During the third quarter, luxury homes in Malibu Beach sold for an average of $9.433 million, the highest price tag for luxury residences in Los Angeles' 33 premier markets. Malibu's average sales price also represented a 15 percent year-over-year increase in home values for the submarket, according to a report from Sotheby's International Realty. The report considers luxury homes to be properties that sell for more than $3 million. “The fact that Malibu Beach properties are increasing in price is quite profound considering predictions of a decrease amid the July 2015 initiative by Los Angeles County and the coastal commission," said Frank Symons, executive vice president of Sotheby’s International Realty’s western region. That initiative provides more public beach access near beachfront properties. “There seems to be little hesitation from buyers or sellers to invest in the Malibu market as it still provides private beach access alongside public areas,” he added...
- Beverly Hills and Beverly Hills Post Office are the top luxury markets in Los Angeles when it comes to both average sales prices and quarterly sales volume
- Malibu Beach luxury home prices rise despite recent initiative
- Prices for luxury homes only seem to be going up in most of Los Angeles' high priced markets
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