After a few weeks of frenzied showings and multiple offers, the Point Dume probate that came on the market for $2,495,000 has closed for $3,250,000.
The real estate market for Point Dume homes continues to show strength with the most recent offering closing well about the asking price. The small ranch house came on the market about a month ago as a probate and had many challenges that likely scared a bunch of buyers away. It wouldn’t have mattered much anyways as the sharks started honing in on a getting their offers in. Rookie buyers didn’t have a chance because at the end of the day 6 people made offers. All were either professional investors or very experienced locals who weren’t scared of a disclosure list as long at the local LCP rule book.
What’s interesting is that the listing in the MLS only showed 2 photos that, let’s say, were not so sexy. The word of mouth that spread about a great deal on Point Dume spread like a Santa Ana driven wildfire and soon the listing agents were getting 3-6 requests a day to see the property.
The home, located at 28841 Boniface, is an oddly configured 2 bedroom with a bootleg conversion in the garage. There is a pool (60’s style small one) and the lot had plenty of room in back for a large project. The home has deeded beach rights to Little Dume with a beach key. The best use of the main house right now is to use it as a rental then later downsize it to conform to a guest house after a large home is complete. Something local architect Doug Burdge has done many times on Point Dume!
From the MLS “THIS IS A PROBATE SALE. GREAT OPPORTUNITY TO PURCHASE ON PT. DUME WITH KEY TO THE BEACH. ALL OFFERS TO BE SUBMITTED ON C.A.R. PROBATE PURCHASE AGREEMENT (PPA-11), PROBATE ADVISORY (2 PAGES), WITH SELLER’S “AS-IS” ADDENDUM DISCLOSURE. ALL OFFERS SUBJECT TO TRUST COMPANY AND BENEFICIARY APPROVAL AS APPLICABLE. SELLER’S CHOICE OF SERVICES. BUYER TO SUBMIT LENDER PRE-QUAL LETTER AND PROOF OF FUNDS. PROPERTY IS TO BE PROPERLY EXPOSED TO THE OPEN MARKET AND THE ADMINISTRATOR WILL NOT RESPOND TO ANY OFFERS BEFORE SEPTEMBER 10, 2014. SELLER WILL NOT PROVIDE TERMITE REPORT AND CLEARANCE, HOME PROTECTION POLICY, REPAIRS OR CREDIT FOR REPAIRS. THE CITY OF MALIBU HAS RECORDED A VIOLATION AGAINST THE PROPERTY FOR AN UN-PERMITTED HABITABLE STRUCTURE (GUEST HOUSE) AND BUYER WILL BE RESPONSIBLE FOR THE REMOVAL OF THE UN-PERMITTED STRUCTURE AFTER THE CLOSE OF ESCROW. BUYER IS RESPONSIBLE FOR ANY AND ALL COSTS ASSOCIATED WITH OBTAINING A CITY OF MALIBU ONSITE WASTE WATER OPERATING PERMIT.”
I personally had one person make an offer out of the 6. I was able to let him know about the deal a few days before it hit the MLS. Of the six deals I’ve closed on Point Dume, almost half of them happened because I knew about them before they hit the MLS. Call me to discuss any needs you have on Point Dume and if you would like to be on my priority list of buyers for the Point. Once I get wind of a property, I go thru my list and start hitting the phones! With my recent sale of $8m on Birdview, I’ve now sold close to $35m worth of real estate on Point Dume! Mike Gardner 310 699 8428
To learn more about Point Dume check out our Point Dume community page with all the latest listings!