Malibu spec mansion gets $7.5M price chop

Matter of location or latest indicator of high-end cooling trend?

Los Angeles /
May.May 27, 2022 08:30 AM
5012 Carbon Beach Terrace (Zillow, iStock)
5012 Carbon Beach Terrace (Zillow, iStock)

A newly developed luxe home overlooking one of Malibu’s most popular beaches has gotten a $7.6 million price chop.

5012 Carbon Beach Terrace was relisted for $39.9 million on May 25, according to real estate site Zillow. The ask was $47.5 million as recently as April.

The five-bed, nine-bath, 12,169-square-foot Carbon Beach home is one of a development of four individual estates designed by architects Douglas Burdge and Jay Vanos. The houses were built by Malibu Real Estate Investments LLC in 2021. The listing agents are Ani Dermenjian of Douglas Elliman and Kurt Rappaport of Westside Estate Agency, Inc. Rappaport did not reply to a request for comment by press time.

The house’s luxury bona fides include unobstructed views of the Malibu Pier and Billionaire’s Beach––a nickname for Carbon Beach, which counts a bevy of billionaires as property owners, with Larry Ellison, David Geffen and Dr. Dre among them, according to a listing site description.

5012 Carbon Beach Terrace also includes a glass staircase, elevator, chef’s kitchen, fitness center, indoor spa, steam room, hair salon, infinity pool with a jacuzzi, and a cinema.

The recent price could reflect a cooling of the luxury residential market in the L.A. area, a trend cited by a judge who decided to allow the sale of a spec megamansion in Bel-Air to go forward at a price below the reserve set at a bankruptcy auction.

The markdown in Carbon Beach also might owe in part to the basic consideration of location, said Steven Schaefer, co-founder of Schaefer & Luchs, a residential division of brokerage Newmark.

The highest Malibu listing prices are typically on the beach. Prices in locations on the inland side of Pacific Coast Highway–such as Carbon Canyon Terrace–often top out around the relatively lower benchmark of $40 million, Schaefer said.

“When people come to Malibu, they want to be on the water,” he said.

Prices also can differ based on micro-location, Schaefer said. Houses built along sandy beaches have higher asking prices than those in areas with more rugged coastlines.

Another factor of the environment also plays a role in why Pacific Coast Highway seems to be a boundary between very rich and stratospheric prices. Properties on the coastal side of the road are much less susceptible to incidents such the Woolsey fire, which destroyed hundreds of homes on the inland side of PCH. Fire insurance in Malibu and other exclusive areas that have seen devastating fires, has continued to be high, even a few years after neighborhoods were rebuilt after fires.

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