Malibu: Like the Berkshires But With Sand And Greed

The New York Times reports that mid-level Hollywood executives are renting modest apartments in Malibu for weekend getaways. This might seem like a quaint LA version of rising-professional New Yorkers investing in cute little upstate pieds-a-terre, but then you get to this paragraph towards the end:

Marty Bowen, 36, a partner in the motion picture department at the United Talent Agency and the owner of a home in the Hollywood Hills, rented a summer house in Malibu in 1999. He loved the temperate weather and beautiful scenery so much that he bought a small condo for $600,000 — and sold it four years later for $1.1 million. “I had prided myself in getting the smallest condo in the ugliest building on Malibu Road,” said Mr. Bowen, who currently is without a Malibu place. “I decided that I was past that stage. The next step up is to buy a $4 million place. And someday I will do that.”