Big price cuts in Malibu, Manhattan Beach

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Meaningless anecdotes or tips of a trend? Your call.

Malibu: Michael Gardner’s real estate blog reports that a home in Malibu Cove Colony just sold for a huge discount. The home, he reports, was listed in late 2007 for $6 million, and just sold for $3.5 million. Gardner: ‘The home needed some work but has great views of Point Dume, is in the Paradise Cove Bay where it lies protected from the afternoon northwesterlies, and is in a neighborhood of $5-6 mil. homes that rent for $40-60k per month in the summer.’

Manhattan Beach: Price cuts are old news but this one is big -- a million bucks. Manhattan Beach Confidential reports that a home listed at $8 million in February has just been reduced to $7 million. MB Confidential reports the original asking price was ‘fairly astonishing ... Not modest. In fact, it just didn’t seem serious. Smelled like a market-tester.’

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