Malibu beach leases: A summer of discontent?

March Madness takes on a whole new meaning in Malibu. It's when those inland living folks try to secure their summer beach house -- often at monthly prices in excess of what the Average Joe earns in a year. In past years, those who didn't commit to a lease by the end of March risked being left out of the fun  or -- horror of all horrors -- being forced to rent something on the canyon side and having to drive to feel the sand between their toesies.

Right now, there are more than 30 listings of beach rentals at more than $50,000 a month -- which is to say, listing prices are about the same as last year. Business, however, is off to a slow start.  Agents say would-be renters are out in force looking, but are just not as quick to commit and more than a few want to scale back and just take the place for a month instead of the whole season. In agentspeak, this means they hope owners will get a little more realistic in pricing.

For a link to what's out there, try Prudential agent Michael Gardner's blog. He provides a password, hence our nod. There a few additional pocket listings we've heard about too, including one in the Colony for $125,000 a month.

-- Ann Brenoff, Hot Property columnist

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Photo: Summer home rentals along the beach in Malibu are off to a slow start. Credit: Gary Friedman / Los Angeles Times

An avalanche of a price slide

It's been well documented that sellers are lowering their asking prices, but this price drop may be the grand-daddy of them all. The house started out with a listing of $39.5 million and then four months later was reduced to $21.5 million.

Thanks to Malibu Prudential agent and blogger extraordinaire Mike Gardner for bringing this $18- million price drop to our attention.

-- Ann Brenoff

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Photo: Fishing (for a buyer?) off the Malibu coast. Credit: Ken Hively / Los Angeles Times

Malibu's 'Shark' house joins bank-owned crowd

Among Southern California homes showing up as bank-owned in the for-sale listings is the Malibu house that was used to film the CBS drama "Shark." Listed last fall for $2,195,000 and featured as a Home of the Week, it's now being offered at $1,599,000. That's about a 27% drop.

The tri-level contemporary has three bedrooms and 2.5 bathroom home in 2,200 square feet of space sits on almost an acre of hillside.

The show was canceled after two seasons. You have to wonder if that extra income made the difference in the owner making the mortgage payments. A shout-out to the Malibu Real Estate blog for this one.

-- Lauren Beale

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Photo: Berlyn Photography