Malibu beach leases: A summer of discontent?

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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

Thoughts, comments?