Pacific Palisades residents aren’t leaving their neighborhood for good … because well-connected real estate sources say many want to come back — even though the recovery timeline for the community is up in the air.
TMZ spoke to more than 10 powerful L.A. real estate brokers working at major companies like The Agency, Compass, Sotheby’s and Coldwell Banker … and, the consensus is many of their clients who owned homes in the devastated neighborhoods have expressed interest in holding onto the land and rebuilding.
TMZ.com
We’re told many people who own land in the neighborhoods are “circling the wagons,” preparing themselves for a long rebuild. They love the area, and they have no plans to leave … no matter the hurdles 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 do sell. One insider says the city’s making permitting easier … so rebuilding shouldn’t be held up too much by bureaucracy.
However, our sources say this might be a pipe dream for some who don’t realize the rebuild is going to take years. Some are pointing to all the ash, debris and toxic chemicals that will need to be cleared before anyone can start building — definitely not an overnight process.
One broker told us it’s not just about the houses being rebuilt … ’cause shops, restaurants and schools burned as well — so, the area won’t resemble the Palisades that many residents watched burn. AKA, it won’t be “normal” for maybe a decade.
At least three of the brokers we talked to expect older people — those who don’t want to wait around for the costly rebuild — to sell … taking that money to buy a new place somewhere else.
And, of course, the fire rattled some people so much that it wouldn’t be a surprise if some decided to ditch SoCal for an area frequented far less by wildfires.
Also, our sources say they’re warning their clients about predators rushing in with lowball offers to buy the land … and, Compass is flagging a new executive order in California that prevents anyone from lowballing those in the area by throwing out unsolicited offers less than market value on January 6, 2025 — making it a misdemeanor to do so.
The order lasts through April 14, but does not prevent someone from selling their home if they wish to.
Obviously the land is valuable … and, a managing partner at one of the real estate firms tells us once 20% of homes are back, the price of the land is going to skyrocket — so Palisades residents may want to think twice about selling.
The Pacific Palisades wildfire destroyed whole neighborhoods … has burned nearly 24K acres — and, is only 43% contained right now. Many people — including notable celebs — lost their homes in the blaze.
TMZ.com
Celebrity realtor Josh Altman told us he thinks more than half the residents won’t return … noting when their kids start at new schools, and they get comfortable in their new neighborhood, they won’t want to come back.
Sounds like a whole bunch want to move back now … but, they might change their tune when they realize how long rebuilding better is going to take.