Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri
The market for high-end homes in Los Angeles has softened, but some developers are still aiming high.
Case in point: Malibu Real Estate Investments is listing its 13,000-square-foot spec mansions for $50 million, according to the Wall Street Journal.
The 17-acre property in Malibu includes the five-bedroom home, fully furnished, according to the Journal. It also includes a membership to the nearby La Costa Beach and Tennis Club.
The firm purchased the undeveloped property in 2011 for $7.9 million and added a road and utilities. They also purchased three neighboring lots they plan to develop. Sales for L.A. luxury homes dropped 31 percent in the first quarter of this year compared to the same period last year. Stephen Kotler, CEO of Douglas Elliman’s Western Region, has pinned the slowdown partly on “aspirational pricing.”
The home sits on a cliffside property north of the Pacific Coast Highway near Carbon Beach. There is no direct access to Malibu’s shoreline, but the Woodland Hills-based developer hauled in sand to create an artificial beach next to the 60-foot-long infinity pool, according to the report.
Malibu Real Estate Investments Principal Kirkor Suri told the Journal the home is meant to feel like “a boutique hotel.” [WSJ] – Dennis Lynch