Index Investing News
Friday, May 30, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

The Uber-Wealthy Continue To Favor Malibu Homes

by Index Investing News
May 14, 2023
in Property
Reading Time: 9 mins read
A A
0
Home Property
Share on FacebookShare on Twitter


The allure of the ocean continues to pull Los Angeles’ wealthiest to the coastal confines of Malibu.

Hilton & Hyland

Forbes Global Properties

In Malibu, California, sand is gold. Where homes are sited―whether sandcastle-close along Broad Beach Road or atop Point Dume cliffs―is all about the correlation to beaches glinting in a sunset’s glow.

The main show is the Pacific Ocean and its sonic swells―that serene rhythmic roll homebuyers crave to hear 24/7 and will gladly pay millions for.

But building in Malibu can get dicey given vexing code regulations and slow permitting. Renovated properties are now en vogue.

“We’re seeing a lot of developers come in and update these homes,” says Hilton & Hyland Realtor Chad Rogers. “You can’t build today what you could 10 or even five years ago―the codes have changed. These homes can’t be duplicated.”

This new-to-market home at 31030 Broad Beach Road exemplifies a recent trend of developers updating … [+] and enhancing an existing property as opposed to building from scratch.

Hilton & Hyland

A $24.5 million recently renovated four-bedroom home along Broad Beach Road exemplifies the accelerating trend.

Developer Yigal Hamias bought the 1993-built Broad Beach home nine months ago and has since swapped out a cabin-like interior for a crisp modernist look. Hilton & Hyland agent Laura Kalb has co-listed the 5,150-square-foot home―31030 Broad Beach Road.

The average home sales price along Broad Beach Road and adjacent streets is $11.9 million, according to a multiple listing service (MLS) report, and the area has 262 properties.

Developer Yigal Hamias bought ’90s-built home in 2022 nine months ago and replaced the original … [+] cabin-like interior with a modernist look.

Hilton & Hyland

Malibu Buyers Favor Renovated Properties

Rogers adds that “it can take three or more years to build a home because of strict regulations. Billionaires will pay a premium to avoid that process.”

He cites Pierce Brosnan’s home along Broad Beach Road―a two-minute walk from Kalb’s listing, as one of Malibu’s premier irreplaceable properties, one that could not be built today.

In 2000, Bronson and his wife, Keely Shaye Smith, commissioned the 12,500-foot Thai-inspired retreat, spread over an acre-plus, which took a decade to build. The couple listed the three-story home for $100 million in September 2020. Nearly one year later, the listing agreement expired without an offer.

Paradise has other perks. Malibu home sales skirt Los Angeles’ new “mansion tax” that ranges from 4% to 5.5%, enacted to boost affordable housing and homelessness efforts. Malibu is an incorporated city with its own governance.

Following the renovation, the home’s rear dining area now area flows seamlessly into the back patio.

Hilton & Hyland

A Broad Beach Home’s Backyard: The Pacific Ocean

That future savings attracted developer Hamias, who owns Van Nuys-based Milano Granite (more on Rogers’ Malibu market report later).

Surveying 31030 Broad Beach Road’s potential, he realized its countrified interior had to go. It was wholly incongruous with the home’s smart exterior set with planes and angles accented with multipaned vertical windows.

Of particular note is a rear sitting room off the dining room with a built-in banquette. Open on one side, the room flows seamlessly into the back patio set with a Jacuzzi. Straight ahead is the home’s backyard―the Pacific Ocean.

“A lot of people enter that space and say they feel they’re on Cape Cod or in the Hamptons,” Kalb says. “It has a sophisticated, easy beach kind of feeling.”

Outdoor lounge furniture overlooking the ocean adds to the home’s Cape Cod vibes.

Hilton & Hyland

Past a courtyard, the home’s front door opens to a spacious foyer that embraces the main staircase. Straight ahead, two steps descend to the living room and ocean views, optimally framed by vertical 9-foot windows flanking a double door. The upstairs master and sitting room have similar windows and doors that open to a lengthy deck.

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

A 500-square-foot guest suite is positioned over the two-car garage. The space could also be used as an office or art studio. The suite has a separate entrance. It includes a sitting area with wood ceilings cut with skylights as well as a kitchenette, bathroom and a walk-in closet.

A stone-surrounded spa sits in the foreground of a spacious sun deck at 31030 Broad Beach Road.

