Carbon Beach House For Sale Closes At Almost Half The Asking Price
28 February 2013 · by Mike Gardner Malibu Real Estate Agent 310-699-8428

I always get asked if anyone is getting any great deals on Malibu beach houses or, from the real hustlers, if I see anything that can be purchased at “wholesale” then flipped. The answer is yes, but as we leave 2012 behind, those opportunities will be less and less.

Every morning I do a few things before heading out the door. First, I start up the Nespresso Machine and kickstart the morning with two capsules of high octane espresso. Then I check out the Drudge Report to see if the world is going to make it just one more day, check the weather, and then I dive in to the MLS. There I check to see what has changed in the Malibu real estate market in the last 24 hours. I check the new listings, solds, withdrawn, etc so I can figure out who I need to update about the market.

I do this because at any given time, I have somewhere between 10 and 20 people that are looking for something in Malibu. I also know that in this business one of the best commodities is information and those that get it early have a better shot at closing a deal.

Since I get to see asking price and close price in a simple spread sheet, one caught my eye right away. A beach house on Carbon beach asking $12,500,000 closed for $7,000,000! I did some quick research to see if this was something on the market since the peak of 2008 with a bunch of price reductions….nope, listed for 167 days with no reductions.

Here is the low down on this deal.

The home was built in 1970 and never updated. The private remarks point to the deal needing the approval of a life estate. From the Malibu MLS…. “First time on the market in 42 years. Unique opportunity on Carbon Beach. This 3 story contemporary home was built prior to the current height restrictions and enjoys unobstructed views from the third floor up and down the beach. Expansive Chef’s kitchen. Walk on sandy Carbon Beach to the new restaurants which are scheduled to open in August. Formal dining room and at least one large public room on every floor make this home easy to enjoy. This home is being sold subject to a life estate.”
carbon beach malibu

What do you think? Great buy? Would you have considered stepping up with an opening offer of $6M?

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