What comes into your mind when you think about Malibu Real Estate? To many people, it brings an image of beautiful homes facing gorgeous beaches with luxury vehicles parked in the driveway. Hundreds of Americans and other people around the world dream of owning real estate in this popular part of Los Angeles county. However, not everyone can afford to live here. Only people with a certain amount of income can survive in this neighborhood. Read this blog till the end to find out how much money you need to live a comfortable and luxurious life in Malibu.
What Makes Malibu Special?
Malibu has an incredibly rich history. Since ancient times, the town was inhabited by the Chumash Indians who named the stretch of beach “Humaliwo” or “the surf sounds loud”. These people were intelligent, and their community flourished because they had access to both seawater and fresh water. This town was where the Spanish explorer Juan Rodriguez Cabrillo may have stopped to get fresh water on his journey north. Gradually, during the 19th and 20th centuries, many wealthy and influential Americans began to settle in this coastal town. Eventually, Malibu became what it is today, a lovely beach neighborhood and home to countless celebrities and famous personalities.
Location and Accessibility
Malibu is a coastal neighborhood located on the west side of Los Angeles city. It has a 21-mile coastline and is located just off the Pacific Coastal Highway. One of the most important considerations for any place to live is its accessibility. The neighborhood of Malibu is only a 50-minute drive from Los Angeles downtown.
You can find almost anything you need in Malibu town. However, if you still need something that you can’t find here, the huge metropolitan city of Los Angeles is extremely accessible from Malibu. As the town is centered around the highway, it takes only around a few minutes to get on the highway from anywhere in town. Accessibility may have its disadvantages too. This neighborhood is highly accessible for tourists too. So, make sure that you have access to a private beach so that you can enjoy your life in Malibu to the fullest.
The most attractive feature of Malibu is its proximity to numerous beaches. The beaches of Malibu are not just any kind of beaches. They are widely known all over the country for their gorgeous white sand and shallow waters that are ideal for swimming, wading, and body surfing. Most public beaches have beach chairs and umbrellas available. You can spend the whole day there and relax. However, if you have access to a private beach, the luxury of living in this neighborhood becomes two-fold. Some famous beaches in Malibu include El Matador State Beach, Zuma Beach, Carbon Beach, and Paradise Cove.
Malibu luxury real estate is famous for its absolutely perfect location and splendid views of the deep blue Pacific Ocean. The real estate in this part of Los Angeles County also consists of huge mansions and estates. However, you can also find a smaller home if you need one. Most mansions and estates have their own private beaches and luxurious features such as swimming pools, Jacuzzis, spas, gyms, game rooms, and massive driveways. Most of the homes in Malibu also have patios overlooking the ocean. You can sit there and sip a cocktail while enjoying the spectacular ocean view.
Is Malibu Real Estate Right For You?
Buying Malibu Real Estate is the right choice for you if you have two things. First, you have a desire for living a luxurious life and leveraging all the benefits of living in Malibu luxury homes. Second, you must have a certain amount of money to be able to live peacefully in this neighborhood. If you cannot afford the real estate and other expenses here, then you should consider living somewhere else. In the following few sections, you will find out how much it costs to live in Malibu.
Some people also buy real estate in Malibu for investment purposes as the returns are high in this posh neighborhood. However, this blog focuses on buying real estate for living in Malibu.
How Much Does it Cost To Live in Malibu?
Malibu Real Estate Prices
You might already know that Malibu Real Estate Prices are higher than the state and national averages. However, you might not know how high they actually are. According to payscale.com, housing in Malibu costs approximately 626% more than the national average, and the median asking price for Malibu homes for sale is around $2.5 million. This clearly indicates that Malibu is home to a very specific class of people.
Due to the current pandemic, very few people chose to sell their Malibu homes in the last year. People wanted to move away from congested big cities and buy homes in more open and remote areas. This resulted in a mismatch between supply and demand. Hence, it is possible that you might need to take part in bidding for your desired home in Malibu.
