Chris Cortazzo
Brokerage: Compass
Total Career Sales: $8 billion
List Ranking: 7
Notable: Specializes in Malibu
Compass’ Chris Cortazzo knows Malibu. The residential real estate agent, who has been with Compass since 2019, has done more than $8 billion worth of sales in his career.
He spoke with the Business Journal about Malibu, the current seller’s market and the lack of inventory in Malibu.
What got you interested in real estate?
Growing up in Malibu, loving the Malibu lifestyle and understanding all the layers of Malibu. I realized it was my passion and wanted to share it with others.
How was 2022 for you? How did it compare to other years?
2022 was one of my second-best years in real estate. The last few years have changed Malibu from a second-home to a primary-home community.
Was it a buyer’s or a seller’s market?
Definitely, 2022 was a seller’s market, as inventory was in short supply.
What do buyers want now?
Buyers are looking for a different lifestyle; they want their location to be a vacation.
Were there any major surprises last year?
2021 was the biggest year of my career, selling $1.2 billion in real estate. So, I did not expect 2022 to be my second-biggest year.
How did rising interest rates impact the market?
Interest rates will always determine buyers’ choices at certain price points.
How did the Malibu market compare to other major markets in L.A.?
Malibu probably did better than most. As I mentioned, Malibu became much more of a primary.
What was the most challenging aspect for as an agent this past year?
Lack of inventory at all price points.
Has Measure ULA, also known as the mansion tax, impacted the way people are viewing real estate? Do you anticipate it doing so this year?
Yes, it has brought buyers to the Malibu market and has motivated sellers.
— Hannah Madans Welk
