TIFFANY MURPHY
Staff Writer
As a new school year begins and students decide where to live for the year, many automatically rule out Malibu.
That’s because Malibu has one of the highest median prices in Los Angeles. In the past year, prices have continued to grow and sales of Malibu homes are up thirteen percent.
“Only the wealthiest of the wealthy can afford to buy in Malibu,” says Ben Elkin, a top agent with Keller Williams Realty in Santa Monica who specializes in Malibu. “There’s been so much activity and appreciation over the last 5 years that at this point there is a really tiny pool of potential buyers, and most of them have already bought.”
While most students love the beach, not many can pull off the $10 million and above price tag to live there.
09-12-2006