Buyers return to the Beach
By: Gracee Arthur
Malibu has seen its worst real estate market in history this past few years. The recent market downturn makes the early to mid 1990s look like a dream market. I know since I have been selling real estate in this popular beach town since 1991.
The silver lining in the current downturn is Malibu is now more affordable for buyers and unlike past difficult markets, the interest rates are at record lows!
The most noticeable improvement in recent months has been the sale of 
properties in the $2,000,000 to $5,000,000 price range, as well some condo sales over $1,000,000. This segment of the market has been slow to heat up because it is a move up and second home market. The large institutional lenders have been very slow to get back into the normal routine of jumbo mortgages which has also held this market segment back. The Malibu market usually goes down a bit later and up a bit later than most Los Angeles area real estate markets. We were still strong through mid 2006 and just in the last few months have begun to pick up some steam. The lenders, although still difficult, are now more willing to participate in financing jumbo loans.
So if you have been waiting to buy Malibu, this may be your best chance to purchase a home for a great price while still getting the best interest rates ever!
There are some wonderful homes (standard sales) offered in Malibu on both the beach and landside of town. The center and east end of Malibu has some great new restaurants under construction, as well two recently remodeled shopping centers and the relative newcomer The Lumber Yard with Cafe Habana and great boutiques. The west end of Malibu has a new market under construction at Trancas where a new restaurant is also expected near the existing Starbucks. The air is fresh, outdoor activities abound and the local schools are good. So if you have been out there window shopping Malibu, this is a good time to actually purchase your vacation home or relocate full time to the ‘Bu.
www.graceearthur.com www.31240abailardroad.com
