Malibu has long been one of the hottest, most exclusive markets in the US. We caught up with some of the most influential agents in the area to get their take on real estate trends in 2018.
MAURICIO UMANSKY | The Agency
In recent years, Malibu has experienced an uptick of investment in both the residential and commercial real estate spheres. We have seen scores of high-end restaurants and retailers establish outposts in Malibu, and the residential real estate market is booming with numerous multi-million dollar homes sold. Myself, Billy Rose and Savills Studley are currently listing the Perenchio Family’s Malibu Portfolio - comprising more than 70 acres across eight expansive residential and commercially zoned parcels in Malibu. This transaction will be monumental for Malibu as it is the first time the land has been offered for sale in more than 30 years, and its new stewards will play a significant role in shaping the city’s future. We can expect to see more high-priced homes come to market and trade for record-breaking prices, and we anticipate more brands will seek space to set up shop.
CHRIS CORTAZZO | Coldwell Banker
I feel the 2017 trend will continue into 2018 with buyers seeking architectural and mid-century-style homes. There are those still looking for larger, private estates, but I’ve also seen a shift in buyers who want smaller, well-designed homes with exceptional views. I know Malibu will be strong in 2018, but Malibu Colony has been the “hot” area for me with seven sales in 2017. Malibu’s proximity to the city has become even more desirable for buyers who want a casual beach lifestyle with incredible public schools, world-renowned restaurants, and beautiful hiking trails.
TOMER & ISIDORA FRIDMAN | Compass
We have recently moved brokerages to Compass, an amazingly innovative, new luxury real estate/tech hybrid. The company’s proprietary technology brings actionable intelligence and transparency to real estate, empowering both the consumer and the agent to make decisions smarter and faster. We feel strongly that Compass will be a leader in the Los Angeles luxury real estate market. Starting in 2017 and leading into 2018, the clientele for our local market is becoming more sophisticated, with a substantial amount of relocation occurring from affluent markets outside of our local area. Los Angeles will remain one the most sought-after residential real estate markets in the world.
TRACY TUTOR MALTAS | Douglas Elliman
2018 is going to be all about servicing ultra-high net worth clients and new development projects in Malibu Malibu is, and always will be, one of the most exclusive, sought out, neighborhoods in Los Angeles. In the past year, the massive deals and developments popular in Beverly Hills have taken over the Malibu Market. Examples include the sale of David Geffen’s estate for $85 million, the recent deal of Kurt Rappaport’s estate, currently in escrow for $120 Million. Historically, this is unprecedented, as the CA Coastal Commission, has been tough on developers and homeowners that have tried to build in Malibu. But, this recent trend of higher priced sales and bigger projects, has shifted the tides. These spec mansions are catching up to the demands of the ultra-high net worth buyers and sellers are beginning to reevaluate what they are sitting on.
SHEN SCHULZ | Sotheby's
The market is good! Malibu home sales in 2018 are expected to be nearly the same growth and rate of sales as 2017. Southern California home prices are expected to rise at roughly the same pace in 2018 and to match the statewide median. There is a tech boom between Seattle, San Francisco and Santa Monica but not that much overflow into the beach areas of Malibu for the Tech buyers. Mostly we are seeing buyers from the entertainment and other businesses buying their dream homes in Malibu. It’s still a great family town, especially in the Malibu West, Malibu Park and Point Dume Neighborhoods. We’re a small town with good schools, less traffic, a lot of community events and a lot of room for growth. International buyers are expected to continue to be interested in California in the coming years.
JEFF CHERTOW | Pinnacle
I’ve been a realtor in Malibu for 30 years. Malibu real estate in 2018 will look similar to 2017, so it should be a record year. Malibu is and always will be one of the finest places in the world to live. The incredible weather and close proximity to one of the biggest cites in the world are what attracts buyers to want to own a slice of Malibu. Malibu is a finite commodity with very little new construction. Malibu Public Schools have been a big selling point the last several years and this trend should continue. I have seen more and more in-town buyers coming to Malibu to raise their families. Most of these buyers do it for our incredible lifestyle. It seems that most buyers are now spending more time working from home and less time commuting to town. To sum it up up: Malibu real estate is hands down one of the best lifestyle choices and investments in the world.