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Crown Pointe confirms “net zero” appetite with $29M Malibu sale
Developer delivers second eco-conscious spec home, fetching a higher price than the first
Eco-conscious developer Crown Pointe Estates at Malibu just bested itself with the $28.5 million sale of its net-zero carbon spec home.
The transaction marks the second property sold in what Crown Pointe calls its Zero Series of carbon-neutral projects, with the first home trading for $23 million in 2022. The developer views the sale as proof there’s appetite among some buyers in paying a “green premium” for everything from their clothing and cars to residences, according to Crown Pointe’s Scott Morris.
“The net-zero attribute has really increased demand for our properties over the past years and more so with our recent sale,” Morris said. “It was a strong selling point, just as much as selling points of the past like location or a pool or new construction.”
The home, named Zero Two, originally went on the market in July 2023 for $29.5 million.
Morris declined to provide details on the buyer. Property records indicate an LLC tied to a registered agent with a Wyoming address.
Morris and Patrick Boyle listed the home, while Sotheby’s International Realty’s Ari Wintraub represented the buyer.
The all-electric home is located at 11809 Ellice Street and spans 16,489 square feet, made with materials such as sustainably sourced lumber, recycled aluminum roofing, low-carbon concrete and solar panels.
Zero Two features six bedrooms and 12 bathrooms, with a glass bridge running from the main compound to a guest house. An organic fruit orchard, basketball court, tennis court and putting green are among the home’s outdoor amenities, according to Zillow.
Crown Pointe Estates is behind the 80-acre Marisol Malibu development, which totals 17 properties. Fifteen of those properties have sold, with eight — including the Zero Series — built by Crown.
Two more homes are planned for the Zero Series, although timing of the groundbreakings and completions have not yet been determined, according to Morris.
Crown looks to serve a wave of consumers willing to pay more for a greener product. Morris pointed to companies, such as Patagonia or Tesla, selling pricier products with a green bent that have attracted loyal followings.
Added Morris, who is himself a fan of Patagonia and founder Yvon Chouinard: “Coming into this, we said ‘Why can’t we do essentially the Patagonia or Tesla of homes?’ And that’s what these net-zero homes are.”
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