Malibu homes survived wildfires, but owners still cut prices by up to $7m

More than a year after devastating wildfires swept through parts of Southern California, Malibu's luxury real estate market is facing an unexpected challenge. Although many multimillion-dollar homes escaped the flames, they are proving difficult to sell as buyers remain cautious about the risks of living in a wildfire-prone area. According to a report by The Wall Street Journal, several homeowners have slashed asking prices by millions of dollars with some properties seeing reductions of as much as $7 million in an effort to attract interest.Wildfire fears reshape buyer demandMalibu has long been one of California's most desirable coastal communities, known for its oceanfront estates, celebrity residents and breathtaking Pacific views. However the increasing frequency and intensity of wildfires have altered how prospective buyers evaluate luxury homes in the region.Even properties that survived recent fires without damage are being viewed through a different lens.