BRITANNY MURPHY
Staff Writer
Property prices on Malibu beaches are going down. While Malibu has some of the highest priced homes in Los Angeles, beach prices are dropping. According to the Multiple Listing Service, sales on beachfront properties in Malibu have dropped a whopping 55 percent from August of 2005 to August 2006.
Sale prices have dropped, too. The average price for a house on the beach in Malibu has dropped a whopping 24 percent over the same one-year period.
What does this mean for Malibu? Santa Monica Real Estate Agent, Ben Elkin believes an active market in recent years has helped take the steam out of current sales which continue to spiral down.
However, there is hope. A few months are left before the end of the year and there is still the possibility that beachfront property in the Malibu Market could compensating for low sales.
09-27-2006