This week we’re heading over to the celebrity-dense overpriced municipality of Malibu. And, boy, is it a bloodbath over there. The prices are dropping further and faster than Britney’s panties.
32628 Pacific Coast Highway
Days on Market: 268
Original List Price: $9.95 million
Sale Price: $6.995 million
Percent Reduction: 29.7%
The architecture may indeed be “cool,” but this house ain’t no masterpiece. Clearly, the original price wasn’t either.
28870 Hampton Place
Days on Market: 439
Original List Price: $4.195 million
Sale Price: $2.795 million
Percent Reduction: 33.3%
While the house may be “‘old world style,’” the price was clearly not “post housing slump style.” Modernity isn’t always a bad thing.
25036 Malibu Road
Days on Market: 190
Original List Price: $14.9 million
Sale Price: $8.95 million
Percent Reduction: 40%
These prices aren’t even in the same ballpark! Maybe they were thinking of their other house. Or maybe some random generator came up with the original list price. Then the realtor read the newspaper and got a clue.
All listings from Zip Realty.