The uber-wealthy continue to favor Malibu homes

In Malibu, California, sand is gone. Where the homes are located – whether they’re close to the sand along Broad Beach Road or atop the cliffs of Point Dume – it’s about linking to the shores shimmering in the glow of the sunset.

The main offering is quiet surroundings and booming sound – quiet, serene homebuyers crave 24/7 listening and will gladly pay millions.

But building in Malibu can get dicey Confusing code regulations and slow permissions. Renovated properties are now in vogue.

“We’re seeing a lot of developers coming in and updating these homes,” he says. Hilton and Hyland realtor Chad Rogers. “You can’t build today what you could have built 10 or even five years ago – the codes have changed. These homes cannot be replicated.”

24.5 million Australian dollars Recently renovated four bedroom Along a broad beach road embodies the accelerating trend.

Developer Yigal Hamias bought the 1993-built Broad Beach home nine months ago, and has since traded in a cabin-like interior for a crisp modern look. Hilton & Hyland agent Laura is a dog Co-listing of the 5,150-square-foot home is 31030 Broadbeach Ave.

The average sale price of homes along Broad Beach and adjacent streets is $11.9 million, According to the Multiple Listing Service (MLS) reportand the district has 262 properties.

Malibu buyers prefer renovated properties

Rogers adds that “Building a home could take three years or more due to strict regulations. Billionaires will pay a premium to avoid this process.”

quotes Pierce Brosnan’s home along Broadbeach Road― A 2-minute walk from Kalb’s listing, as one of Malibu’s prime, unmissable real estate that couldn’t be built today.

In 2000, Bronson and his wife, Kelly Shay Smith, commissioned a 12,500-foot, Thai-inspired retreat spanning an acre-plus that took a decade to build. the couple The three-story home was listed for $100 million In September 2020. Almost a year later, The listing agreement has expired no show.

Paradise has other perks. Malibu skirt for Los Angeles new home salesPalace taxThat ranges from 4% to 5.5%, which was enacted to promote affordable housing and homelessness efforts. Malibu is an incorporated city with its own rule.

Spacious Beach House Backyard: Pacific Ocean

Those future savings attracted developer Hamias, who owns the Van Nuys headquarters Milano Granite (More on Rogers’ Malibu market report later.)

Surveying the potential of 31030 Broad Beach Road, I knew the approved interior had to go. It was totally at odds with the house’s clever exterior design with accented planes and angles by multi-paned vertical windows.

Of particular note is the rear sitting room off the dining room with built-in banquette. Opening to one side, the room flows seamlessly into the backyard with a jacuzzi. Straight ahead is the backyard of the house – the Pacific Ocean.

“A lot of people walk into that space and say they feel like they’re on Cape Cod or in the Hamptons,” Caleb says. “It has a sophisticated, easygoing beachy type.”

After the patio, the front door of the house opens into a wide foyer that embraces the main staircase. Immediately ahead, two steps descend to the living room and ocean views, perfectly framed by 9 foot vertical windows flanking a double door. The upper floor and the main sitting room have similar windows and doors opening onto a long deck.

The first floor hallway leads to a second living room/media room with glass doors leading out onto an oasis garden patio that also serves as an en-suite bedroom.

A 500-square-foot guest suite is located above the two-car garage. The space can also be used as an office or art studio. The suite has a separate entrance. It includes a seating area with beamed ceilings with skylights, as well as a kitchenette, bathroom and wardrobe.

31030 Wide Beach Road Renewal Project

before renovationsThe house was clad in majority of clapboards which gave it a heavy feel. The material was used for the floors, steps, walls, and backyard facing of the vertical fireplace enclosure.

Hammias stripped most of the metamorphic rocks. The new floors are 4mm thick white oak. The main staircase was replaced with 1-inch-thick white oak and its wood frame was stained black.

The paneling facing the two-sided fireplace on the main floor (serving the living and dining rooms) has been replaced with silver-veined travertine marble. The upstairs two-sided fireplace (serving the master’s sitting room) was faced with Venetian stucco with faux marble accents.

