This is the 13th episode of Housing Market Watch (see the previous episode here), where I focus on what's happening with home prices in Southern California using specific examples from the Multi-Listing Service (MLS).Today's property is in the uber exclusive city of Malibu... Yes Malibu! (Los Angeles County) .
Description
REO/BANK OWNED FORECLOSURE!!! LET'S SEE THOSE OFFERS! EXCELLENT, PRIVATE LOCATION IN THE HILLS OF MALIBU, JUST MINUTES TO PCH & THE BEACH. NEWER BUILT CONSTRUCTION W/LARGE ROOMS, OPEN FLOOR PLAN & HIGH CEILINGS. SPECTACULAR CANYON, MOUNTAIN, & PEEK-A-BOO OCEAN VIEWS FROM NEARLY ALL ROOMS & BALCONIES. LUXURIOUS MASTER SUITE W/FIREPLACE, PVT. BALCONY, DUAL VANITIES, LARGE WALK-IN CLOSET, & A LIMESTONE BATH W/SEPARATE STALL SHOWER & SPA TUB. ALL BEDROOMS EN-SUITE W/EUROPEAN STYLE BATHS. SPACIOUS COOKS KITCHEN & MUCH MORE.The Specs:
| Type: SFR Status: Active MLS#: F1754027 | Sq. Ft.: 2,637 Lot Size: 5,990 Sq.Ft. Year Built: 1999 | Beds: 2 Baths: 4 Stories: 2 On Market: 246 days |
Sales History
| Date | Sold Price | $/SqFt | Gross Gain | Change ($) | Change (%) |
| 10/29/07 | $903,795 | 342.74 | N/A | N/A | N/A |
Pricing History
| Date | List Price | $/SqFt | Gross Gain | Change ($) | Change (%) |
| 02/13/08 | $1,299,900 | 492.95 | +$396,105 | +396,105 |  43.83% |
| 03/18/08 | $1,275,000 | 483.50 | +$371,205 | -24,900 |  1.92% |
| 04/19/08 | $1,174,900 | 445.54 | +$271,105 | -100,100 | 7.85% |
| 09/02/08 | $1,099,000 | 416.76 | +$195,205 | -75,900 | 6.46% |
| ??/??/08 | $975,000 | 369.74 | +$71,205 | -124,000 | 11.28% |
This episode's home is currently listed for 17.76% more than it was purchased for in October 2007. However, it is clear that the lender owned property's price will have to be reduced significantly in order to get this property off the bank's books.
UPDATE (date unknown): Price reduced to $975,000.
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