Seaside sanctuary QA &

BLESSED WITH STUNNING stretches of coastline and lush, verdant hills, it’s no surprise that Malibu is one of the most sought-after areas in all of Southern California. Hollywood heavy hitters value the privacy and small-town feeling the coastal hideaway o ers, driving the median home sales price in the area to a whopping $4.5 million. We asked Irene DazzanPalmer, who has 30 years of experience buying and selling properties in Malibu, for some insight on what’s happening in the luxury market.

How has Malibu changed over the past decade?

With the arrival of Nobu and Soho House, Malibu has become a global destination. Our restaurants and high-end shopping attract people from all over the world.

How have rising interest rates a ected the local luxury real estate market? We’re seeing a lot of ultra high-net-worth individuals take their money out of the volatile stock and crypto markets and park their wealth in real estate. These deals are mostly all-cash, so the rising interest rates haven’t a ected the luxury market. Luxury real estate is still considered the safest long-term investment one can add to their portfolio.

The three most recent notable high sales in Malibu are a 7,450-square-foot contemporary villa overlooking El Sol Beach, which sold for $70.4 million, and two sales in exclusive Paradise Cove. One is a Mediterranean oceanfront estate, which sold for $91 million, and the other is a secluded 10,698square-foot oceanfront property purchased by a well-known producer for $100 million.

Can you share any tips for potential homebuyers interested in purchasing a home in Malibu?

Hire local representation. Relationships and market knowledge continue to be the most important factors in our current market. With tight inventory, only a top agent in-the-know can bring buyers deals that don't exist on the market. ■