If you're an avid surfer, or just love the beach you probably realize that having a beach key to directly access Little Dume beach (Known to most as the most exclusive private beach in all of Malibu) adds serious value to your everyday lifestyle. But you probably weren't aware that some of the top real estate professionals in Malibu believe that having Riviera Beach Access to one of the 4 gates (Keys) adds anywhere from $500,000 to $750,000 in value to the property.
One thing I've noticed when Malibu real estate professionals talk about the added value of a Little Dume beach is that there is never any specific references to actual Point Dume Sales proving the added value of a key. Now I may have a biased opinion having grown up in a Point Dume home on Heathercliff without a beach key so lets just rely on what the numbers have to say.
2012 Point Dume Real Estate Sales
Lets compare some similar properties with beach key rights versus other properties without the beach keys in Point Dume and see if we can figure out how much value the key adds to a property. First off, I'm a firm believer that real estate value fluctuates greatly from street to street in Point Dume. Therefore in the below comparisons I've used Bluewater which is much less desireable than both Wildlife and Fernhill (Beach key streets) :
6702 Wildlife Road - Sold in late July for $2,550,000. It's a one story ranch house/guest house that had 3,650 Sq/ft of living space with 4B/4b on an all flat 43,560 Sq/ft lot, with beach key.
29344 Bluewater - Sold in April for $2,401,000. Its a one story ranch home/guest house that has 2,090 Sq/ft of living space with 3B/2b on an all flat 45,210 Sq/ft lot, without beach key.
Well, if you compare these two properties, you will notice that the wildlife property has about 1,600 Sq/ft more of living space, 1 more bedrooms and 2 bathrooms. If you added the Sq/ft and Bedroom/Bathroom count to Bluewater it would be safe to say that these properties would have sold at about the same price. So where exactly does that extra $500k-1m come in to play for the beach key that Wildlife has? ...Interesting...
Beach key adds no value to the property in this comparison.
29417 Bluewater Rd - Sold in late June for $3,750,000. A recently updated contemporary home with 3,452 Sq/ft of living space, 4B/4b, and 1.3 flat acres, ocean view from one of the second story decks, without beach key.
7004 Fernhill Dr - Sold in late September for $4,000,000. A villa with guesthouse with 4,754 Sq/ft of living space, 5B/4.5b, pool and spa, on a flat 48,352 Sq/ft lot, with beach keys.
The Fernhill obviously has 1,302 Sq/ft more of living space, one extra bedroom, and the pool and spa. So if you added that to the Bluewater property they would have probably sold at about the same price too.
Beach key adds no value in this comparison.
Well, there you have it. In both of these comparisons the key added no extra $ value to the sales of these properties. I will post more comparisons in the near future to get to the bottom of whether or not a little dume beach key really adds $ value to a property and how much.