Malibu buyers, fearing rising sea levels, look inland

In increasingly pricey market, global warming fears trump ocean views

TRD MIAMI /
Apr.April 09, 2017 01:00 PM

From the Los Angeles site: Sales in Malibu Park are hitting record levels — and attracting high-profile buyers and renters from Brad Pitt to billionaire philanthropist Sid Bass — as concerns about rising sea levels lure buyers away from the beach to the other side of Pacific Coast Highway.

Anthony “TJ” Paradise of Sotheby’s International said buyers are thinking more about global warming and climate change than living on the beach.

“Some people will buy on the land side because they’re fearful that ocean-side homes may disappear,” Paradise told THR.

Climate change has already impacted Malibu, which has seen the amount of sand on its beaches shrink, said Santiago Arana of the Agency. The smaller the beach becomes in areas such as Broad Beach, the bigger the prices in Malibu Park, he said, adding that home prices in the enclave are moving into the $15 million to $20 million range.

The highest-priced home in Malibu Park on Morning View Drive is listed at $15 million.

The 12,000-square-foot mansion includes a three-story ballroom inspired by New York’s Plaza Hotel that can hold more than 300 people while doubling as a recording studio. It was built by seller Albert Stern, a violinist, and has been used as a studio by musicians Jason Mraz, Fergie and Incubus.

While the beaches have yet to be washed away by rising sea levels, residents have made efforts to combat erosion with a $31 million plan to restore the beach’s vanishing sand, according to THR. [THR] — Subrina Hudson


Related Articles

arrow_forward_ios
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Diesel family dishes on Wynwood condo project
 4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

Gables Residential sells dev site near Shops at Merrick Park

Gables Residential sells dev site near Shops at Merrick Park
Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

Fairfield Residential sells new Flagler Village apartments for $92M
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...