The Malibu luxury home market continues its tear, with a property there marking the largest contract among L.A. County deals last week.
The home at 31654 Broad Beach Road, with a listing price of $12.5 million, was the top contract for the week ended Sept. 8, according to the Eklund Weekly Luxury Report LA. Douglas Elliman’s Eklund Gomes Team tallies homes under contract listed at $4 million or more in the MLS for its weekly recap on L.A. County’s residential market.
The seller is an LLC tied to real estate investment firm Clear Capital founding partner Greg Worchell, according to property and state records.
Compass’ Chris Cortazzo has the listing.
The home totals 4,456 square feet with four beds and four baths. Steps to the beach, ocean views, a Jacuzzi and high-tech security system are among the property’s amenities.
Malibu has had a buzzy year for residential deals, nabbing some of 2024’s blockbuster trades. They include Laurene Powell Jobs’ fourth Malibu property, which was purchased in June for $94 million, and the $61 million sale in July of a spec home called The Edge.
Some agents say part of that is due to the city’s status beyond the reach of Los Angeles’ Measure ULA transfer tax, which went into effect last year. It applies a 4 percent tax on residential and commercial properties in the city of Los Angeles starting at $5.15 million. Properties trading at $10.3 million or more trigger a 5.5 percent tax.
Cortazzo told The Real Deal last month Point Dume is popular, but activity has been “balanced” throughout Malibu with deals in the higher end of the market boosting overall confidence.
Even with Measure ULA, often referred to as the mansion tax, deal flow continues in the city of Los Angeles.
Last week’s second-largest home under contract was in Los Angeles’ Brentwood neighborhood at 11993 Brentridge Lane. The property has a $10.8 million asking price.
Property records show the sellers are husband-and-wife Farshid Zarei and Zahra Khajooei.
Compass’ Sally Forster Jones and Tomer Fridman have the listing.
The five-bedroom, five-bath home totals 4,664 square feet. It touts views of the Getty Center, a tennis court, Juliet balconies, motorized blackout shades and two laundry rooms.
Overall, Los Angeles County saw 16 contracts signed for the week ended Sept. 8, which was good for $95.6 million in volume, according to the Eklund Gomes report. That’s coming off the previous week’s rally of 28 contracts totaling $243.7 million for the seven-day period ended Sept. 1.
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