It must be good to the be king to the CBS Corporation. Recently, Chairman and Chief Executive of the corporation Les Moonves and Julie Chen, his television personality wife, made a sale on their incredible Malibu home for $11.125 million. Despite only recently unloading this home, Moonves and Chen traded one Malibu mansion for yet another as the pair had already purchased a home from billionaire and Microsoft Corporation co-founder Paul Allen on Carbon Beach for a reported $28.8 million.
Despite what looks like a massive trade up in property, the Malibu home formerly belonging to Moonves and Chen is no slouch itself. The home on La Costa Beach is a modern masterpiece featuring rich interiors to contrast with the stark beauty of the Southern California coastline just outside the home’s floor-to-ceiling glass walls and doors. The 3,014 square feet of space features three bedrooms, including a master suite with multiple fireplaces, and four bathrooms.
The home was originally built in 1957, but has been updated to feature richly modern appliances and design details. The teak floors and walls exude an exciting warmth throughout the living spaces, which include a den/media room with a drop down screen, living room with vast views of the vivid blue ocean and a kitchen outfitted with stainless steel appliances and an island.
While the size and amenities of this home may pale in comparison to Mooves’ new home, which features five bedrooms and seven bathrooms throughout 6,500 square feet of living space, the cozy class of this Malibu home makes it a truly luxurious slice of Southern California real estate.
Malibu Home Prices Continue to Downgrade
Despite the sheer luxury of the La Costa Beach home, Moonves and Chen encountered some difficulty in attracting a buyer to their home. As a result, the pair ended up dropping the price twice from $12.995 million to $11.995 million before eventually securing a sale at $11.125 million. This occurrence, although common at the higher end of the home spectrum, could perhaps be an indirect response to the falling home price trends that the community of Malibu has been experiencing lately.
According to Altos Research, a California-based real estate analytics company, home prices in Malibu took a downturn starting in early March of this year after experiencing a period of strong growth. Around March and April, home prices plateaued in Malibu right around the $4.71 million mark but have since fallen substantially. As of September 5, the median single-family home value in Malibu is $4,076,073.
The downgrade in home prices of Malibu homes seems to coincide with an uptick in the inventory of available homes. Around March 1, Altos indicated that the amount of available homes halted its downward trend from the months before and began gaining. The gains have continued through Altos’ most recent calculations and currently indicates about 244 properties on the market in Malibu.
If you are interested in luxury Malibu homes, please feel free to contact our team of luxury property experts today. We’d love to get you in one of these exclusive properties.