Malibu and Maxey reminds us some ‘mobiles’ are worth millions

Paradise Cove Malibu CA McClatchy News ServiceCalgaryHerald reports on a story has previously covered, that even ‘mobile homes’ (sic) on the Malibu, CA coast can be worth millions.   Two gated, ocean-view communities in Malibu – Paradise Cove and Point Dume Club – struggled during the downturn. “In 2008 and 2009 people were just scared to death, even the wealthiest of buyers,” said Kirk Murray, a real estate agent with Pritchett-Rapf who lives in Paradise Cove. But these home sites to celebrities have rebounded. Sale prices at Paradise Cove reached $2.5 million last year, and at Point Dume a sale is pending on a two-bedroom manufactured home listed at $1.25 million.  One home listed has a stunning views of the ocean, more than 2,300 square feet of living space, a broad deck, two bedrooms and two baths for a cool $2.275 million dollars. California’s manufactured housing market suffered a 33 percent drop in sales and a 47 percent plunge in prices over the last five years, per the California Department of Housing and Community Development. Jess Maxcy, president of the California Manufactured Housing Institute, told the CalgaryHerald that these are ‘not’ mobile homes, “Most homes are never moved after the initial installation,” Maxcy said. Property taxes on manufactured homes are  about the same as for a site-built house on the same lot, Maxcy said. “The difference is in a park where you are leasing the land,” he said. “You pay the property tax rate only on the home. The owner of park pays the property taxes on the land.”  Tom Spencer, a retired commander with the Los Angeles County Sheriff’s Department, bought a three-bedroom, two bath home for $650,000 and he spends about $1,200 a month on his lot rent, water and electricity. Spencer said, “I couldn’t be happier.”  Paradise Cove newcomer Gina Carlson moved into her 1,500-square-foot, $645,000 home in June. “I took the leap that some people can’t get their heads around,” Carlson said, adding she wouldn’t go back to her previous place. “Maybe the good energy of Malibu brings out the best in people,” she said.

(Photo credit, Paradise Cove, McClatchy News Service)

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