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MALIBU REAL ESTATE SALES DECLINE BY 25 PERCENT; AFFORDABILITY AT THREE-YEAR HIGH

 MALIBU REAL ESTATE SALES DECLINE BY 25 PERCENT;
 AFFORDABILITY AT THREE-YEAR HIGH
 MALIBU, Calif., March 4 /PRNewswire/ -- Malibu real estate sales declined for the second year in a row according to an annual survey released today by Dick Lowe and Mary Capdevielle of Malibu Country Realty.
 Total volume in 1991 amounted to $317 million, compared to $421 million in 1990, a decline of 25 percent.
 "The survey reflects relatively steady demand for Malibu properties," Lowe stated. "The rising inventory and lower prices should generate increased activity in the current year," Capdevielle added.
 The average cost for a home on or adjacent to the beach rose to $2,328,000, a modest 3 percent increase over the 1990 average of $2,251,000. The number of transactions remained relatively high at 52, compared with 59 in the prior year.
 The average cost for a landside single-family home in Malibu also remained just more than $1 million despite declining modestly from $1,018,200 in 1990 to $1,002,100 in 1991. The number of transactions, however, dropped nearly 17 percent from 154 to 128. The median price of a landside home in Malibu declined 4.6 percent from $765,000 in 1990 to $730,000 in 1991. Three years ago, the median home price was $750,000.
 The average cost of a condominium unit on or adjacent to the beach rose 36 percent to $641,000 from $471,000 in 1990. The number of transactions declined from 36 to 21. Condominium units on the landside declined 10 percent from an average sale price of $374,300 in 1990 to $337,100 in 1991. The number of units sold remained unchanged at 49 each year.
 There were 27 mobile homes sold in 1991 compared with 33 in the prior year. The average sale price declined 3 percent to $133,200 from $137,600 in the prior year.
 Land sales plummeted 68 percent from $78.4 million in 1990 to $25.1 million in 1991 with the number of transactions falling by more than half to 63 from 136. The moratorium on building in the new City of Malibu, coupled with the dwindling number of buildable lots, contributed to the decline.
 Sales of commercial properties amounted to $9.2 million compared with $13.3 million in the prior year.
 -0- 3/4/92
 /EDITOR'S NOTE: Lowe, a real estate broker and property manager, has been tracking real estate sales in Malibu since 1978. Lowe and Capdevielle can be contacted at 310-457-1667 for additional information on the Malibu survey or Malibu real estate sales or leasing activity.
 /CONTACT: Dick Lowe of Malibu Country Realty, 310-457-1667/ CO: Malibu Country Realty ST: California IN: SU:


JL-KJ -- LA038 -- 5181 03/04/92 18:15 EST
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Publication:PR Newswire
Date:Mar 4, 1992
Words:458
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