Malibu Fire Victims Vow to Rebuild as Real Estate Prices Hold

Variety | 2/21/2019 | Kathy A. McDonald
Click For Photo: https://pmcvariety.files.wordpress.com/2018/11/malibuwildfire11.jpg?w=700&h=393&crop=1

Malibu’s reputation as paradise took a beating in 2018. More than 450 homes were destroyed in the city limits during November’s Woolsey Fire, as were 750 or so more residences in the surrounding county. Heaviest hit was the region’s western edge.

“Although the fire has shaken the community, people are reenergized and those who lost homes want to come back home,” says Chris Cortazzo, Coldwell Banker Global Luxury, sales associate, Coldwell Banker Malibu. Cortazzo was able to keep his all his pending escrows after the fire.

Prices

“Prices haven’t retreated at all,” he says.

He expects a busy spring and leases continue to command a premium.

Showbiz - Enclave - Values - Variables - Style

It seems the showbiz enclave is retaining its per-square-foot values — always dependent on variables such as architectural style, location and proximity to the beach —despite the devastation. Property Shark recently reported that in 2018, Malibu Colony Road was the No. 1 most expensive neighborhood in L.A. area with a median sales price of $10.65 million. And one of L.A.’s top residential listings on the open market is in Malibu: NBCUniversal vice chairman Ron Meyer’s bluff-top, 3-acre plus estate (with two guesthouses, professional-grade home theater, tennis court and ocean views above Paradise Cove) designed by star architect Charles Gwathmey, is listed by the Westside Estate Agency for $125 million.

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Prices - Madison - Hildebrand - President - Malibu

“Prices have maintained,” says Madison Hildebrand, president of the Malibu Life team, Compass, Malibu Cross Creek. The most significant change in inventory has been the availability of homes for lease.

“People want to stay in Malibu but away from construction and clean up,” Hildebrand adds.

Fire - Side - Malibu - Investors - Ready

Because the fire mostly bypassed the eastern side of Malibu, it’s become even more desirable. There are investors at the ready to buy damaged properties, if someone doesn’t want rebuild, Hildebrand’s found; the challenge is for sellers who are navigating...
(Excerpt) Read more at: Variety
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