During the workweek, a gilded enclave like Beverly Hills does nicely for the well-heeled Angeleno. But come Friday afternoon, a mini-exodus takes place. Some lucky residents drive 30 minutes up Pacific Coast Highway to spend two days in sun-drenched splendor at a Malibu beach house.

Half a century after Gidget and Moondoggie popularized Southern California surf culture at this Shangri-la by the sea, Malibu—population 13,000—still maintains its near-mythical allure. Beachfront homes (starting at about $3 million for a run-down fixer on the sand to $30 million for a dazzler), command views of the Pacific so expansive that you can see the curvature of the Earth. The rugged Santa Monica Mountains spill down to the sea in an area so beloved by some, they swear they will never vacate. Undeterred by the specter of fires, floods, and mudslides, buyers unflinchingly trade seven- and eight-figure sums for a patch of paradise. While some sellers are reducing asking prices for homes on the mountain side of Pacific Coast Highway (Olivia Newton-John dropped hers from $14 million to $12.95 million), coveted beachfront is more than holding its own.

DataQuick, which tracks public-record real estate transactions, reports that sales of existing houses in Malibu’s 90265 zip code fell 55 percent, from 61 to 27, in the first quarter of 2008, compared to the same period last year. Meanwhile, the median price—apparently buoyed by high-end sales—jumped 4.5 percent to $2.63 million.

"The lower end, which is under $4 million, is stagnant. Houses just sit there," explains Brett Kozma, a Realtor with Coldwell Banker. "But the upper-end market, which starts at $6 million to $7 million, is doing very well. People who have that much money aren’t affected too much by the economy."

Malibu’s 21 miles of coastline comprise a string of separate beaches, each with its own personality and rank in the real estate hierarchy.

Carbon Beach, known as Billionaire’s Beach for its concentration of ultra-wealthy residents, hosts tech tycoon Larry Ellison, as well as David Geffen and his Dream Works partner Jeffrey Katzenberg. Agent Alan Mark of Prudential Malibu Realty says Carbon Beach is a good investment—if you can find something. To protect their flanks, Ellison and his neighbors are scooping up adjoining lots. Prices here start at about $12 million for about 40 feet of beach frontage and go "up to whatever," says agent Chris Cortazzo of Coldwell Banker.The downside of life on Carbon Beach is the proximity to noisy Pacific Coast Highway. Courteney Cox and husband David Arquette, represented by Jonah Wilson of Sotheby’s International Realty, sold their dramatic, John Lautner–designed home on Carbon Beach last year and decamped for quieter digs. The $27.25 million sale, to Los Angeles Dodgers owners Frank and Jamie McCourt, set a record for an on-the-sand transaction in Malibu.

West of Carbon Beach is the historic Malibu Colony, the guard-gated community that sits on a private beach and is a short walk to shops and restaurants, like trendy sushi place Nobu, authentic Greek eatery Taverna Tony, and funky sandwich shack John’s Garden. Colony listings start at about $12 million for 30 to 35 feet of beach frontage but buyers are often taken aback to find that even at that price, a house may need extensive renovation. Hilton & Hyland agent Chad Rogers, who lives in the Colony, has four pocket listings ranging from $14 million to $25 million. The low-end home needs work but the latter—6,000 square feet with five bedrooms and 60 feet of beach frontage—is in pristine move-in condition, Rogers says. Cortazzo and agent Marcus Beck of Prudential Malibu Realty co-list a five-bedroom, 3,500-square-foot Colony home for just under $13 million. Beck says the home could be a "stunner" renovated in a Polynesian style that plays off the natural wood in the interior.

On-the-sand homes tend to be scrunched side by side. Agent Tony Mark of Prudential Malibu Realty notes that you can get more for your money if you buy on a bluff. At Broad Beach, on the far west end of Malibu (far from the downtown action), $5 million to $7 million will buy a bluff home with 40 feet of frontage and stairway access to the beach. Even more remote is Encinal Bluffs, where agent Ellen Francisco offers a five-bedroom contemporary home with an infinity pool for $10.65 million. If you can manage with only 11 bathrooms, Hollywood producer Jerry Weintraub will sell you his estate on a private bluff near Paradise Cove for $75 million, offered by the Westside Estate Agency.

Malibu is a little remote for some—there’s not much in the way of shopping and the nightlife is limited to a barstool at Moonshadows. Renting is a commitment-free way of sampling the lifestyle. In the summer, rentals soar into six figures, but Jonah Wilson can get you into rocker Ozzy Osbourne’s nicely appointed turnkey place on La Costa Beach in time for a Fourth of July fete for $85,000 a month.

Marcus Beck, 310.317.1709, malibuestates.com
Chris Cortazzo, 310.589.2472, www.chriscortazzo.com
Ellen Francisco, 310.589.2464, www.ellenfrancisco.com
Alan and Tony Mark, beachhousesmalibu.com
Chad Rogers, 310.858.5417, www.chadrogers.tv
Westside Estate Agency, 310.456.1171, www.weahomes.com
Jonah Wilson, 310.888.3870, www.jonahwilson.comFacts & Stats

A DO-IT-YOURSELFER’S DREAM
It is notoriously difficult—but not impossible—to build on raw beachfront land in Malibu, where the powerful California Coastal Commission regulates development. One of the biggest challenges is on-site wastewater treatment. Every home must have its own system, the location of which tends to drive site design, says Stefanie Edmondson, Malibu’s principal planner.

If your architect is unfamiliar with local development standards, you may want to hire a land-use planning consultant before buying your lot. Two reputable consultants are Norm Haynie and Don Schmitz. Don’t expect anything to happen overnight; the approval process may take 18 months, Schmitz advises. If you don’t want to hassle with the permit process, look for a lot with home plans that are already approved. Norm Haynie, 310.456.5515; Schmitz & Associates, 310.589.0773, www.schmitzandassociates.com

GAS, FOOD, LODGING
Find out what it feels like to sleep like a billionaire by motoring over to the Malibu Beach Inn on centrally located Carbon Beach, the so-called Billionare’s Beach. Owner (and neighbor) David Geffen reopened the inn last year, located in the heart of Malibu on the beach side of Pacific Coast Highway, after a $10 million renovation.

Membership in the Inn’s Carbon Beach Club ($75 a day; $6,000 a year) will get you a personal beach attendant, priority dinner reservations, and a basket of beach-friendly goodies. Malibu Beach Inn, 310.456.6444, www.malibubeachinn.com

PRIVACY, PLEASE
On-the-beach living looks like fun in the movies, but the reality can be something else, what with the tourists watching you pad around in your bathrobe on Sunday morning.

If you’re looking for space, privacy, and a swimming pool (which is rare on the beach), blufftop living may be the thing. Agent Chris Cortazzo of Coldwell Banker offers a five-bedroom, 6,397-square-foot estate on a 45,738-square-foot lot on serene Point Dume for $19.95 million. Located close to the late Johnny Carson’s estate, the contemporary home features curved lines, ocean-view patios, and stairway access to the beach.