POINT DUME REAL ESTATE UPDATE END OF 2018.
Before I get into the numbers I want to say a few words about what we all just experienced.
I have lived in Malibu all my life and have seen my fair share of natural disasters out here but the Woolsey fire that tore through our community was unlike anything I have seen. On the morning of November 9, I was watching the news coverage of the fire with my family in our house on Grayfox street. At this point, the fire was still behind the 101 and I thought we were safe. But when the news chopper gave a panoramic view of the fire and commented that if it crossed 101 freeway and tore thru Kanan it would make a beeline for Malibu, I decided I better keep following the coverage and look outdoors for smoke plumes. The reported mentioned Point Dume which he showed in the distance. I thought, ” no way. there’s never been a fire in Point Dume and besides the fire departments would protect our community like they always have.” Nonetheless, my wife put the most important items in the car and got the kids, dogs and bird ready to go to Zuma beach parking lot if need be. The next few hours the fire roared thru Kanan. At 1pm or so, I was gathered at PCH and Zumirez with a number of residents watching an ominous orange orb growing behind the condos across the street and then the fire jumped the highway at Kanan and PCH onto Point Dume. The unthinkable had just occurred. I raced home to Grayfox and told my wife to get the kids in the car and get down to the Zuma beach parking lot. I went to protect the house. There was no way I wouldn’t try. My kids were born there. I wasn’t going to die doing it but I would do my best to save it. I could always run to the beach at the end of the street. That night was a fire fury on the Point. It was so so surreal. I raced between my house and putting out fence and landscape fires at friends houses as best I could with no hose pressure. At one point on Friday evening, my friend who was not in the area called me and asked me to check on his house on Dume Drive. As I drove down from the top of Grayfox, I got caught in flame tunnel with a flailing power line hitting my car. I thought- ” this is where I die,” but I hit the accelerator and got to the other side. I got to his house nearly in cardiac arrest and told my friend his house was ok but next time call someone else! That night I did not sleep obviously and watched as red embers rained down on my pine trees, eucalyptus and my roof like a nuclear winter. The fact that my house was still standing the next morning boggles my mind. If it weren’t for the citizens that stayed behind fighting this monster at every house, every street, every ravine and gully, we would have lost alot more houses than we did. Every street on the Point had its unsung heroes, as did every neighborhood in Malibu. Young and old all came together and did what needed to be done because for the most part,the services and agencies we usually count on were not there when we needed them most. We had 2 or 3 wind events in five days and the fire and hot spots were not really extinguished in its entirety until the following Tuesday. I want to thank my friend Sean Butler who came and joined me at my house the next day and helped me keep things safe here and help with efforts on the Point the following five days. Thank you Linda Matlow for all you did for our neighborhood during the weeks where we had no internet or electricity and nerves were frayed! My heart breaks for the people that lost their homes in our communities here and the three lives that were lost. The people of Paradise California suffered on a scale that is incomprehensible. But my overriding memory from this event won’t be the flames. It will be scenes like everyone gathered together in the Point Dume Marine Science parking lot giving out supplies to those who were hungry or needed gas or water. The boats coming in to Paradise Cove with supplies. The Point Dume Bomberos covered in soot working like a battalion putting out each hot spot. And the First Malibu Strong Signs on Plywood sheets ( before it started trending!) We came together and took care of one another. We were like one organism. It felt instinctual. Thats the Malibu I grew up with and thats what keep me here; its the generational bond that connects us all. You have got to be willing to hang through the thick and thin. To live here it takes a hearty soul! And we will come back from this experience wiser, more resolute, better prepared, more grateful and stronger than ever. I have see it before and its already happening.
Now for the POINT DUME END Of 2018 MARKET ANALYSIS
On the beach key streets there were 14 sales ( same as 2017). 6 of these were private ( pocket) sales. There was a significant increase in the sold cost per sq ft from 2017 and the average sales price also increased substantially.
There was also 1 bluff sale.
On the non beach key streets , there were less sales this year. Six houses sold ( 1 was a pocket sale.) Sold cost per sq ft went up as did the avg sales price.
There were six condo sales. Several were pocket sales. The avg sales price remained strong.
Analysis: This was another very strong for the Point Dume market. There were some record sales some of which I was involved in. The demand for our neighborhood remains very strong, especially the beach key streets. There is a limited supply of homes and people keep coming out here to buy. I have had clients ask me if the recent hike in interest rates will affect our market and I don’t think so. there are many cash buyers and people wanting second homes. Our rate of appreciation is on par with any neighborhood in Malibu if not the highest! Point Dume Strong!
Please call me with any more specific questions. As stated in my earlier blog entry, I will not break down each individual Point Dume micro market as a lot of this information is proprietary. So I would ask that if buyers or sellers want more specific information to contact me at 310 916 6053. I also have information on pocket listings.
POINT DUME REAL ESTATE UPDATE: 1/1/2018- 8/23/2018.
Good news on values since the 2017 year end update for single family homes both on beach key and non beach key streets.
There have been 7 sales this year on the beach key streets. Both the average price and sold cost per square foot have increased dramatically.
On the non beach key streets, there have been six sales and again there have been increases both on an average price level and sold cost per sq ft.
2017 had 13 sales up to this time last year for beach key streets and non beach key streets had six sales.
