Berkley & Veller Real Estate Blog
A New Twist on Location, Location, Location
Posted on 2/23/11 by Ingrid Bennett
When winter in southern Vermont has lost its initial luster and the fluffy snow has turned to soot covered frozen piles, I enjoy reading about fantasy real estate in other areas of the country. A recent piece in Vanity Fair describes an unbelievable, somewhat bohemian enclave, of wealthy Hollywood types called Paradise Cove. What makes this hip neighborhood different from the rest of Malibu? Basically, the 265 residences came down the highway to their present location on a truck. That’s right; Paradise Cove is a trailer park!
Much like traditional trailer parks, the owners lease the land underneath their manufactured homes. Similar to purchasing a mobile home in Windham County, Vermont or Cheshire County, New Hampshire, financing is tricky and more expensive than with traditional structures on owned land. The homes are close together as they are in most parks. Here the resemblance ends. Paradise Cove mobile homes sell in the range of $900,000 to over $2,500,000 and most of the homes have been tricked out with marble floors, Italian granite countertops and Sub-Zero appliances. Many have had the original trailers replaced with custom designed luxury doublewides that are entirely disguised by lush California landscaping.
When you look at the aerial view of The Cove, it is easier to recognize the value of this prime `wheel estate’ location between the Pacific Ocean and the mountains. The park sits on a bluff with gorgeous views of the water. The surfing is supposedly the best in Malibu and the album cover for the Beach Boys’ Surfin Safari (1960s) was shot at Paradise Cove. In the 1990s some trailers without views were selling for $25,000 while one with a view sold for $400,000.00. So actually, buying a mobile home in a trailer park proved to be a good investment for those who bought at that time. As a Realtor, I can’t relate to this type of purchase being considered an investment but after all, I did say this blog is about fantasy real estate, didn’t I?
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Ingrid Bennett, a Realtor since 1978, appreciates educated buyers |
