Broad Beach Road Sales Review 2013 & 2014
Broad Beach Road had a very quiet 2014. There are literally no sales that show up in the MLS for homes on the beach on Broad Beach, but there was at least one sale that did occur quietly. The home had been on the market for over a year and was last asking $19,995,000, with a rumored sale price of $19,000,000. It was a very charming Cape Cod home sitting on approximately 100 feet of Broad Beach Road beach, showing 4883 sf, with 4 bedrooms, and 5.5 baths in the MLS.
Real Estate is a fickle beast. This home sat on the market for a long time and then had a swarm of interested buyers at the end, including a client of ours who did not wind up moving fast enough. A sale of $19 million is a big number for Malibu, and Broad Beach Road, and even though the number of sales was way down, this sale shows a lot of faith in the future of Broad Beach Road beach, and the Malibu Beach Real Estate market in general.
Going back to 2013, Broad Beach Road had more normal activity levels with 4 sales, 3 that were on the market, and publicly sold, and one that we sold quietly as a pocket listing. Although 4 sales in 2013 looks better than only 1 in 2014, the sales in 2013 were at discounted prices ranging from $7.5 million to $12.5 million. All of these homes would sell for more money if they were being sold today.
Broad Beach is still suffering through a long and painful beach restoration planning approval process with the California Coastal Commission, and that has hurt the market overall over the last 7 years. However, the Broad Beach homeowners could get their permits in place in 2015, and begin work on the restoration of Broad Beach beach as early as fall of 2015. If that does indeed happen, coupled with what feels like a busy and still recovering beach real estate market, prices could take a significant jump upward on Broad Beach road in a very short amount of time.
It truly is a great time to buy on Broad Beach Road, and there are still deals available. We specialize in Broad Beach Road and own several homes there personally. Many of our sales are quiet sales of homes that are never put out to the public. Please contact us if we can help you find a beach home.