It has been over two and a half years since the Woolsey Fire.
These burned-out lots sold with rights to an expedited permit process have been some of Malibu’s most sought-after properties. Since the deadline for the expedited permit process was extended for a third year until November 8th of 2021, this summer is the final season for owners and buyers to take utilize the exemption.
The frenzy surrounding these lots has slightly cooled, in part due to the lack of inventory. At this point, most owners have either committed to rebuilding or already sold. In addition, most of the burnout lots listed in the premium areas (Malibu Park, Point Dume) have already traded.
This begs the question: how many have already sold, and are there any left?
Sales By The Numbers
Our team closely monitors the burnout lot market in Malibu. We have tracked 56 public transactions of burnout lots in the city and unincorporated Malibu area.
In a recent Malibu Times article, they noted that there have since been 100 sales in the total affected area (700 homes lost – Malibu had ). This figure may include off-market transactions as many of these properties have sold outside of the MLS. The article notes that there were 38 sold in 2019, 46 in 2020, and that 2021 is on track to hit 36 sales.
So far, the record-setting price was established this February in Malibu Park at $4 million.
What Is Available
There are 10 burnout lots currently listed for sale with prices ranging from $300,000 in Latigo Canyon to $3,500,000 on Point Dume.
Among these are some compelling offerings, including:
- 26137 Fairside Way | Offered at $575,000, this affordable property is located in the Malibu Bowl neighborhood, Corral Canyon. It features beautiful mountain views and easily accessed in 5 minutes from Pacific Coast Hwy.
- 3030 Encinal Canyon Road | $2,195,000. This property in lower Encinal Canyon is a rare opportunity to build a custom ranch or compound. It is 12 acres, minutes from the beach, and has a sizable building footprint.
- 6556 Wandermere Road | $3,500,000. The only publicly listed burnout lot left on Point Dume, this parcel has a flat usable acre of land and allows the buyer to build a large home with ample room for additional development.
Properties in Limbo
By looking at the City of Malibu’s rebuild statistics page, we can estimate that 30-40% of burnout owners have not sold or begun the rebuilding process. Many owners are in arduous battles with insurance companies while others have faced difficulties with the city and county offices in rebuilding.
With a few months until the impending deadline, these owners face a critical decision. Without the expedited permit rights, these properties will lose significant value if no action to rebuild them has been taken. This gives them the summer months to either find a buyer or start the process.
We Can Help
We would love nothing more than to see every home lost in the fire restored by the original owners. Unfortunately, there is no one-size-fits-all solution. Accordingly, we celebrate those who are rebuilding and assist those who need to move on.
The Mark & Grether Group is proud to be one of Malibu’s leading residential and land brokers. As a resource to the community, we are happy to answer any questions, give property consultations, and help buyers looking for their unique place in Malibu.
If we can be of service, please get in touch at 310.230.5771 or email us at russellandtony@compass.com
As always, stay #MalibuStrong
