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.
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.
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.Tags: Broad Beach, real estate, restoration project