For Point Dume bluff homes, there have been two sales thus far, ranging from $11,000,000 to $20,000,000
Last year up to this time had the exact same number of sales on the bluff.
For the Point Dume condo market, there have been 4 sales thus far ranging from $950,000-$1,235,000. This sector of the point dume market is highly in demand. 3 of these sales were off market deals. Currently there are no condos available for sale on the MLS.
There are 10 homes available now on the beach key streets, ranging from $3,495,000- $12, 495,000. Non beach key streets have 7 homes currently available ranging from $3,495,000- $12,000,000.
Analysis: our market remains quite strong and while the pace of sales on non beach key streets is not on par with the same time as last year, I don’t think its significant. Over the years I have seen that sales in Point Dume, can be dormant for a month or two and then the inventory can be depleted before you know it. We live in a very special, highly sought after community and appreciation here continues to outpace other Malibu neighborhoods. With prices ranging from $3,495,000 to $65,000,000, people understand owning a home here is a great investment. From the magical beach and surf at Little Dume to the great neighbors, sense of community, phenomenal elementary school and of course the natural beauty that abounds, no wonder people flock here and will continue to do so.
As stated in my earlier blog entry, I will not break down each individual Point Dume micro market as a lot of this information is proprietary. So I would ask that if buyers or sellers want more specific information to contact me at 310 916 6053. I also have information on pocket listings.
Next update: year end up wrap up!
Life at Point Dume
As a long time Point Dume homeowner, a life long Malibu resident and a real estate broker with over 30 years experience in the Malibu market, I view the strong interest in the Point Dume area from some different lenses.
First of all, I love living in Point Dume. Between the community and the Point Dume beach, there is no better neighborhood in Malibu for my family. From the great surfing and pristine coves, to the California distinguished elementary school and local park; and the incredible sense of community. My wife and I love raising our kids here. We would walk them to school in the morning or take our dogs to the beach where often there is not a soul around and sometimes I have to pinch myself and wonder if I’m still in LA.
For these same reasons, I see many of my clients drawn to Point Dume beach and it has made this area one of, if not the strongest sectors in Malibu. What many of my clients are surprised to discover however, is that there are many micro real estate markets within Point Dume beach: Homes with deeded beach rights; Homes on cul de sac streets. There are homes on the bluff that command the highest dollars and where you will principally find your ocean views. But not always. There are unexpected ocean views and incredible mountain views from many properties which often surprise my clients and are just as captivating.
Within these various micro markets is a wide range of real estate that is available. The fixer ranch homes; larger homes that may need updating, as well as brand new turn key homes or recently remodeled homes. For an area like Point Dume beach with so many nuances and neighborhood variables, I am not a fan of online real estate valuation sites like Zillow, Trulia etc.. Computer data algorithms cannot take the place of first hand knowledge. It may work well in a housing tract where many homes are similar but not here where the dynamics differ greatly house to house and street to street.
For the purpose of this blog, I will not break down each individual micro market as a lot of this information is proprietary. So I would ask that if buyers or sellers want more specific information to contact me at 310 916 6053. I also have information on private sales which I have not utilized in my overall year to year assessments but which would not tilt the metrics greatly.
In analyzing recent years 2015- 2017, I looked at the beach key streets, non beach key streets and the homes that sold on bluff. I also included current inventory and escrows.
This year had 12 reported sales on beach key streets (median price and sold cost per sq ft higher than non beach key streets)
Non beach key streets had 4 reported sales.
There were 2 bluff sales reported
2016 had 10 sales reported on beach key streets (median price and sold cost per sq ft higher than non beach key streets)*2016 had slight drop in median price and sold cost per sq ft from 2015
Non beach key streets had 7 reported sales. There were 4 bluff sales reported
2017 Best Year
This year had 14 sales so far reported on beach key streets (median price and sold cost per sq ft higher than non beach key streets) *2017 highest median price and sold cost per sq ft on beach key streets to date. Non beach key streets had 13 sales and two sales that were close to the highest ever.
There are 3 bluff sales reported to date.
Currently there is 1 home in escrow (1 on a beach key street) and 17 homes on the market in Point Dume ( landside or bluff) between $3,495,000 and $81,500,000. Yes, $81,500,000. That would be the former compound of Johnny Carson that takes up a 4 acre chunk of Whitesands Dr.
As I mentioned previously, if you are a seller or a buyer and want detailed information as it pertains to a specific street, style of home, size of home, factoring in lot size, view or other variables, please contact me at 310 916 6053.
2017 looks to be the strongest year value wise for the Point Dume market. Another curious phenomena I discovered in my analysis is that between Jan 1 2016 to the present day over 11 sales occurred over 8 million dollars for non bluff homes in Point Dume. This is a record for the area.
In 2015 the inventory for that market seemed saturated. To me that is a sign of a healthy market when the top is being trimmed off. And now with many of the homes between 4-7 either in escrow or sold in 2016 it seems the squeeze is on again. People have asked me about how current price values here compare to the previous “peak” of the market that occurred sometime in 2007 or 2008, and both from median price range and a sold per sq foot current metrics are higher and seem to continue in that direction overall. People buy these homes and either hold onto them or remodel them for big upsides. Either way Point Dume is a great investment and a wonderful place to live. I firmly believe that 2018 will be another solid year for the Point Dume real estate market. You just can’t recreate what we have here.If you see something you like, jump on it!