Malibu summer rental season kicks off with a tsunami of a listing

Recession? What recession?

The Malibu summer beach home rental season -- where even celebrities pack up and leave their oceanfront homes when enough dollars are dangled in front of them -- just launched with a saltwater blast in the face of the recession. Fresh to the market is an oceanfront property that is listed at $550,000 for the summer -- more than double what the median home sells for in most of America.

Let me be the first to say that asking prices aren't the same as listing prices. Nevertheless, even in this well-heeled community, the tongues are a'wagging over this one. While many summer listings do fetch between $60,000 and $100,000 per month, not even places in the famed Malibu Colony have attempted this price level lately. And last summer's experience might best be described as dismal, with renters offering what they wanted to pay and frequently successfully negotiating shorter lease terms to make the experience more affordable.