When I first heard the rumor about of this unit in Paradise Cove selling for $5.3m, I wasn’t sure I could believe it. I’ve been watching this market carefully for the last several years, having sold numerous places in Paradise Cove, and will admit that there have been a few times where I thought that market had peaked. Every summer, a new record was set, and with such big jumps, it seemed like it just couldn’t keep going. Finally, the rumor was confirmed in the MLS with a recorded sale showing the $5.3m closing.
If you run the numbers, the value of the homes in Paradise Cove have easily outperformed other segments of the Malibu real estate market, including beach front home. Some units have easily tripled in the last 5 years. Beach homes have nearly doubled since the bottom of the market in 2007-2008. Who could have guessed that a home built in a factory or with an axle underneath it could have been one of the best real estate investments of the last five years!
This “mobile home” is really more of a tricked out manufactured unit with a high percentage of the structure being built like a standard home. It sits on a section of Malibu bluff where the views rival that of the $40m to $60m homes located just a few hundred yards away.
Back in Jan. of 2015 this unit closed at $4,000,000 and it sent a shockwave thru the Paradise Cove Mobile Home Park. That sale alone injected millions of dollars of equity into the values of everyone units. Within weeks of that sale, several units went up for sale at prices that many had thought were never possible!
With this unit selling at $5.3m, it is not only the world’s most expensive mobile home again, but the most in demand one in the world too. What will it be worth next year? Whatever someone is willing to pay is the saying!
Congratulations to Paul Woodman for achieving this sale!
Here is a link that explains everything you need to know about buying in this park.
Here are some links to past articles about Paradise Cove.
A $3.2m unit that is now is escrow is now in escrow. Update! This just closed on Monday May 17, 2016 at $2,900,000.
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of CARETS. Listing agent- Paul Woodman/ Pritchett-Rapf Malibu. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site.