This November marked two years since the Woolsey Fire changed Malibu forever. Incredible progress has been made, but as we reported in our previous blog, approximately one out of five burnout owners have not begun the rebuilding process or sold their lots.
However, there is good news! On December 14th of 2020, the Malibu City Council voted unanimously to extend the expedited permit rights. The new application deadline is November of 2021 for non-conforming homes and structures in like-for-like rebuilds. Additionally, the deadline to obtain building permits has been extended to November 8th, 2023.
Meaning For Owners
For the over 20% of affected homeowners who have not started this process or sold, this is amazing news. They will now have ample time to initiate and go through the process after the majority of affected properties have already done so. Hopefully, this translates to a smoother and quicker process.
Some of the most damaged neighborhoods, like Wandermere, Malibu Park, and Escondido Canyon, will eventually benefit from the rebuilding. As new homes are finished, property values in general, will rise for new and old homes. For owners with the stamina to build, the right home could represent a great investment property even if they do not intend to occupy it.
Time To Sell?
For the owners who would like to move on, this is also welcoming news. Burnout lots trade at 25-50% above the market value for comparable raw land lots.
As of writing this post on January 5th, there are only 7 burnout lots currently listed. Compare this with much of 2020 which had 15 or more listed properties most of the year. Demand is still very high but, as the new deadline approaches and time runs out, it will diminish.
Our advice to those considering selling is not to wait. Inventory is low and demand is high. A well-marketed property will make top dollar!
Stay in Touch
Whether you are an owner considering selling or a buyer looking for the right property, we’d love to help. Expert real estate advice, property valuations, and off-market deals are just a few of our specialties. We transacted over $75 million in 2020 and are looking forward to more happy clients this year.
Call Russell Grether at 310.994.4247 to get started!
For more information, please visit The City of Malibu’s website here.
As always, stay #MalibuStrong
