Two Significant Sales On Broad Beach Road
10 December 2013 · by Mike Gardner Malibu Real Estate Agent 310-699-8428

Finally…Some good news about Broad Beach Road real estate!

Sales have been a bit quite on Broad Beach Road over the last six months. This can likely be attributed to the ongoing beach restoration project and the battle between the homeowners and the government agencies on how to make it happen.

This uncertainty has definitely affected the real estate market on Broad Beach with a decrease in perceived value compared to other beaches.  The downturn of 2007/2008 to a big chunk out of the values of the beach homes and the condition of the beach has  hindered the recovery rate that other beach areas  are seeing now.

The good news is that in the last 30 days there has been two sales that should help form a new baseline for judging the values of the beach homes that sit along Broad Beach Road.

The first sale closed  for $8m in the beginning of Nov. at 31202 Broad Beach Road. The 4 bedroom traditional style home was completely remodeled and updated. The home has a spacious guest house near the street side garage, a large grassy courtyard with outdoor fireplace and bbq area, and has the same charm and detail as every picture in a Restoration Hardware catalog.

Quick history….purchased in 2002 for $5,200,000 then a massive remodel.  Listed as high as $13,900,000 in 2010 and sold for $8,000,000.

31202 Broad Beach Rd

 

The next sale that took place is the one that really should get Broad Beach Rd. homeowners talking about. The former Robert Redford house was last sold in 2010 for $11,750,000. This was when the market seemed to be still sliding down with no bottom insight. The home closed yesterday for $12,500,000. Not a huge profit but still proves that this is a home that seems to move buyers enough to get them in the mood to transfer   money to an escrow company.

Broad Beach Malibu

 

Call Mike Gardner for more info about Broad Beach Rd homes for sale. 310 699 8428

Learn more about the Broad Beach Rd area of Malibu and see all available listings.

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