Residents of Pacific Palisades aren’t leaving their neighborhood for good … as well-connected real estate sources say many want to return, even though the timeline for the community’s recovery is up in the air.
TMZ spoke with more than 10 high-powered Los Angeles real estate brokers who work for major firms like The Agency, Compass, Sotheby’s and Coldwell Banker … and many of their clients who owned homes in the blighted neighborhoods agreed. , have expressed interest in preserving the land and reconstruction.
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We’re told that many people who own land in the neighborhoods are “circling the wagons” in preparation for a long redevelopment. They love the area and aren’t about to leave…no matter what the obstacles are in the coming months and years.
A few who are thinking of selling are considering rolling that money into a larger lot when others in the neighborhood sell in. One insider says the city permit makes it easier … so redevelopment doesn’t have to be delayed too much by red tape.
However, our sources say this may be a pipe dream for some who don’t realize the rebuild will take years. Some point to all the ash, debris and toxic chemicals that must be cleaned up before anyone can build. an overnight process.
One broker told us it’s not just about rebuilding the houses… “Because the stores, restaurants and schools burned down, so the area won’t look like the Palisades that many residents watched burn down. AKA, it won’t be ‘normal.’ maybe a decade.
At least three brokers we spoke to expect older people, those who don’t want to wait for an expensive remodel, to sell … taking the money to buy a new place.
And of course, the fire shocked some people so much that it wouldn’t be surprising if some decided to abandon SoCal for an area where wildfires are much less frequent.
Also, our sources say they’re warning their clients about predators rushing in with offers to buy the land…and Compass points to a new executive order in California that prevents anyone from swindling the area by throwing in unsolicited offers less than the market value on January 6. which makes it a misdemeanor.
The order is in place until April 14, but does not prevent anyone from selling their home if they wish.
Clearly, land is valuable… and a managing partner at a real estate firm tells us that with 20% of the homes coming back, land prices are going to go up, so Palisades residents may want to think twice about selling.
The Pacific Palisades wildfire has destroyed entire neighborhoods…burning nearly 24,000 acres and currently only 43% contained.Many people, including famous celebrities, have lost their homes to the fire.
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Famous realtor Josh Altman told us he thinks more than half of the residents won’t return…noting that once their kids start new schools and they feel comfortable in their new neighborhood, they won’t want to return.
It seems like a whole group wants to go back now…but they may change their tune once they realize how long a better rebuild will take.