Hilton & Hyland

31030 Broad Beach Road’s Renovation Project

Before renovations, the home was packed with a preponderance of slate that gave it a weighty feel. The material was used for flooring, steps, walls, the back patio and to face a vertical fireplace enclosure.

Hamias stripped away most of the metamorphic rock. The new floors are of 4mm-thick engineered white oak. The main staircase’s slate steps were replaced with 1-inch-thick white oak and its wood frame was stained black.

Slate that faced the main floor’s double-sided fireplace (serving the living and dining rooms) was replaced with vein-cut silver travertine marble. The upstairs double-sided fireplace (serving the master and a sitting room) was faced with Venetian plaster with faux marble accents.

Copper windows and doors were badly tarnished after 30 years. The surfaces were treated, primed and painted black―both inside the home and out. The hardware was also switched out. All bathroom cabinets were replaced and topped with a rose letter-finish Caesarstone. New plumbing was also installed.

The property at 31030 Broad Beach Road is listed for $24.5 million.

Hilton & Hyland

After refinishing, vaulted cedar ceilings in the upstairs master are now burnished. The suite includes a dual fireplace, sitting area, walk-in closet and en suite bathroom. The bath’s striking pale gray tile walls by Porcelanosa are inset with ridges. They form an alcove that embraces the freestanding tub.

The kitchen cabinets and drawers were refaced with reef oak panels created by Shinnoki. New Calcutta marble countertops are by Cambria, which are paired with new Sub-Zero and Wolf appliances. The kitchen has a center island and walk-in pantry plus a dumb waiter that serves the home’s three floors.

The upstairs hallway is topped with a peaked roof set with newly cleaned alabaster so that the structure floods the area with a creamy light.

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

Broad Beach neighbors include actor Danny DeVito and Los Angeles Times owner Dr. Patrick Soon-Shiong, says Kalb, whose listing is a 10-minute walk from the popular Trancas Country Market complex.

Private board storage at an oceanfront property on Sea Lane Drive in Malibu, California.

Hilton & Hyland

Rogers’ Malibu Snapshot

Beyond Broad Beach Road properties, the City of Malibu’s average home sales price during 2023’s first quarter was nearly $6.1 million, according to a market analysis provided by Rogers. That’s down $1.650 million, about a 21% drop from 2022’s first quarter report of $7.7 million.

Rogers attributes the backslide to “rate-locked” sellers as well as a lack of inventory and tighter buyer margins.

The number of days a property stays on the market has also plummeted―from 66 days in April 2022 to this April’s 49 days, a decrease of nearly 26%.

The City of Malibu’s average home sales price during 2023’s first quarter was nearly $6.1 million. … [+] This contemporary home in Malibu’s Paradise Cove is listed at $29.95 million.

Berlyn Photography | Hilton & Hyland

“I believe that’s because we’re seeing interest rates go down a bit from where they were in March,” says Rogers, a former luminary on Bravo TV’s Million Dollar Listing: Los Angeles. “That could be stimulating movement. With less inventory and demand about the same, homes will typically sell quicker if priced correctly.”

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 during the first quarter of 2022.

“Homeowners might want to move but are not jumping to sell―they likely have a low rate compared to today’s much higher rates,” says Rogers, a Malibu native. “If they get their price, they’ll sell. But if they don’t, they’ll stay.”

Set on more than an acre, the Sea Lane Drive estate features hardscapes by noted landscape designer … [+] Jay Griffith.

Berlyn Photography

Still, sales along Malibu’s 21 miles of azure coastline continue to be notable. Consider these three reported standouts sold in the fourth quarter of 2022:

Fenced and gated, the property sits just a few steps from one of the most exclusive and desired … [+] beaches in all of Malibu.

Berlyn Photography | Hilton & Hyland

Venture capitalist Marc Andreessen set a California sales record―$177 million―when he purchased a Malibu compound in late 2021. (Michael Eisner aims to break that record with his recent Malibu $195 million Malibu listing.) Spread over nearly seven acres atop a bluff, Andreessen’s property overlooks Paradise Cove. In 2022, Andreessen paid $34 million and $44.5 million for homes nearby―his six-month Malibu shopping spree reportedly totaling $255.5 million.

Steve Jobs’ widow Laurene Powell Jobs also shops in Malibu’s Paradise Cove, with her tab coming to about $80 million split between three homes purchased since 2014― about .6% of her $13 billion net worth. Another dedicated Malibu shopper: WhatsApp cofounder Jan Koum, who recently spent $187 million on adjacent homes overlooking Paradise Cove.

