Now I know the Los Angeles area housing market has crashed. According to Dream Homes Los Angeles Magazine (which isn’t really a magazine, just a collection of glossy “homes for sale” ads), this home on uber-property Carbon Beach in Malibu is going for the fire sale price of $32 million. In the back is an 80-foot stretch of “Billionaire’s Beach.” That comes to just $400,000 per foot of shoreline. I think I’m going to sell my stock in sand.
(Photo of Carbon Beach by Matt Mason)