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Malibu, CA is known for its 21 miles of coastline studded with luxury homes. Carbon Beach, also known as Billionaire’s Beach, features homes belonging to industry titans like Larry Ellison and David Geffen. However, the city also has another type of housing in high demand: mobile homes.
There are two mobile home communities in Malibu. Paradise Cove has attracted celebrities like Matthew McConaughey and Sarah Paulson to its private community. The other mobile home club is the Point Dume Club of Malibu. It has 297 residences within its gates and just sold for the first time since the land beneath it was bought in 1892.
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While Point Dume Club is a bit of an outlier, mobile home communities are finding new favor among retirees and losing some of the negativity previously associated with these types of communities. Because getting a new community approved can often be challenging, existing properties are highly desirable. Communities can be solid moneymakers for investors because tenants rarely pick up and move their homes so vacancies are low.
"Some of the most profitable investments are in industries where demand is outpacing supply," Kristin Millington, director of manufactured housing and self-storage at Dallas-based Crow Holdings Capital, told Bisnow earlier this year. "That's the exact dynamic we see present in the manufactured housing space and we don't really see that changing."
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