Looking for that perfect summer home? How about this one in Malibu, California or the ‘bu as some call it.
You can rent this home in Malibu for $150,000 a month. Huh, say what??? Yeah I said it. $150,000 a month. This home has four bedrooms and eight bathrooms. Still not tempted? How about a beautiful ocean view and steps outside that lead to the Pacific Ocean?
While many parts of the country are going through a foreclosure crisis with home values dropping, in Malibu homes worth over $10 million dollars are hot. Most of the summer rentals are going for $75,000 and above. That’s nothing for wealthy movie and tv stars.
That’s the peak — so far. Those who can handle a sky-high price like the proximity to stars that it buys them.
By Ann Brenoff
Los Angeles Times Staff Writer
For summer lease: Four-bedroom, eight-bathroom bluff-side Malibu house. Price — $150,000 a month.
That’s a jaw dropper, even for Malibu. The Cliffside Drive property’s rental price is a local record high, according to the Multiple Listing Service, but it’s just the latest pinnacle in a summer rental market that seems to have no high-water mark. Even mundane beachfront houses are renting for as much as $70,000 a month, and they’re still expected to be snapped up by mid-April.
It all seems impossible, when real estate is wilting just about everywhere else. But Malibu in the summer isn’t like everywhere else.
The housing market’s troubles haven’t touched homes valued at $10 million or above — which pretty much defines the Malibu beachfront, according to John Karevoll of DataQuick Information Systems, a real estate research firm. And rents reflect that.
A big chunk of the summer crowd is from the entertainment industry, and hobnobbing never comes cheap. Plenty of deals are made at the beach — and if you aren’t there, someone else will be. And of course, there’s also the opportunity to bump into Pamela Anderson buying organic carrot juice at Ralphs or to sip a latte next to Pierce Brosnan at Starbucks.
Finally, corporate money is pumping up Malibu prices as large publicity firms and companies with products to sell use summer rentals to host celebrity-studded bashes — chock-full of product placements that wind up in photos in magazines and online. The “party houses” may find themselves on a tighter leash this summer, though, as the Malibu City Council takes steps to curtail noise and traffic complaints.