Four years have passed since the Woolsey Fire swept through Malibu on November 8th, 2018. Sparked at a SoCal Edison facility, the fire crossed the 101 freeway and made its way through the Santa Monica Mountains, eventually reaching the Malibu coastline.

Approximately 460 structures were lost in Malibu alone, and in the 96+ acres burned, over 1,643 homes and structures were damaged or destroyed. It remains one of the most destructive wildfires in California history, along with the Paradise Fire that happened simultaneously in Northern California.

Malibu’s strength and resilience were brought to the forefront by this tragedy. Communities banded together, neighbors took care of each other, and individuals bravely saved their homes when they realized that help was not on the way. Four years later, rebuilding is still underway. Beautiful homes have risen from the ashes and communities have become more vibrant, while other individuals remain stuck in legal battles and the nuances of obtaining approvals.

In this post, we will be going over the rebuild statistics as of November 11th, 2022, as well as providing an update on the burnout lot market which continues to remain a viable option for owners and investors alike.

Rebuild Statistics

Nearly four years to date, here are the Woolsey Fire rebuild statistics for Malibu:

• Homes approved by the planning department: 349 (approx. 75%)
• Permits issued: 247 (approx. 54%)
• Completed homes: 110 (approx. 24%)
• Multi-family residences: 6 units with permits issued, 12 units complete.

In many cases, the expedited permit process (allowing for a like-for-like rebuild plus 10% in size) has not been nearly as quick as we had hoped. However, this has been for a variety of reasons.

For one, the City of Malibu has been severely understaffed with planners taking on quadruple the caseload that other cities typically give. Second, the process itself has been a moving target with changing rules and timelines, confusing both residents and their build teams to ultimately cause delays.

Another factor is the supply shortage and high cost of building materials. Last but not least, the legal settlements with SoCal Edison and insurance companies have devolved into year-long processes for some homeowners, causing massive delays and prohibiting their ability to build or sell the lot.

We are thrilled that a quarter of displaced residents (or burnout lot buyers) are now in their homes, but equally concerned that another quarter is yet to receive planning approval. The outcome has varied greatly per resident and property, and given Malibu’s unique elements and geography, that is to be expected. We look forward to seeing these numbers continue to grow and Malibu residents being made whole.

Burnout Statistics

After 4 years, many homeowners have decided to sell and move on. Some put their lots up as soon as the debris was cleared, while others waited years. Many owners wisely have obtained planning approval and or permits, making these lots even more valuable to the future owner.

Many of these lots have traded off-market, but we have closely monitored the public sales over the past four years. A quick summary is below (note that some of these lots have sold multiple times):

• Currently listed: 21 properties
• Average active list price: $3,291,000 (high $15M, low $429k)
• In escrow: 9 properties
• Average escrow list price: $2,073,000 (high $4.5M, low $499k)
• Sold: 83 properties
• Average sale price: $1,568,000 (high $5M, low $210k)

This only includes Malibu and does not account for the many affected properties (and subsequent sales) in Malibou Lake, Agoura, Thousand Oaks, and the surrounding communities.

We’d love nothing more than to see every resident rebuilt, but understand that for some, it makes more sense to sell and move on.

The Long and Winding Road

Malibu and its residents are extraordinarily resilient. We will continue to rebuild and in Malibu style, maintain the classic character of this special area while setting the standard in coastal design. A special thanks to our local architect, expeditors, contractors, and everyone else who has worked to get us to this point.

In the last four years, we have helped Woolsey victims find short and long-term leases, sell their lots from in and out of state, purchase new Malibu homes, and even helped make connections to obtain permits. Our team is available to help owners look at their options, run in-depth analyses, and list properties with proven sale results. For those looking to buy a burnout lot, we also offer expert buyer representation with unparalleled inventory knowledge, pocket listings, and connections for future development.

We are proud to serve the Malibu community, please don’t hesitate to reach out if we can ever be of assistance. Email russellandtony@compass.com or call 310.230.5771.