The Future of Luxury Real Estate in Broad Beach

The Future of Luxury Real Estate in Broad Beach

  • Mark Gruskin
  • 09/14/23

Broad Beach is a gorgeous seaside community in Malibu that offers coastal homes on the waterfront. Broad Beach is a pristine and tranquil expanse, and homes in the neighborhood have unparalleled access to the ocean. But Broad Beach is more than just a row of houses on a beach. It’s a neighborhood in the middle of Malibu, immersed deep in that city’s culture and luxury. Between the natural beauty of the California coast and the vibrant Malibu community surrounding it, Broad Beach is an idyllic place to live. If you want to claim a piece of the region for yourself, here’s everything you need to know about the future of luxury real estate in Broad Beach.

Broad Beach real estate prices

Since Broad Beach is such a luxurious neighborhood, it’s understandable that houses don’t come cheap. The average home sales price in the area is listed at around $11.9 million. Given the appeal of Broad Beach’s seaside houses, one can see why prices are so high. Some very high-profile people make the region their home, so buying a piece of luxury real estate in Broad Beach also secures the peace and quiet that comes with such a high-end neighborhood.

Luxury real estate trends to follow

As the United States continues to recover from the COVID-19 pandemic, the luxury real estate industry has evolved and adapted to changing trends. Following a flurry of activity in the early years following the pandemic, house purchases have slowed down. It’s documented that luxury home buyers are looking for smaller homes. Since schools and businesses have reopened, the demand for space to work from home and learn remotely is declining. (Of course, it doesn’t hurt that smaller houses also tend to have lower price tags.) 

If you’re looking to buy a house on Broad Beach, you might consider bucking the trend and looking for a bigger property, as that’s likely to net you less competition when it comes time to seal the deal. Conversely, if you’re selling a house in the region, it’s worth considering what most buyers want.

Another worldwide trend that might influence luxury real estate in Broad Beach is that more and more buyers of luxury homes are looking to trade in cash instead of seeking a more conventional means of purchasing, such as a home mortgage. Historically, mortgages have always been the best way to buy a house. Getting pre-approval for a loan gives the buyer a good idea of their budget for the purchase, and proof of such a loan will also make most home sellers much more willing to entertain an offer. 

Some sellers won’t even entertain an offer from someone who hasn’t been preapproved for a loan. If you’re buying a house in Broad Beach, you should consider what you can gain by using cash instead of getting a loan. The added security of obtaining a mortgage could give you a serious advantage over other prospective buyers. On the flip side, if you’re selling, you should be aware of this growing trend of cash offers and work closely with your real estate offer to ensure you’re confident in whoever you plan to sell your home to.

Broad Beach’s luxury real estate forecast

In today’s ever-changing real estate landscape, it’s hard to say precisely what the future holds for Broad Beach. However, by observing trends like the ones listed above, it’s possible to get a good reference for where the market is going and what it’ll look like moving forward. For instance, even as demand for homes cools down, many real estate markets still favor the seller, with lower inventory and high demand. This is especially true in the luxury market since people who can afford luxury homes are less likely to be impacted by economic volatility. That means fewer factors would dissuade them from looking for new luxury homes to call their own.

This is a significant factor when it comes to properties in Broad Beach. The Malibu neighborhood is tiny and exclusive, so its supply of homes will always be low. That means that demand will likely remain high for Broad Beach's beachside homes. If you’re looking to buy, you can anticipate some stiff competition. Meanwhile, if you’re trying to sell a home in the area, you stand to benefit from this considerable demand. With the help of a good realtor, you can figure out the best way to price and market your home to take advantage of this considerable worldwide demand.

On the other hand, it’s also been reported that some luxury real estate buyers are hesitant to invest in a new home due to rising interest rates. This might temper demand for property in regions like Broad Beach, for better or worse, depending on whether you want to buy or sell. Buying a new home, especially one in such an exclusive region, is always a significant step, and no matter your income, it shouldn’t be taken lightly. Ensure you have everything in order and a good real estate agent at your back before committing to a new home in Broad Beach or elsewhere.

The final say on Broad Beach homes

All told properties in Broad Beach are extremely appealing to buyers for a variety of reasons. The privacy and comfort of a luxury home, coupled with the alluring beachfront locale, makes Broad Beach a prime place to settle down, and its proximity to the vibrant culture of Malibu just makes it all the better. 

If you’re looking to invest in a Broad Beach home or put one up for market, you should first reach out to a good realtor like Mark Gruskin. Mark is an expert in dealing with luxury properties, and his rich experience in the Malibu area makes him a perfect fit for your real estate needs. If you’re ready to live the high life on Broad Beach, give Mark a call.

*Header photo courtesy of Mark Gruskin

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