Whether it’s ‘Friends’ star Matthew Perry listing his Malibu mansion or Orlando Bloom making a home sale in the Hollywood Hills, Southern California is growing to be an increasingly attractive place to make real estate deals for celebrities and the rich elite. Even Dr. Dre, rapper and industry guru, is wheeling and dealing in and around Los Angeles. This year, after selling his Beats Electronic company for $3 billion to Apple, Dre listed his Hollywood Hills home for $35 million soon after dropping a reported $40 million on a mega mansion formerly owned by power couple Tom Brady and Gisele Bundchen.
According to Forbes’ Celebrity 100 list, which is an annual list of the most powerful stars in film and television, a majority of the list either resides full-time or owns a home in Southern California, with Los Angeles being one of the more notable communities. So what is it exactly about sunny SoCal that attracts celebrities and the uber-rich in such high quantities?
Exclusivity according to some luxury real estate firms. “The No. 1 amenity for celebs is privacy. Privacy and security,” says Billy Rose, president of The Agency, a luxury real estate firm. “The house needs to be what I call ‘stoparazzi.’ I’ve had many a celeb come with their major security detail and check every vantage point to see if somebody can see you from one direction or another.”
Given the proliferation of stalkers and the ease of personal information available through the internet, it’s easy to understand why celebrities would opt for such exclusive digs. Just one month ago, America’s sweetheart and No. 36 on Forbes’ list, Sandra Bullock was the victim of a break in by a stalker, the same one who reportedly visited pop star Rihanna’s Pacific Palisades compound.
Malibu Homes Offer High-Priced Havens for Luxury Buyers
Aside from the major concern of privacy, celebrity buyers are very much like traditional luxury buyers. Many agents representing celebrities are finding that amenities related to the industry are popular among their clientele, including premiere sound systems and high-end screening rooms, but beyond that luxury homes are found to be universally appealing to all buyers.
Luckily, these amenities, and much more can be found in many of the luxury homes located in celebrity-favored neighborhoods such as Malibu. Boasting A-list residents like Leonardo DiCaprio and Jennifer Aniston, Malibu is one community that has been a classic getaway for many luxury buyers. According to Altos Research, a California-based real estate analytics company, the median single-family home value in Malibu is currently $4,522,115. Even for a luxury community, this is an impressively high price tag, indicating that this community is truly one of the elite within the diverse makeup of the Los Angeles County.
Despite a good supply of homes and steady competition among home sellers, home prices in Malibu continue to either edge up or stay neutral. Their refusal to fall is also indicative of a strong luxury market in this exclusive community.
If you are interested in Malibu real estate, please contact one of our representatives. With years of experience, we are prepared and excited to help you realize all of your luxury real estate needs.