A sizzling summer in Malibu: a rental for $150,000 a month

[Mugu]

By Ann Brenoff, Los Angeles Times Staff Writer

For summer lease: Four-bedroom, eight-bathroom bluff-side Malibu house. Price -- $150,000 a month.

That's a jaw dropper, even for Malibu. The Cliffside Drive property's rental price is a local record high, according to the Multiple Listing Service, but it's just the latest pinnacle in a summer rental market that seems to have no high-water mark. Even mundane beachfront houses are renting for as much as $70,000 a month, and they're still expected to be snapped up by mid-April.

It all seems impossible, when real estate is wilting just about everywhere else. But Malibu in the summer isn't like everywhere else.

The housing market's troubles haven't touched homes valued at $10 million or above -- which pretty much defines the Malibu beachfront, according to John Karevoll of DataQuick Information Systems, a real estate research firm. And rents reflect that.


Complete article at:
http://www.latimes.com/classified/realestate/la-re-lease24mar24,0,5712261.story

[DFW]

1. I wonder if they'd accept a counter-offer

Say, $425?

No, huh? OK, it didn't hurt to ask........

[liberal N proud]

2. The multi million dollar homes will remain unscathed

The millionaire market is a separate market than the one the rest of us deal with.
Money is no object for those people and 150K/mo is not a problem for those who live that lifestyle.'


The rich get richer while the poor struggle to stay in the game at all.

[LibDemAlways]

3. Malibu is home to the elite of the entertainment biz.

$150K is a drop in the bucket to them.

[tjwash]

4. Nice place...until the next rainstorm hits and it goes sliding in to the ocean.

nt