Report: Malibu Now Most Expensive City

When the rich and famous need to get away from their whirlwind lives they head to the soft, sandy beaches of Malibu, California. Malibu has been a premier destination for years and now tops San Francisco, California, and New York, New York as the most expensive city in the country, according to the annual Coldwell Banker Real Estate 2013 Home Listing Report (HLR), which ranked Malibu as the most expensive place to live in the United States.

According to the annual report, an apples-to-apples comparison of four-bedroom, two-bathroom homes in more than 1,900 real estate markets across the United States, a sample-sized home in the affluent beach community of Malibu lists for $2.15 million, compared to $63,729 in Cleveland, Ohio.

“With its laidback, yet star-studded lifestyle, Malibu is undergoing a transformation from a seasonal destination to a year-round locale,” said Madison Hildebrand, an agent with Coldwell Banker Residential Brokerage in Malibu, star of Bravo’s Million Dollar Listing.

“Situated on the Southern California coast with beautiful homes and even more stunning views, you’re not only paying for world class properties, you’re paying for a way of life.”

Cleveland, Ohio, was ranked as the most affordable real estate market in the 2013 Coldwell Banker Home Listing Report, where an average four-bedroom, two-bathroom home lists for $63,729.

“Cleveland’s friendly, hometown feel draws people of all ages, and in recent years, the community has been revitalized with more young professionals entering the market,” said Ed Dolinsky, president of Coldwell Banker Hunter Realty. “Energized by a growing tech hub that effectively supports nearby renowned hospitals and research institutions, this Midwest city continues to reinvent itself through its diversified business sectors and strong sense of neighborhood communities.”

This year’s report identified 20 markets where a four-bedroom, two-bathroom home costs more than $1 million, whereas in eight markets a similar home lists for less than $100,000, a telling sign as the country moves away from the Great Recession. The report also found that the average listing price of a four-bedroom, two-bathroom home in the survey of more than 1,900 markets and 52,000 listings was $301,414. The Golden State holds 13 of the top 25 spots for the most expensive markets in the U.S. New York is the only state that had markets ranked on both the most expensive and most affordable lists. In contrast, 60 percent (15) of the 25 most affordable markets are in the Midwest.

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