Great news from the Malibu Times, Malibu City Council has made an appointment to the planning commission of a new Commissioner and there is further discussion on the proposed plan of the multi-million dollar renovation of the new city hall.

Malibu resident Roohi Stack is the new commissioner, Stack is involved in many local groups including the Point Dume Marine Science School PTA and the Junior League of Los Angeles.

Stack says that “the role of the Malibu Planning Commission is to provide informed decisions on residential and commercial building projects that are good for Malibu environmentally, socially and economically…Malibu is a unique and wonderful community.”

On the subject of development, with the remodel plan of the new city hall estimated to cost $5 million, the council will continue discussion and possibly vote on whether to finance the project through the obtainment of certificates of participation not to exceed $7 million. Certificates could be sold as early as March 8th.

An exciting time is ahead for Malibu!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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There is a flood of development and permitting going on in Malibu at the moment! Christmas may be right around the corner, but the media is full of growth for Malibu!

 U2’s Guitarist has developed a Web site promoting the five-home development for above Malibu’s Serra Retreat as environmentally friendly - The project calls for five homes in unincorporated county land just outside Malibu city limits, and has received international media attention because one of the partners in the ownership is David Evans, known to music fans as U2 guitarist The Edge. A proposed 1,600-foot long private road that will connect the City of Malibu to the development is not up for Coastal Commission consideration. The Malibu City Council in January chose to delay a vote on that road until the Coastal Commission rules on the homes.

As described on the Web site, the project consists of five LEED-certified homes that will sit on a Sweetwater Mesa ridgeline. They will be made of “sustainable building materials,” and feature “passive design techniques to minimize energy use.” – although whether the homes and their design will satisfy environmentalists remains to be seen, what is for sure is that this is a great development in a beautiful area.

In addition to this there is also a meeting by the city council earlier this month voting on whether to approve a coastal development permit and various zoning amendments for a proposed project located at 30732 Pacific Coast Highway. The project consists of three components: a development standard for beach front lot width to conform to the certified Local Coastal Program and Local Implementation Plan; development standards for the proposed four-lot subdivision to conform to the certified LCP; and the four-lot subdivision in conformance with the certified LCP. No physical development is proposed at this time and subsequent development of each lot will require a CDP from the city.

Also the city is deciding whether to approve a reconstruction contract for Malibu Canyon Road improvements. The project consists of resurfacing Malibu Canyon Road from Pacific Coast Highway to the city limits with an asphalt-rubber overlay. This project will improve the quality of the roadway and reduce road maintenance.

Malibu is also discussing an alternative wastewater treatment plan for the broader Civic Center area, after its assessment that septic systems are the major cause of pollution in Malibu’s watershed. More on this as it develops.

In short, you can see there is alot of action in Malibu at present and with green living and green homes being high on the agenda for most people it is no wonder that the development  championed by U2’s guitarist is making headlines!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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Judy Kunisaki – CA DRE license 00963582

We have all heard the press shouting about how housing affordability has improved, well, here in California the news is great. The California Association of Realtors has exciting news to report. Their First-time Buyer Housing Affordability Index stood at 64 percent in the third quarter of 2009 compared with 55 percent (revised) in the third quarter of 2008.

The minimum household income needed to purchase an entry-level home at $247,150 in California in the third quarter of 2009 was $43,500, based on an adjustable interest rate of 4.79 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $1,450 for the third quarter of 2009. This is fantastic news!

The income level figures are even more interesting. At $43,500, the minimum qualifying income was 19 percent lower than a year earlier when households needed $53,700 to qualify for a loan on an entry-level home.

However, despite this great news, things really are on the turn: The First-time Buyer Housing Affordability Index declined 3 percentage points in the third quarter of this year compared with the second quarter of 2009, due to a 10.2 percent increase in the price of an entry-level home. (See our article about PRICES RISING IN THE AREA!)

This means that now really is the last chance to take advantage and snap up a great home at a bargain price in Southern California. Here in Malibu the market has not been this good for buyers in years!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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There is plenty of information about the new $6,500 tax credit for homebuyers circling the media and internet, despite that many potential buyers are still in the dark and unsure about eligibility and how to qualify for the credit.

Businessweek has decided to write an informed article on the subject which gives more detail on the specifics of the bill.

They say, in order to qualify for the $6,500 credit YOU MUST close by June 30th 2010 – and have the contract signed by April 30th 2010. The purchase price for eligible homes (The credit applies to 1-4 unit homes,) is capped at less than $800,000, after your purchase you complete an IRS form and mail it to the IRS and they will send you a check for your credit.

The credit is for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years – previously those who were not first time homebuyers were not eligible for a credit. For single tax payers the income limit went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000.

This is great news for the housing market here in Malibu California and nationally. As there are many baby boomers who are looking to downsize their home and this credit would be a perfect vehicle to encourage them to do so. Remember to get advice from your tax professional!

We will keep you updates as more develops!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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Judy Kunisaki – CA DRE license 00963582

Exclusive 37 Acre Tuscan estate in Malibu offered for sale for $65 million.

This luscious estate property contains a 9,000 square foot home which is due for completion around spring 2010, as well as its own vinyard! is the most expensive listing on the Multiple Listing Service in the ocean side community. Only a few Los Angeles-area residences for sale are priced higher.

