I was in Malibu this week and the assignment was very difficult. The client wanted the land value for a beach front SFR in the famed Malibu Colony. The difficulty was no land sales within the Colony. The stats look like this for the immediate neighborhood: Living areas for improved sales over the past 2 years range from apx. 2,319 to 6,343 SF, average was apx. 4,384 SF. Lot areas were from 6,600 to 13,938 SF, average was apx. 8,675 SF. Days on the market was from 8 to 349 and the average was 97 days. Sale/List price ratio was 96.78%. I had to use an abstraction technique to obtain site values for improved sales within the Colony. The stats look like this: Of the 4 land comps included, the lowest sales price was: $6,000,000 | highest: $6,200,000 | mean: $6,057,500 and the median was: $6,015,000. After adjusting all 4 comps, the mean became: $8,793,750 | median became $8,720,000. Of the 11 improved comps included, the lowest sales price was: $5,447,614 | highest: $18,000,000 | mean: $10,326,147 and the median was: $9,000,000 . After adjusting all 11 comps, the mean became: $9,162,238 | median became $8,979,800. The most interesting fact was that the location within Malibu Colony was worth $3,000,000 as opposed to values outside the Colony.