Location: Malibu
July 1, 2008
Malibu is a really special place, with its own beauty and
magic. It’s a little town that’s known all over the world, but it hasn’t
entirely lost that funky aspect, which is why it’s as popular as it is. Though
the town has received a lot of attention in the last few years especially, it’s
still a private sanctuary for most people, and it’s why people tell me they want
to live out there. People feel safe there—it’s a great place to raise children.
I myself lived in Malibu as a child, growing up in houses on Broad Beach, Carbon
Beach, and the Colony. It’s truly one-of-a-kind.
—Jonah Wilson
During the workweek, a gilded enclave like Beverly Hills does nicely for the well-heeled Angeleno. But come Friday afternoon, a mini-exodus takes place. Some lucky residents drive 30 minutes up Pacific Coast Highway to spend two days in sun-drenched splendor at a Malibu beach house.
Half a century after Gidget and Moondoggie popularized Southern California surf culture at this Shangri-la by the sea, Malibu—population 13,000—still maintains its near-mythical allure. Beachfront homes (starting at about $3 million for a run-down fixer on the sand to $30 million for a dazzler), command views of the Pacific so expansive that you can see the curvature of the Earth. The rugged Santa Monica Mountains spill down to the sea in an area so beloved by some, they swear they will never vacate. Undeterred by the specter of fires, floods, and mudslides, buyers unflinchingly trade seven- and eight-figure sums for a patch of paradise. While some sellers are reducing asking prices for homes on the mountain side of Pacific Coast Highway (Olivia Newton-John dropped hers from $14 million to $12.95 million), coveted beachfront is more than holding its own.
DataQuick, which tracks public-record real estate transactions, reports that sales of existing houses in Malibu’s 90265 zip code fell 55 percent, from 61 to 27, in the first quarter of 2008, compared to the same period last year. Meanwhile, the median price—apparently buoyed by high-end sales—jumped 4.5 percent to $2.63 million.
"The lower end, which is under $4 million, is stagnant. Houses just sit there," explains Brett Kozma, a Realtor with Coldwell Banker. "But the upper-end market, which starts at $6 million to $7 million, is doing very well. People who have that much money aren’t affected too much by the economy."
Malibu’s 21 miles of coastline comprise a string of separate beaches, each with its own personality and rank in the real estate hierarchy.
Carbon Beach, known as Billionaire’s Beach for its concentration of ultra-wealthy residents, hosts tech tycoon Larry Ellison, as well as David Geffen and his Dream Works partner Jeffrey Katzenberg. Agent Alan Mark of Prudential Malibu Realty says Carbon Beach is a good investment—if you can find something. To protect their flanks, Ellison and his neighbors are scooping up adjoining lots. Prices here start at about $12 million for about 40 feet of beach frontage and go "up to whatever," says agent Chris Cortazzo of Coldwell Banker.
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