Aug 03 2009
Biggest Malibu Price Chop In History?
A very unique Malibu home has sold and well below it’s original asking price. The one of a kind home located at the end of Zumirez on Point Dume came on the market at $27,500,000 back in December. It was reduced to $23,000,000 and it closed a few days ago for $16,500,000! That’s a serious chop of $11,000,000! The house may have been listed high in hopes that Ms. Streisand, who owns multiple lots next to the property, would make a run for it but it appears she has passed on it. The home sits on a rare bluff parcel but was considered by many to be a “scraper” and in pretty rough shape.
The home was co listed with Chris Cortazzo of Coldwell Banker
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You would probably ask for high amount too if you had a neighbor who was known to purchase neighboring properties. It happens a lot here in Malibu especially on the beach. The neighbor will often by the parcel next door to build a bigger compound. This home had neighbors on both sides who could have been buyers so I don’t fault them for giving it a try.
Ok Malibuites click on deals to Vegas so Bobby can buy a Malibu House!
When we’re ready to buy in Malibu, we can only think of Michael Gardner. We will be sure to pass your fabulous Malibu Real Estate Blog to all our Vegas winners. Thanks for your informative updates and insights.