31634 Sea Level Dr- Malibu- This ocean front Architectural modern on a gated street off Broad Beach is a 4 bed/4 bath home built in 2008. Designed by David Grey this home originally appeared on the market at the crazy high price of $15M in early 2009 when the Malibu Beach market was absolutely dead. Over the next year and a half the list price was reduced all the way down to $6.495M before going into foreclosure and falling into the banks hands. The property was listed by the bank in May for $5.750M and finally sold in late August for $5.350M.
Dropping almost 300% from its original list price this is a prime example of the greed and non-rational thinking that touched every segment of the real estate market.