Beach house in Malibu’s Colony lists at $34.5M

A beachfront house in the A-list celebrity-studded Malibu Colony beach enclave hit the market.

Restaurateur Michael Weinstock put 23754 Malibu Road on the market Aug. 3 for $34.5 milion. The four-bed, six-bath home spans almost 4,000 square feet, with the asking price penciling out to $8,954 per square foot. The house was built in 1988 but underwent an extensive interior remodel led by Barbara Grushow Design. The interior renovation wrapped up this year.

The house is located a few steps away from the beach. Amenities include a pool and a spa located in a courtyard on a nearly 13,000-square-foot lot. Susan Monus of Coldwell Banker Realty holds the listing.

23754 Malibu Road has been listed in past years for sale and for rent. In 2021, it was listed for sale at $31.5 million. The listing was removed in December. Earlier this year, the house was made available for rent for $90,000 per month. The rental listing was removed in July.

The house is making its 2022 bow in a market defined by extremes. A recent Douglas Elliman report found that price trend indicators for single-family homes rose to record or near-record highs for the past six quarters. In Malibu’s beach areas, the median sales price for a home was almost double what it was in pre-pandemic levels.

Douglas Elliman’s second-quarter report on Malibu also found that total inventory declined 17.3 percent in the 2022 second quarter compared to the same quarter in the previous year.

Monus of Coldwell Banker said the Malibu market is strong, but there is no denying low inventory. “A normal market is about 215 to 220 listings,” she said. “Inventory is 115 homes on the market.”

Read more

Residential

Los Angeles

Album drop then price chop: Kanye pays $57M for Malibu beach house

Residential

Los Angeles

GoodRx co-founder takes one of these: $40M Malibu beach house

Residential

Los Angeles

Malibu spec mansion gets $7.5M price chop