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24834 Pacific Coast Hwy
Malibu, CA 90265
$145,000
Conventional
Property
Bedroom
5
Bathroom
8
Property Type
Conventional
Square ft
10000
Property Description
With breathtaking views, Bali-inspired design, and every contemporary comfort, this magnificent estate is a serene sanctuary for exquisite living and impressive entertaining. The private, gated property of over 1.2 acres extends from PCH to Malibu Road, perfectly landscaped and commanding expansive ocean views. A long palm-lined drive leads past a two-story, two-bedroom guesthouse, a lighted north-south tennis court and pavilion, and a fountain, waterfall, and gardens before arriving at the enormous motor court and four-car garage. A dramatic gateway and long, serene palm-lined reflecting pool lead between the wings of the U-shaped house to the gorgeous double-door entry. With interiors designed by Martyn Lawrence Bullard and stunning sight-lines to the ocean, the house is detailed with ornate wood carving, very tall beamed ceilings, wood and stone floors, and full-width exterior doors that vanish to offer seamless flow between indoors and out. The entry steps down to the formal living room, which includes a generous dining area, a pair of facing fireplaces, and a wall of glass that opens onto a roomy patio with a fireplace, stunning ocean view, and a nearby fountain and barbecue island. Adjoining the living room is a spectacular ocean-view great room that includes a family room with fireplace, dining area, and a gourmet kitchen with a huge stone-topped island with seating, deeply recessed tray ceilings, beautiful cabinetry, and a pantry. One wing of the house has two bedrooms and a laundry room. The other wing features a majestic ocean-view owner's retreat with high wood beamed ceilings, beautiful wall coverings, wood floors, and a wide glass doorway opening to a tranquil covered patio. A hallway leads to a luxurious bath, two very large closets/dressing areas, and, at the end of the hall, a resplendent Bali-inspired library/study with high coved ceilings, a wall of built-in book shelves and cabinets, a fireplace, and doors to the patio and to a private sitting area. The home's lower level features a party-perfect bar room highlighted with ornate metalwork that encloses a large wine storage area. The bar extends into a spacious tiered home projection theater. A long hallway leads to a second powder room, a changing room, and another bar, which opens to the lower patio, spa, sitting areas, and lawns, as well as the infinity ozone pool, patio, cabana, and private steps to Malibu Road and access to the beach/ocean. With Crestron electronics and full-house water filtration, this remarkable estate is a livable legacy.
Property Information
Lot Size
1 acre(s) square ft
Property Type
Rental
Year Built
2016
MLS Number
23-340911
Location
Address
24834 Pacific Coast Hwy
City
Malibu
State
CA
Zip Code
90265
County
LOS ANGELES (SANTA CLARITA)
Listing
Provider
Name
Compass
Phone
Office Name
Compass
Office Phone
(310) 230-5744
Agent Name
Christopher Cortazzo

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.