Malibu real estate takes a dip

It's not because of last night's brush fire, but a year-long slide in prices and home sales. The median price of an existing home in the 90265 Zip code fell almost 15 percent in 2006 (itís still at $1.1 million), and home sales dropped 45 percent (846 from 1,545). Keep in mind that many of Socal's high-priced areas took it on the chin last year while lower-priced neighborhoods did much better. That's what often happens at the end of a real estate cycle. To give you an idea, home sales in Inglewood shot up 55 percent in 2006 and prices increased 15 percent Ė all these numbers from the Business Journal (subscription required). As for the fire, it's another reminder that once in Malibu, always in Malibu. I mean, if the disastrous Old Topanga blaze in 1993 didn't result in any mass exodus, nothing will. Actually, there was a mini-economic boom after that fire because of all the houses that had to be rebuilt. By mid-1995 the City of Malibu had approved reconstruction of 225 out of 268 houses lost. Perverse as it may seem, disasters often serve as economic infusions.


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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