California wildfire victims face uphill battle as corporations and investors swoop in
California’s most destructive forest fireAn improvement continues. The land is changing hands, developers are coming, permissions are approved, houses are under construction. However, for many, the process is still moving slowly.
Malibu and Pacific Palisades properties specialized real estate agent Laura Alfano, “This process time, money and patience,” he said. “And this will lead to a combination of developers, investors and families with ancient reserves. And this is what we see in terms of purchasing. Not only the smoke damaged houses, but the real parties themselves.”
Los Angeles Police hopes to re -unite firearms with weapons after destroying Palisades Fire
Sold 123 lots Palisades Since fire, about half have been purchased by companies, the other 50% by individuals. In the northeast of La in Altadena, many households are caught by investors. One company bought 16 property, the other is 13.
“I don’t want an ADU (accessory housing unit). I prefer to die,” he says. “What hell, I don’t like the RVs. I don’t want to live in one, but at this point, it’s a blessing.”
Forest fires, on January 16, 2025 Malibu, California, causing damage and losses along the La region causing damage and losses along the Pacific coastal car along the Palisades fire destroyed from the air view of the coastal houses.
A lot Now the landlords They noticed that they were uninsured. They cannot afford to pay the old mortgages of the destroyed house in a tight market for two years and have enough money to rebuild.
In Altadena, more empty lots come to the market every month and the prices warn up to $ 100,000 in a lot of $ 1 million.
The opposite of Palisades. The number of properties coming to the market is decreasing, Help Fire Victims want to buy cash. The average price for an empty party is $ 2.2 million.
Larry Dein, the president of Pali Strong, a group of citizens established after fires, said, “Hearing time, as I have heard, may be one and a half years, so you’ll see six months after framework,” he said.
“Trauma was really hard. Many people are still confused about it. They don’t know what to do. Many people are moving with their plans. He said.
Currently, about 50 household construction in Palisades. There is more on the pipeline. Approximately 900 leaves sent to the city and Los Angeles District Authorities approved 274 to start construction. About 13,000 houses were destroyed between the two. Both organizations say they have approved permissions under 2 months 8 to 18 months before the fires.
Firefighters follow a helicopter drop on the Palisades fire at the Mandeville Canyon in Los Angeles on Saturday, January 11, 2025.
Nevertheless, experts in more complex sites and larger houses say that their landlords are looking for a year or more to get approval. In order to accelerate the restructuring process, Governor Newson expanded to suspend the executive orders. California Coastal Law as the primary agent to allow. This suspension lasts at least on October 1st. When the order is still in place, the landlords who want to rebuild can start construction with an increase of up to 10%. However, for those who want to go beyond 10%, they face a base fee of $ 11,579 and a 12-24 month-month process.
Ross Greenberg lost his house in Palisades fire. And even though its reconstruction permits have been approved in early June, Los Angeles County still does not allow it to break.
“I have paid more than $ 12,000 in my leave fees to move my process right now,” Greenberg said. He said.
In addition to struggling with regulations, many more calm focuses on the struggle against insurance companies.
On January 9, 2025, a person walks in the midst of the destruction of Los Angeles in Pacific Palisades neighborhood.
Before the fires spread to Southern California, the State Farm 1,600 policies reduced Palisades last July. The insurance company faces lawsuits from the landlords claiming to have been left. “Gross Sighttorered“With the weak support of insurance providers, many calm rely on the California fair plan, like Malibu, it will barely cover the cost of basic and septic tank development in places like Malibu, including 300 of which lost 600 houses in the fire.
“You will only spend two to three million dollars on your foundation, septic system and sea wall,” said Don Schmitz, the president and chief planner of the real estate consulting company Schmitz & Associates. “And this is before putting the first bar to build the real house.”
Original Article Source: California forest fire victims, companies and investors face up the uphill as they enter
