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Colony Beach in Malibu is most expensive place to buy in LA for 2nd straight year
The median sales price in the celebrity enclave was nearly $11M
The most expensive neighborhood to buy a home in Los Angeles in 2018 was… wait for it… Malibu’s Colony Beach, for the second straight year.
Who would have thought that a beachfront neighborhood with direct access to the Pacific Ocean and more celebrities than you could shake a piece of driftwood at would be the most expensive place to buy a home in L.A.?
The median sale price in the beachfront celebrity enclave was $10.65 million, an 11 percent drop from 2017, but just enough to beat out Beverly Hills Gateway, where the median price rose 31 percent to $10.05 million, according to the Los Angeles Times.
Two other Beverly Hills neighborhoods followed them — Trousdale Estates and Beverly Hills Flats, where the median sales prices were $8.54 million and $7.5 million, respectively.
Another five Malibu nabes and Santa Monica’s north of Montana Avenue area rounded out the top 10 most expensive in L.A.
Colony Beach is a small gated community near Malibu Lagoon where tiny lots sell for big prices. Notable trades in the neighborhood this year include the $14 million sale of late media mogul Jerry Perenchio’s home there.
Celebrity residents include actors Edward Norton, Jim Carrey, and Leonardo DiCaprio. [LAT] – Dennis Lynch