How do you foresee the Woolsey Fire affecting the Malibu real estate market in the long term? Short term? I believe that until the homes that were lost are being rebuilt, it will be all about supply and demand. For the most part, sale prices will remain strong because Malibu is a sought after location and people still want to be in Malibu. I think the majority of people understand homes will get rebuilt. What real estate trends do you foresee in 2019? Of course, it will take time but 2019 will be a year of rebuilding and staying strong as a City. Some homeowner’s who for various reasons don’t want to rebuild, will sell their lots with plans and permits. I believe there will be demand for these types of sales. Other homeowners will not leave our beautiful coastal city and wait it out. How will the fire impact the rental market in Malibu? The rental market has been and will continue, at least for a few years, to be extremely strong because insurance companies are paying extremely high amounts for displaced people. On top of that, there is simply
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not enough inventory to place people so the demand is extremely high. I’m seeing some exorbitant prices for rental homes. If you have second or third homes and not using them you’ll be surprised what you can get if you chose to rent them out. Do you think there is anything else the City should do to help residents rebuild? The City could hire more plan checkers, perhaps as part time employees so the plans can get processed faster. MM
How do you foresee the Woolsey Fire affecting the Malibu real estate market in the long term? Short term? I believe the unfortunate devastation caused by the Woolsey Fire will have mostly negative effects on the Malibu real estate market in both the short and long term. However, as time goes on the beauty, brand and community of Malibu will carry us through and Malibu’s real estate will continue to appreciate as it always has. In the short term we will see an inundation of rental properties on the market due to the circumstances in new demand from those displaced from their homes. This could be a positive for many landlords financially, but hopefully they will be considerate with prices especially if they are first time renters. We will see some inflated prices but there are laws in place to prohibit price gouging so this is something that is being remedied now. I also believe that with the trauma of the fire fresh on people’s minds combined with the fear of health hazards, financial limitations etc. are causing some to move out of Malibu all together. For most though, this will likely just be during the duration of their lease while their homes are being
rebuilt. Malibu residents are tough, resilient and I believe entirely committed to staying in this beautiful community. In the long term , I foresee some other obstacles this fire has created. One being the fear of buyers -especially that are new to Malibu- and their uncertainty of whether a tragedy like this will happen again and the other being the reality that in some areas that were heavily hit by this fire, people will be forced to live next to years of ongoing construction and the negative aspects that creates. There will be opportunities that will present themselves for buyers in due time, however this will most likely come from the misfortune of others. Some who have lost their homes will not be able to rebuild and will most likely be forced to sell their land at a discount. Overall, Malibu is a strong city with extremely loyal residents. As the terrain heals itself and life continues on, the brand of Malibu will hold and continue to prosper and eventually the Woolsey fire will just be a horrible memory to those that lived through it. MM
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