Rocky Oaks Estate consists of a nearly completed Tuscan-style home, a 9,500-vine vineyard (which first produced its own wine in 2006) and pads for a potential helicopter landing site, guesthouse and guard gate. Perched on a ridge line, the 9,000-square-foot house has 360-degree views. Its surrounding hillsides are filled with about 75 citrus trees, 50 fruit and nut trees, 100 avocado trees, 100 olive trees and more than 500 rosebushes.

The property features a 350 foot drive, and what will be (when complete) and infinity pool and spa, 5000 square feet of decking as well as an elevator to reach all three floors.

Watch this space as more on this listing unfolds, naturally its sheer size, features and pricetag are ensuring that it is receiving a lot of  media attention.

If you are interested in this property please contact us!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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Contractors for the long awaited Legacy Park project have broken ground!

 Malibu residents, city officials and state representatives gathered at the 17-acre Legacy Park Project site Monday to celebrate the official start of its construction with the groundbreaking ceremony which aims to improve local water quality.

The project is costing $45 million and is located on a vacant parcel between Pacific Coast Highway and Civic Center Way. It will include a storm water treatment system designed to capture, disinfect and recycle more than 2 million gallons per day of storm water and urban runoff from the surrounding watershed. Completion is scheduled for October 2010.

The scheme is all part of sustainable water management in Malibu and it will create an open space for recreation and environmental education, and drastically improve water quality of Malibu Creek, Malibu Lagoon and Surfrider Beach.

This is a great project for Malibu where all residents and tourists benefit from the initiative.

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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TRANCAS PARK UPDATE:

After months and years of debating and petitions, finally Malibu City Council has signed off on Trancas Park!

The contract to develop the 7 acre site it worth $2.7 million and is with Woodland Hills-based “Environmental Construction Inc.”  Some additional costs will bring the total price tag of the park to $3.2 million. It is expected that construction will begin in a few short days on October 1st and finish sometime March 2010.

Trancas Canyon Park has taken many years to get to the point of construction. There have been several changes to the design, with presentations taking place at numerous meetings and workshops that often became heated. The park will be located on a 13.5-acre site off Trancas Canyon Road, about a half-mile north of Pacific Coast Highway. It will include a multiuse sports field, dog park, and picnic area, tot-lot, parking area and accessory buildings.

We have followed its debate over the last few years closely due to the controversy that it has caused, as well as the change in designs that has ensued. Once built, it will be a great facility for the city and the surrounding area.

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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Malibu City Council has submitted a bid to purchase the 40,000 square foot Malibu Performing Arts Center located on Stuart Ranch Road. However! Not to keep it as a performing arts center but as part of its quest for a permanent city hall.

The council submitted a $15 million bid for the building which will be auctioned June 15 as part of bankruptcy proceedings by property owner Vineyard Christian Fellowship of Malibu. The property is valued at $27.6 million, according to a January 2008 appraisal, so if successful, the city is getting a bargain!

The building, according to a Malibu Times interview in 2001, was purchased by Vineyard Christian Fellowship of Malibu 10 years ago for $7.25 million and is now a fiber optic office unit with recording and sound systems, a 500 seat theater and dance studios. Included with the sale of the property are the fellowship’s assets, which includes all the high-tech recording equipment.

All exciting stuff for Malibu. We will all keep a close eye on this sale.

Being the leading Real Estate company in Malibu, rest assured that we will keep you informed through our blog. Subscribe to our blog using our RSS feed. (Click here!)

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

As posted back in January – “The Malibu Inn has been sold at Auction for a knock down price of only $5.3 million!”

At the time the new owner was secretive about their identity and details were extremely sparse at that time – including rumors that back in December 2008 the property was in escrow for a deal at $10.3 million! Although the property in 2002, the inn, which was built in 1950 at its current location, had an assessed value of only $2,866,863, as listed on the Los Angeles County Office of the Assessor Web site. It sold to the mystery buyer for a staggering $5.3 million.

However Malibu Times has broken the silence from the owner and released their details. Kambiz Hakim was the purchaser who acquired the property at the foreclosure auction all those months ago. He has been quietly refurbishing the inn restaurant and nightclub hopefully ready for reopening?

A local broker, said Hakim is asking $8 per square foot in rent for the 7,184-square-foot property, and that he is aiming to fill the vacancy with a restaurant and possibly a small retail store, similar to its current setup. However, no application from a potential tenant has been submitted to the city.

It is understood that no permits or licenses for operating a restaurant and bar were included in the sale so the future of the project looks still a mystery.

Being the leading Real Estate company in Malibu, rest assured that we will keep you informed in its progress through our blog. Subscribe to our blog using our RSS feed. (Click here!)

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

After many years of discussion, offshore drilling in Malibu and California as a whole is on the cards again.

Many people are of course interested in the story as it would provide an economic boost to the area. Environmentalists are of course concerned about any potential plans implementation.

However legislators are against the idea, but the new Obama administrations energy policy has opened up the idea again. In the wake of last summer’s oil crisis and spike in gas prices, many in the nation called for the drilling moratorium to be rescinded in an effort to reduce America’s dependence on foreign energy sources. However Californians are generally split on the issue with 51% thinking local offshore drilling is a great idea, while many feel that the billions that would be invested would be better spent on alternative energy development and going green.

In Malibu the BHP Billiton Offshore Liquified Natural Gas terminal was opposed by Malibu Realtors and many local environmentalists.

This story will be watched closely by all those in Malibu.

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If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.