Record Prices Earned for Vacant Lots in a Warming Malibu Real Estate Market
MALIBU, Calif., April 4, 2014 /PRNewswire/ -- The Malibu real estate market is seeing strong demand for its prime vacant lots. Vacant lots, close to the ocean, with unobstructed whitewater ocean views and flat building pads are in extremely low supply, and demand is surging for the last remaining pieces. The surging demand is also felt at MariSol, Malibu's largest development for vacant Malibu lots. Scott Morris, Director of Sales for the exclusive MariSol community says "We are seeing strong sales of our vacant lots. I think it's a testament to the unmatched features of our lots as well as the low supply currently for vacant lots in Malibu. As the memorable Mark Twain once said, 'Buy land, they're not making it anymore.' That is certainly true to this day."
Over the last year, the most prime lots in the Malibu real estate market sold in a flurry that was so fast and valuable that is has only ever been seen once before. According to the MLS/CLAW, there were 5 vacant lot sales over $3 million just over the span of only one year. The only other time that has been replicated was during the hot Malibu real estate market from 1/22/07 to 1/23/08 when 5 vacant lots sold over $3 million as well. See below for a list of the prime lots under 4 acres and over $3 million that sold in the past year.
| ADDRESS |
LP |
LSZ |
ST DATE |
SP |
MLS |
| 24900 Pacific Coast HWY |
$8,750,000 |
135,036 |
01/10/14 |
$7,800,000 |
|
| 11824 ELLICE ST |
$7,000,000 |
43,594 |
03/27/14 |
$6,500,000 |
|
| 11744 ELLICE ST |
$8,000,000 |
43,638 |
11/22/13 |
$5,500,000 |
|
| 25306 MALIBU RD |
$3,995,000 |
8,061 |
07/29/13 |
$3,700,000 |
|
| 11902 ELLICE ST |
$4,000,000 |
43,561 |
11/15/13 |
$3,100,000 |
Copyright © 2014 by TheMLS.com 4/4/14
Three out of the five sales were on Ellice St, located in the private residential development known as MariSol Malibu. The MariSol development has dominated the Malibu real estate market in recent years most notably for its vacant lots (there was also a near record-breaking home sale in the community for $16M). According to Scott Morris, this dominance is attributed to a variety of factors. "Most importantly are the extraordinary unobstructed oceanfront views and a resort-style lifestyle that feels like you are truly 'off-the-grid' but only 30 miles from Santa Monica. Also, our lots are not just your typical undeveloped dirt lot, but they are completely landscaped with all utilities, and ready to begin construction ASAP without needing to apply for a Coastal Commission Permit. We also provided construction management and permit approval free of cost to our most recent buyers."
In conclusion, the Malibu real estate market is firing up and especially the market for vacant lots is in very high demand. There is a very limited supply of prime oceanfront lots in Malibu, and the majority of the small supply is located in MariSol. The resort-style atmosphere felt at MariSol, combined with its unobstructed views and comparatively easy build process, pushes the demand of its lots high and beckons some to desire their own piece of Malibu, because as Twain said, "they just aren't making any more land."
SOURCE MariSol Malibu
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article