Historic Sale of Luxury Manufactured Housing in Malibu
Record-Breaking Sale of Malibu's Premier Manufactured Housing Asset
Marcus & Millichap, a renowned brokerage firm specializing in commercial real estate, recently confirmed the successful sale of the Point Dume Club of Malibu. This extraordinary five-star manufactured housing community, encompassing 297 sites, is situated on 95.4 oceanfront acres, making it one of the highlighted properties in the area.
Unprecedented Value Achieved in the Housing Market
For the first time since its underlying land was acquired over a century ago, Point Dume Club has commanded the highest price ever recorded per site for a manufactured housing community. According to Dustin B. Wilmer, first vice president investments at Marcus & Millichap, this historic sale showcases the exceptional value of the property, which was originally part of an extensive land grant established by one of Malibu's founders.
A Look at the Property's Rich History
Point Dume Club has a storied heritage dating back to 1892, when Frederick Hastings Rindge purchased the original Rancho Malibu land for just $10 an acre. This was the highest price paid per acre in the nation at that time. Over the years, the Rindge family transformed the land into a sprawling 17,000-acre estate and contributed significantly to the area’s infrastructure, including the construction of the iconic Malibu Pier.
A Truly Unique Community
The manufactured housing community consists of several upscale homes that have recently been selling for impressive prices, averaging around $2.1 million, with some reaching as high as $5.6 million. There are only two such communities remaining in Malibu, enhancing the exclusivity of Point Dume Club.
Location and Amenities
This beautifully maintained community, completed in 1969, is well positioned near Zuma Beach, providing residents with easy access to the serene coastal lifestyle. The property is equipped with several amenities that enhance its appeal, including a gated entrance, a basketball court, a newly renovated clubhouse, security services, laundry facilities, a playground, a heated pool, and a sauna.
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading presence in the real estate investment landscape, well-regarded for its specialization in investment sales, financing, and advisory services. The firm operates across the United States and Canada through a network of offices, employing nearly 1,800 professionals dedicated to real estate transactions. With a proven track record, Marcus & Millichap closed over 7,500 transactions in the prior year, achieving a sales volume of roughly $43.6 billion.
Frequently Asked Questions
What is the significance of the Point Dume Club sale?
The sale marked a record price per site for a manufactured housing community, showcasing the property’s unique value and historical significance.
How does Marcus & Millichap contribute to real estate sales?
Marcus & Millichap offers extensive brokerage services, including investment sales and advisory services, facilitating transactions for both sellers and buyers.
Where is Point Dume Club located?
Point Dume Club is located on the beautiful Pacific coast, near Zuma Beach, offering stunning oceanfront views and access to various beaches.
What amenities does Point Dume Club provide?
The community features a wide array of amenities, including security services, recreational facilities, and beautiful landscaping, enhancing the living experience for residents.
How has the real estate market affected prices in Malibu?
In Malibu, homes in manufactured housing communities have seen substantial price increases, with recent sales averaging over $2 million, highlighting the area’s desirability.
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