Q&A: Discussing Malibu Housing Trends with Ellen Francisco

As one of the top realtors in Malibu, Ellen Francisco has a strong understanding of what’s trending and has key advice for those looking to buy and sell. We heard from her about how the Woolsey fire may impact sales in the future and how it has impacted the market today. She ranks in the top 1% in the nation.

 


What is your #1 piece of advice for someone looking to buy and/or sell their home?

Ellen Francisco : There is not just one piece of advice for someone buying in Malibu. It is a  complex process and the first thing that someone needs to do is to understand the differences between the various areas so that they can decide where they want to live. Beachfront – the differences between the beach areas and the knowledge of what each beach location has to offer will help make that decision easier. Land side – the difference in the various residential areas and the definitive neighborhood characteristics will help a Buyer make a decision. A Buyer should identify the lifestyle they prefer and how they want to experience Malibu. The varying price ranges can also help define choices as well as whether a Buyer is open to remodeling, building from scratch or buying a newer or recently remodeled home. Many of our residents move within the community and completely change their lifestyle from one place to the next. It takes a long time resident/agent who knows and understands the community to be able to educate the Buyers as to the different locations and what each location has to offer. A Buyer should definitely learn about their options and work with an agent who knows the personality and pros and cons of the 21 mile long stretch of real estate that we call Malibu.


What are the key trends happening now that you expect to have a large impact on Malibu?

EF: Right now, we are dealing with the impact of the November 9th, 2018 Woolsey fire and how that may ultimately affect various neighborhoods. Many people who lost their homes to the wildfire or who had excessive damage to their home are still working things out with their insurance companies. People who had no intention of building a new home have been thrown into the process of designing a home, obtaining a permit and then building a new home. It is understandable that after 8 months people are still in the beginning or middle stages of that process. This is affecting home sales of the remaining homes in neighborhoods where there  was a lot of destruction as people don’t necessarily want to be surrounded by construction for 2 – 3 years. Looking at a positive side, properties that are in areas where there was no damage are definitely holding their own and the market is moving. Some people may choose to sell their land and not re-build. There may be about 500 new homes built in Malibu in the next few years and some of those homes will be available for sale. That will be an attraction to those who prefer newer homes. The beach home market is moving, as to the best of my knowledge, there were no homes on the beach destroyed by the fire. A newer trend for Malibu is providing land side homes to Buyers who are looking for weekend and vacation getaways. The beach and bluff homes have always been an attraction as second or third homes, but the purchasing of land side homes for the same purpose is newer, but a definite trend. Often times, these homes will be leased out part of the year to help defray the cost of taxes, insurance and mortgage, but then utilized by the homeowner during the rest of the year, when they want to be in Malibu. International Buyers have been known to purchase homes for summer and vacation usage and a few people have purchased what will be a retirement home in the future. Malibu and it’s residents are varied and fall into many categories (full time, part time, landlords and tenants). It will be interesting to see how the Trends continue through this year and into the next 2– 5 years.

 

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