Pacific Palisades residents aren't leaving their neighborhood for good … because well-connected real estate sources say many want to come back — even if the community's recovery timeline is uncertain.
TMZ spoke to more than 10 influential L.A. real estate agents who work at major companies like The Agency, Compass, Sotheby's and Coldwell Banker… and the consensus is that many of their clients who owned homes in the blighted neighborhoods are interested have stated that they want to keep the country and rebuild it.
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We're told that many people who own land in the neighborhoods are “circling the wagons” and preparing for a long rebuild. They love the area and have no plans to leave… no matter what hurdles the coming months and years bring.
Some who are thinking about selling are considering putting the money into a larger property when others in the neighborhood are selling. An insider says the city is facilitating permits so reconstruction shouldn't be hampered too much by bureaucracy.
However, our sources say this could be a pipe dream for some who do not realize that the reconstruction will take years. Some point to all the ash, debris, and toxic chemicals that need to be cleaned up before anyone can begin construction—definitely not an overnight process.
A realtor told us it's not just about the houses being rebuilt… because stores, restaurants and schools also burned – so the area won't resemble the Palisades that many residents saw burn. AKA, it may not be “normal” for a decade.
At least three of the agents we spoke to expect older people – those who don't want to wait for costly reconstruction – to sell… and use that money to buy a new home somewhere else.
And of course, the fire has left some people so unsettled that it wouldn't be a surprise if some decided to abandon Southern California and move to an area with far fewer wildfires.
Plus, our sources say they're warning their clients that robbers are swooping in with cheap offers to buy the land… and Compass is announcing a new executive order in California that will prevent anyone from dumping people in the area by sending unsolicited Offers made below market value on January 6, 2025 – which is a misdemeanor.
The order is in effect until April 14, but does not prevent anyone from selling their home if they wish to do so.
Obviously the land is valuable… and a managing partner at one of the real estate firms tells us that the price of the land will skyrocket once 20% of the homes are back – so Palisades residents might want to reconsider selling.
The Pacific Palisades wildfire destroyed entire neighborhoods… burned nearly 24,000 acres – and is currently only 43% contained. Many people – including well-known celebrities – lost their homes in the fire.
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Celebrity Broker Josh Altman told us that he thinks more than half of the residents won't return… and noted that their children don't want to come back once they get into a new school and they become comfortable in their new neighborhood.
It sounds like a whole group wants to move back now… but they might change their minds when they realize how long it will take to get better.