ResalesLos Angeles Area Beach Towns Report Rapid Housing Price Gains
Malibu, Pacific Palisades, and Santa Monica Realtors report rapid housing price gains along one of the world"s most popular coastlines.
Malibu
"In Malibu (pop. 12,349), homeowners overwhelmingly take the good (prestige, ocean view, fresh air) with the bad (floods, mudslides, fire)," says Realtor Anthony Marguleas. "Malibu residents are the most loyal residents around. The reasons for their loyalty are clear. Malibu offers beautiful homes, on the beach and in the hills overlooking the beach, in a setting unlike any other in the world. Malibu life is like being on vacation year round. Easy-access to shopping, restaurants, the city and the valley, as well as one of the best school systems in the country (not to mention "stellar" neighbors) all make Malibu a hugely desirable place to live.
"Homes range from $350,000 to $15,000,000," says Marguleas. "Beach-front homes tend to be more expensive than those in the Malibu hills, where one can find some of the more reasonable homes in Los Angeles.
"Malibu/Topanga has seen an average price appreciation of 12-14 percent for the past 4 years. If a home is priced well, we are still seeing multiple offers and sometimes even over the asking price.
"Currently there are 319 homes available. Low interest rates seem to be fueling this hot market. Entry-level homes from $400,000 to $900,000 are still selling very quickly due to the large number of buyers who want to live in Malibu and Topanga. The higher end price range of $1 million and up has been hit harder. This is especially true in the upper end of $5 to $15 million."
Pacific Palisades
Says Realtor Rick Lombardo, ">Pacific Palisades (pop. 24,000), is nestled right above the ocean, embraced by the Santa Monica mountains. The quaint town, with its shops, restaurants, schools, and park, has the feel of small towns across America, perfect for the predominantly young families that reside there. Many homes offer a view of the ocean and/or the hills.
"The Palisades Highlands is a subcommunity featuring condominiums and houses with its own recreation center and shopping," he explains. "Pacific Palisades is known to be one of the safest, cleanest areas in Los Angeles, and the schools are some of the best, adding to the town"s growing popularity. Home prices range from $550,000 to $6,000,000."
Home prices are rapidly appreciating, no signs of slowing down in Pacific Palisades and also in Santa Monica.
"Santa Monica (pop. 88,471), which stretches from the beach to the tip of Brentwood, has a diverse population and a variety of homes," says Realtor Beth Johnson. "Towards the beach, there is a multitude of condominiums and apartments, old and new, as well as beautiful mansions, many of which have views of the ocean or of the Santa Monica Canyon.
"The Santa Monica "flats" are lush, tree-lined streets filled with spacious homes," she adds. "Thus, Santa Monica attracts both the single professional and families. Shopping is plentiful, with Santa Monica Place, Third Street Promenade and Montana Avenue offering a variety of stores, restaurants and movie theaters. The schools in Santa Monica are of the highest caliber."
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