The Malibu real estate market is known for its exclusivity and high-profile sales, with celebrity buyers and exceptional homes regularly making headlines. Despite the small number of housing units in Malibu, which is less than 7,000, the market is closely followed around the world for its luxury properties and record-breaking sales.
Currently, Malibu is facing an extreme inventory shortage, with only 140 homes for sale as of March 2024. This shortage has led to an increase in new construction, although the process is slow due to strict building codes and permitting procedures. Stuart Vetterick of Hilton & Hyland in Beverly Hills predicts that newly built homes will set new sales records in Malibu, particularly in the higher end of the market.
New construction projects in neighborhoods like Malibu Park are bringing variety to the market, with a mix of ranch homes, expansive estates, and modern enclaves. One such new construction estate is located at 29600 Harvester Road, owned by Iraj Safapour. Originally intended as a private home for Safapour and his family, the 3.5-acre property features a 9,300 square foot residence with six bedrooms and nine bathrooms. The home’s design emphasizes ocean views, with expansive windows and a spacious terrace overlooking the coast.
The modern interior of the home features high-end materials, including Calcutta and onyx stonework, and wide-plank French oak floors. The kitchen is equipped with an oversized island and breakfast bar, as well as a garden installation for a natural touch. Upstairs, all en suite bedrooms have terrace access, including the primary suite with dual bathrooms and ocean views. Additional amenities include a fitness studio, home theater, and one-bedroom apartment.
Priced at $19.9 million, Safapour’s listing is one of the most expensive currently for sale in Malibu Park. The property offers luxury amenities such as an infinity-edge pool, spa, fire pits, outdoor barbecue kitchen, sauna, and steam shower. Safapour’s long history in developing real estate in Malibu has influenced the home’s design, which maximizes the property’s premier positioning overlooking the ocean. With a mix of traditional and modern features, the estate embodies the luxury and exclusivity that define the Malibu real estate market.
Overall, the Malibu real estate market continues to attract attention for its high-end properties, limited supply, and record-breaking sales. With new construction projects bringing variety to the market and setting new sales records, the future of Malibu’s real estate market looks promising despite the current inventory shortage. The luxurious features and prime locations of properties like Safapour’s listing in Malibu Park continue to showcase the appeal of this exclusive coastal enclave.