The brass windows and doors are badly tarnished after 30 years. Surfaces are treated, primed and painted black – inside and outside. Devices are also turned off. All bathroom cabinets have been replaced and covered in pink Caesarstone. New plumbing pipes have also been installed.

After refinishing, the cedar vaulted ceilings on the upper floor are now varnished. The suite includes a double fireplace, seating area, wardrobe and en suite bathroom. Stunning light gray bathroom walls Porcelanosa inset with ridges. They form an alcove that embraces a freestanding tub.

The kitchen cabinets and drawers are finished with coral oak panels created by Chinooki. New Calacatta marble countertops nearby Cambria, which ARe-pair with Sub-Zero and Wolf’s new devices. The kitchen has a center island and a walk-in pantry as well as a dumb waiter serving the house’s three floors.

The upstairs entrance is topped by a soaring ceiling in freshly cleaned alabaster so that the structure bathes the area in creamy light.

The home’s cellar—unusual for Los Angeles, let alone Malibu—includes an approximate 100-bottle wine cellar, laundry room, and storage lockers.

Broadbeach’s neighbors include actor Danny DeVito and owner of the Los Angeles Times Dr. Patrick Soon Xiongsays Kalb, whose menu is a 10-minute walk from the popular location Trancas Country Market Complex.

Malibu shot of Rogers

Outside of Broadbeach Road real estate, the median home sales price in Malibu during the first quarter of 2023 was approximately $6.1 million, according to a market analysis provided by Rogers. This is $1,650 million less, which is a decrease of approximately 21% from the first quarter 2022 report of $7.7 million.

Rogers attributes the decline to “locked-in” sellers as well as inventory shortages and tighter buying margins.

The number of days the property remains on the market has also decreased― From 66 days in April 2022 to 49 days in April, a decrease of nearly 26%.

says Rogers, a former Bravo TV star Million Dollar List: Los Angeles. “This can spur movement. With less inventory and almost no demand, homes will usually sell faster if they are priced right.”

Spring and summer should see more activity, he adds, since “Malibu tends to be a seasonal market.”

The report also shows that there were 67 expired, canceled and withdrawn properties in the first quarter of 2023, compared to 50 properties during the first quarter of 2022.

“Homeowners may want to move but don’t jump selling—they’re likely to be priced low compared to today’s much higher rates,” says Rogers, a Malibu native. “If they get their price, they sell. But if they don’t, they stay.”

Still, sales are along Malibu 21 miles of azure coast still prominent. Consider these three shows that were reported sold out in the last quarter of 2022:

capital project Marc Andreessen set a California sales record―$177 million– When he bought the Malibu complex in late 2021 (Michael Eisner aims to break that record He recently listed a $195 million Malibu listing in Malibu.) Spread out over nearly seven acres atop a bluff, Andreessen’s property overlooks Paradise Cove. In 2022, Andreessen paid $34 million and $44.5 million for nearby homes — Malibu’s six-month shopping spree It said It totaled $255.5 million.

Steve Jobs’ widow Lauren Powell Jobs Also shops at Malibu’s Paradise Cove with it The tab comes to about $80 million It’s been split between three homes purchased since 2014—about 0.6% of her $13 billion net worth. Another dedicated Malibu shopper: one of the co-founders of WhatsApp Jan comfrom It recently spent $187 million On neighboring homes overlooking Paradise Cove.

Rogers hopes to attract deep-pocketed buyers. He recently listed a file The house is 4,159 square feet For about $30 million in the Paradise Cove area.


More from ForbesThe home of the Colorado golf course has a proud claim to fameMore from ForbesThe Hilltop Phoenix Home designed by the famous Beverly Hills architect hits the market at $4.25 millionMore from ForbesA luxurious nest behind the gates in the Bird Streets neighborhood of Los Angeles is asking for $8.5 millionMore from ForbesNothing but sand and sea from this $15 million beach house in Del Mar, CaliforniaMore from ForbesA modern farmhouse maintains its charm in Westport, Connecticut

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