Malibu Mobile Home Selles for $2 Million in Paradise Cove

Posted by shen on Sep 20, 2011 in Blog, News, Real Estate News | 2 comments

A recent purchase in the Paradise Cove Mobile Home Park went for $2 million — in cash — paid recently for a double-wide mobile home in Malibu, Calif.

Since AOL Real Estate reported the news last week, the story’s been picked up by the San Francisco Chronicle and others. The home, has a great view from a bluff above the Pacific Ocean, two bedrooms, two baths and a two-car garage.  But remember, this is a mobile home on leased land where the new owner does not own the land but has purchase a beach lifestyle and an amazing ocean and city light view.  Is it worth the money?  Maybe if you consider that similar homes near the Paradise Cove Mobile Home Park that share the same beach and views sell for $10M to $25M

The rest of the story, so to speak, is that there’s something of a trend.

As The Vancouver Sun reported earlier this month

After some down times for Malibu mobile home sales in 2009, “there has been a rebound at these mobile home parks located in world-famous Malibu, home to numerous celebrities. Sale prices at Paradise Cove [one mobile home development] reached as high as $2.5 million in the past year, and at Point Dume [Club] a sale is pending on a two-bedroom home listed at $1.25 million.”

These lines in the Sun‘s story particularly stand out:

“What is being sold in these gated communities is not so much the luxuriousness of the homes but the views and easy walk to the surf. The price does not even include the land — as is common at mobile home parks, the lot the structure sits on is rented.

” ‘You are not buying land, you are buying air,’ said Paradise Cove newcomer Gina Carlson, who moved into her 1,500-square-foot, $645,000 home in June.”

At Paradise Cove, though, you are buying “access to a private beach, tennis courts, a children’s playground and a clubhouse,” as the Los Angeles Times wrote in 2008. And at Point Dume Club, there’s “a pool, a large spa, saunas, tennis and basketball courts, a clubhouse and proximity to Point Dume State Beach.”