If you choose to rent property instead of buying it, you must know that the average monthly rent for a two-bedroom house in Malibu is $2,240, which is also significantly higher than the average rent in other parts of the country. Obviously, the rent increases as the size of the home increases.
Cost of Living in Malibu
The cost of real estate is not the only cost that you’ll incur in Malibu. Even if you can afford to buy a luxury home, you still need to make sure you can afford all the other living expenses. The overall cost of living in Malibu is 180% higher than in the rest of the United States. To put this into perspective, if something costs $100 on average, it will cost around $280 in Malibu! The utilities cost 8% more than the national average, while groceries are 12% more expensive.
How much Money Do You Need?
You can still survive in Malibu if you earn $100,000 per year. However, to be able to afford the luxurious lifestyle you desire, you need to make more than twice that amount. According to renthop.com, the household income required to live in Central and Western Malibu is $220,000 annually. Real estate and other living costs are a little more expensive in Eastern Malibu, which is closer to Los Angeles. To live here, you need an income of $260,000 annually.
Furthermore, it is best that you have some emergency savings too. Expensive luxury homes require heavy and costly maintenance. You wouldn’t want to run out of money because of this. Once you’ve established that you have the required income and savings, you can start searching for real estate that will cater to your needs and desires.
How to Find Suitable Real Estate in Malibu?
I, Erik Brown, have plenty of experience when it comes to real estate in Los Angeles County. Through this blog, I would also like to give you advice on how to begin your search for the ideal real estate in Malibu. Here are a few tips:
Know What You Need
There are many options available when you want to buy real estate. In Malibu, there are hundreds of big homes and a large number of mansions and estates. Each one has its own pros and cons. First, make a list of what features you need in your new home, and then weigh all your option while keeping that list in mind. Someone might prefer that the beach is a few steps from their doorstep. Others might be more inclined towards buying property at a height with excellent views of the ocean and surrounding areas. Whatever you need, be sure about it in advance.
Arrange Your Finances
If you don’t have enough money right now, but you can afford to get a real estate loan, apply for it before you begin your search. Also, make sure that your mortgage is approved beforehand. To increase your chances of obtaining a loan, maintain a good credit score and repay all your previous debts. Once all these steps are complete, it’s time to look for an agent.
Look for the Best Real Estate Agent
Looking for the best real estate agent can be a tiresome job. Well, there isn’t a need for that. You’ve already landed at the right place. I have tons of experience and will make sure that you find your dream home in Malibu. I will understand all your needs and communicate with you throughout the searching and buying process. I assure you that I will stay one step ahead of you at all times. Contact me, and you won’t be disappointed.
Understand the Current Situation
Due to the coronavirus pandemic, many homeowners are avoiding open houses and are not allowing many people to visit their homes together at a single time. It is best if you make a schedule for visiting homes and share that with me so that I can schedule the visit in advance. Make sure you adhere to all the social distancing regulations in place.
As I mentioned earlier, there is a mismatch between supply and demand in the luxury real estate market because of the pandemic. In this situation, sellers may take undue advantage of the buyers and ask for extremely high prices. If you want to avoid paying much more than the actual price of a home in Malibu, then you have another reason to work with the best real estate agent. I will negotiate the asking price for you to make sure that you don’t pay more than the property is actually worth.
After reading this blog, have you made up your mind about living in this lovely beach neighborhood of Los Angeles county? You will surely love everything about this area once you move here. Malibu luxury homes are designed by renowned designers and come in all shapes and sizes. Whether you want to live in a huge mansion or you just want a medium-sized private home, you can find whatever you need in Malibu. All you have to do is to ensure that you have the minimum income and savings required to live in Malibu. Once you’ve done that, I’ll take over and help you look for the best property according to your needs.
If you want to buy real estate in Malibu, contact me to learn more about houses for sale in this neighborhood and schedule a private showing with me. You can follow me on Facebook, LinkedIn, Twitter, and Instagram to know more about the Malibu real estate market. Also, subscribe to my YouTube channel for exclusive insights into Malibu real estate.
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