Rogers hopes to attract similar deep-pocket buyers. He recently listed a 4,159-square-foot home for nearly $30 million in the Paradise Cove area.

Chad Rogers and David Kramer of Hilton & Hyland hold the listing for 28306 Sea Lane Drive.

Berlyn Photography | Hilton & Hyland

MORE FROM FORBES GLOBAL PROPERTIES

MORE FROM FORBESColorado Golf Course Home Boasts A Claim To FameBy Lauren BealeMORE FROM FORBESHilltop Phoenix Home Designed By Noted Beverly Hills Architect Hits The Market At $4.25 MillionBy Mary ForgioneMORE FROM FORBESA Luxury Nest Behind Gates In L.A.’s Bird Streets Neighborhood Seeks $8.5 MillionBy Mary ForgioneMORE FROM FORBESNothing But Sand And Sea From $15 Million Beach Home In Del Mar, CaliforniaBy Lauren BealeMORE FROM FORBESA Modern Farmhouse Preserves Its Charm In Westport, ConnecticutBy Lisa Chamoff



Source link

Tags: continuefavorHomesMalibuUberWealthy
ShareTweetShareShare
Previous Post

Creating A Time Management Plan For Your Life And Finances

Next Post

7 Ways To Overcome Procrastination

Related Posts

Simply Listed | 206 SE Wentworth Drive

Simply Listed | 206 SE Wentworth Drive

by Index Investing News
May 30, 2025
0

STUNNING ST. LUCIE PARK3 Beds | 2 Baths Expertise the perfect mixture of character and comfort on this fantastically renovated...

30+ June Social Media Prompts to Kick Off Summer season

30+ June Social Media Prompts to Kick Off Summer season

by Index Investing News
May 30, 2025
0

Transitional months are when messaging actually issues! Temperatures are rising, holidays are being taken, and automatic OOTO replies are working...

High 5 Workplace Tasks Underneath Building in Manhattan

High 5 Workplace Tasks Underneath Building in Manhattan

by Index Investing News
May 30, 2025
0

Manhattan’s under-construction workplace pipeline consisted of 4.6 million sq. ft of aggressive area throughout 12 properties on the finish of...

Simply Listed | 12829 Briarlake Drive #204

Simply Listed | 12829 Briarlake Drive #204

by Index Investing News
May 30, 2025
0

BEAUTIFUL IN BRIARWOOD2 Beds | 2 Baths Alternative awaits to complete making this dwelling yours. Impartial tiles flooring, A spacious...

GBI Particular Report: Sustainable Vitality for Knowledge Facilities, Communities

GBI Particular Report: Sustainable Vitality for Knowledge Facilities, Communities

by Index Investing News
May 29, 2025
0

In keeping with the Electrical Energy Analysis Institute, knowledge facilities might devour as a lot as 9 p.c of the...

Next Post
7 Ways To Overcome Procrastination

7 Ways To Overcome Procrastination

Margery Smelkinson on Natural Immunity

Margery Smelkinson on Natural Immunity

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Russian tanker splits in half throughout storm, spilling oil into Kerch Strait

Russian tanker splits in half throughout storm, spilling oil into Kerch Strait

December 15, 2024
Benson Interviews Henderson on COVID, Lockdowns, and Financial Coverage

Benson Interviews Henderson on COVID, Lockdowns, and Financial Coverage

September 7, 2024
Henry Pollock: Northampton boss Phil Dowson says seize on younger star ‘out of order’ after Champions Cup heartbreak | Rugby Union Information

Henry Pollock: Northampton boss Phil Dowson says seize on younger star ‘out of order’ after Champions Cup heartbreak | Rugby Union Information

May 24, 2025
Russia Taking Over Ukrainian Web

Russia Taking Over Ukrainian Web

June 20, 2022
North Korea fires two ballistic missiles, Seoul says

North Korea fires two ballistic missiles, Seoul says

March 14, 2023
China’s exports plunge by 7.5% in May, far more than expected

China’s exports plunge by 7.5% in May, far more than expected

June 7, 2023
ACE91, Ceci Chan Media Company, Signs With UTA – Deadline

ACE91, Ceci Chan Media Company, Signs With UTA – Deadline

October 23, 2023
£40k-per-week dud’s Chelsea profession is over underneath Maresca

£40k-per-week dud’s Chelsea profession is over underneath Maresca

March 5, 2025
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In