%)
(2007, Nov 1-10) 2 sales @ $777,000 = $1,554,000 (????)

Volume has dropped off a cliff....

latesummer2008 said...

October sales in Malibu didn't fare so well also. According to the LA Times RE Section on 11/18/07:

Malibu 90265 14 sales $1595K median price (-34.9%)

latesummer2008 said...

The latest bad news for Malibu according to The LA Times November Home Prices Report, measuring year over year (YOY):

Malibu 90265

SFRs 8 sales $1400K median price (-56.4%)

Condos 3 sales $383K (-62.8%)

from bad to worse, in the hardest hit area on The Westside. So far..

latesummer2008 said...

Dataquick report for January 08' in Malibu:

6 SFR sales
$2450K median price (-17.3%) YOY