Pacific Palisades residents won't be leaving their community forever… as well-connected real estate sources say many will need to come back again — though a timeline for the community's recovery has yet to be determined.
TMZ spoke with more than 10 highly effective Los Angeles real estate agents working for major firms such as The Company, Compass, Sotheby's and Coldwell Banker…and the consensus is that many buyers who own properties in disaster-hit neighborhoods have expressed curiosity about preserving their properties. Land and reconstruction.
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We’re told many people who own land within the community are “circling the land” to prepare for long-term rebuilding. They love this world and they usually have no plans to leave…no matter what obstacles may come their way in the coming months and years.
While others nearby are running promotions, some people who are considering promotions are considering investing that money more. One insider said the town is streamlining the permitting process … so the redevelopment shouldn't be hampered too much by formality.
Still, our sources say it may be a pipe dream for some who don't understand that rebuilding will take years. Some point out that all ash, pellets and toxic chemicals should be removed before anyone begins construction – certainly not a one-day process.
One dealer told us it's not just about the homes being rebuilt… “It's equally as effective in triggering the burning of shops, restaurants and colleges – so the world won't be the same as many residents watching burned fences.” That said, it probably won't become “routine” for another decade.
At least three agents we spoke to expect seniors — those who don't have to wait for expensive redevelopment — to be marketed… to use the money to buy a brand new place elsewhere.
After all, fireplaces make some people very uneasy, and it wouldn't be a shock if someone decided to abandon Southern California for a place where wildfires are rare.
Plus, our sources say they're warning buyers that looters will be swooping in to buy land with low-price gifts…and, Compass is issuing a new government order in California that will stop anyone from buying land in the area Throw out unsolicited gifts at a lower price to keep the price down. is greater than the market value on January 6, 2025—so taking action is a misdemeanor.
The order is in effect until April 14 but does not prevent people from upgrading their homes if they want to.
Apparently, the land is available…and, a managing partner at multiple real estate firms told us that once 20% of the properties are sold again, the value of the land skyrockets – so Palisades residents are selling their properties You may need to think twice before you act.
The Pacific Palisades Wildfire has devastated entire communities… has burned nearly 24,000 acres and is only 43% contained. Many people – including famous celebrities – lost their property in the fire.
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movie star real estate agent Josh Altman He told us he thinks more than half of the residents won't come back…noting that when their children start attending a new college, they often adjust to the new neighborhood and they don't need to come back.
It looks like there's a whole group of people now that need to be moved again…but they may change their tune once they notice how long it takes to rebuild higher ground.
