Record-Breaking Sale of Malibu's Premier Manufactured Housing Asset
Marcus & Millichap, a well-known brokerage firm that focuses on commercial real estate, has recently confirmed the successful sale of the Point Dume Club in Malibu. This remarkable five-star manufactured housing community features 297 sites and is located on 95.4 oceanfront acres, making it one of the standout properties in the region.
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 achieved the highest price ever recorded per site for a manufactured housing community. According to Dustin B. Wilmer, who serves as the first vice president of investments at Marcus & Millichap, this landmark sale emphasizes the property's exceptional value, which originally belonged to a large land grant made by one of Malibu's founders.
A Look at the Property's Rich History
The history of Point Dume Club is quite storied, dating back to 1892 when Frederick Hastings Rindge bought the original Rancho Malibu land for only $10 an acre. At that time, this was the highest price paid per acre in the country. Over the decades, the Rindge family converted the land into a vast 17,000-acre estate, making significant contributions to the local infrastructure, including the construction of the famous Malibu Pier.
A Truly Unique Community
This manufactured housing community boasts several upscale homes that have recently sold for notable prices, averaging around $2.1 million, with some homes fetching as much as $5.6 million. With only two such communities left in Malibu, the exclusivity of Point Dume Club only increases.
Location and Amenities
Built in 1969, this well-maintained community is ideally situated near Zuma Beach, giving residents convenient access to a peaceful coastal lifestyle. The property offers numerous amenities that enhance its attractiveness, such as 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. holds a prominent position in the real estate investment market, known for its expertise in investment sales, financing, and advisory services. The firm operates throughout the United States and Canada via a network of offices and employs nearly 1,800 professionals who are dedicated to facilitating real estate transactions. With a solid track record, Marcus & Millichap completed over 7,500 transactions last year, amounting to a sales volume of approximately $43.6 billion.
Frequently Asked Questions
What is the significance of the Point Dume Club sale?
This sale set a record price per site for manufactured housing communities, highlighting both the property's unique value and its rich historical background.
How does Marcus & Millichap contribute to real estate sales?
Marcus & Millichap provides a wide range of brokerage services, including investment sales and advisory services, which help facilitate transactions for both buyers and sellers.
Where is Point Dume Club located?
Point Dume Club is found along the stunning Pacific coast, close to Zuma Beach, and offers breathtaking oceanfront views along with easy access to various beaches.
What amenities does Point Dume Club offer?
The community includes a variety of amenities, such as security services, recreational facilities, and beautiful landscaping, all of which enhance the living experience for its residents.
How has the real estate market impacted prices in Malibu?
In Malibu, properties in manufactured housing communities have observed significant price rises, with recent sales averaging over $2 million, underlining the area's appeal.
