Guest essay by Eric Worrall
According to The Hollywood Reporter, the rich and famous are so worried about imminent apocalyptic sea level rise, they’re moving to higher ground to stay safe.
Global Warming Fears Are Driving Malibu Home Buyers to Higher Ground
6:30 AM PDT 4/3/2017 by Alexandria Abramian
Beach buyers including Brad Pitt and Lady Gaga are moving on up (literally) and over to the once-unimaginable side of the PCH for not only more privacy but rising sea level fears: “The smaller the beach gets at Broad Beach, the bigger the numbers are going to get” on the bluffs.
Pacific Coast Highway was once the ultimate dividing line between prime and simply passable Malibu real estate. The beachside nabe, which recently joined the ranks of so-called sanctuary cities by a 3-2 vote of its City Council, remains a hot market (median home value is $2.9 million, up 5.7 percent during the past year). But these days, certain sections of inland real estate are luring buyers to migrate to the once-unimaginable side of the highway.
Beyond the stables, riding trails and gated homes, however, real estate insiders say a new variable is driving sales in the area to record levels: concerns over rising sea levels. “The whole ‘being on the beach’ thing has started to fade away in Malibu because of global warming and climate change,” says Sotheby’s International agent Anthony “TJ” Paradise. “Some people will buy on the land side because they’re fearful that ocean-side homes may disappear.” Arana sees a new market rising amid those concerns. “The smaller the beach gets at Broad Beach, the bigger the numbers are going to get here [in Malibu Park],” he says, adding, “Right now, prices are starting to move into the $15 million to $20 million range. Some of that has to do with the fact that in the last five years, people have started looking at beachfront differently.” Arana, along with Mauricio Umansky (also of The Agency), sold Lady Gaga her 10,000-square-foot villa for $23 million in 2014. Situated on 6 acres, the Mediterranean-style compound, previously owned by Warner Bros. exec Dan Romanelli, includes a bowling alley, home theater and 800-bottle wine cellar, along with an eight-stall stable and dressage ring.
Sadly nobody seems to be offering endangered Malibu beachside real-estate for $5 per acre, but I live in hope.