Malibu Is Officially The Most Expensive Locale In L.A
After careful analyzation of residential trends in nearby LA cities, Property Shark found that Malibu Colony Beach is the most expensive neighborhood in the Los Angeles area. Currently, their median sale price resides at $10,650,000 which is almost three times higher than TriBeCa in New York City. The luxurious area of Los Angeles is home to two of the 10 most expensive zip codes in the country with a residential price growth that’s exceeding expectations. With gorgeous, beachfront property that boasts sweeping views of the Pacific in a private and secluded atmosphere, it’s no wonder that Malibu is the most expensive neighborhood in Los Angeles.
LA’s Expensive Neighborhoods
In addition to featuring some of the highest median sale prices in the US, LA also has some of the most expensive neighborhoods–5 of which have median prices that exceed the $5 million mark. While Malibu Colony Beach takes the #1 spot, Beverly Hills Gateway snags the second spot with a $9.6 million median sale price. Many real estate analysts were surprised with these results since Malibu Colony Beach experienced an 11% decrease in its median sale price from last year. However, in Q1 and Q2, 8 real estate transactions were recorded. Of those 8, 5 were well about 10 million dollars. Amongst these transactions was a gorgeous, 15,000 square-foot Pacific Coast Highway home that was sold for $85 million–the 8th most expensive home sold in California. This sumptuous home also featured the largest residential pool in California, recorded at a staggering 168 feet.
While Malibu Colony Beach boasted some very impressive figures, the Beverly Hills Gateway is another LA neighborhood that offers some of the most expensive and opulent residential homes. Compared to the first half of 2017, the Beverly Hills Gateway advanced one spot up with a quarter increase in the median sales price. However, Beverly Hills Gateway recorded fewer transactions in the first half of 2018 than it did in 2017, but luckily those sales were significantly pricier. With a total of 17 transactions, Beverly Hills Gateway also exceeded the $10 million mark (source). The lovely Trousdale Estates came in 3rd place in the race for the most expensive neighborhood in LA, dropping from its #2 spot it claimed last year. Within the luxurious area of LA, only 9 sales were closed with a median sales price of $8.535 million.
As median sales prices fluctuate, LA still triumphs the market with some of the most expensive neighborhoods throughout the US. Currently, the treasured beach town of Malibu leads the competition, obtaining 10 out of the 20 top spots on Property Sharks list of Top 20 most expensive neighborhoods in LA.