Posted on 01/18/2025 10:38:05 AM PST by DallasBiff
Pacific Palisades voted 71% for Kamala.
It will be unaffordable for folks who’ve been there 20-30 years.
They’ll get it right.... NEXT TIME!
“Why wasn’t there water in the hydrant?”
“Climate change!”
Dems are stuck on stupid. They’ll keep voting for the DEI Marxist crazies and then - as you said - move to other states and vote for the same horrible policies that caused them to exit California.
They need to move to 15-Minute Cities in Calif.
As long as they change their leftist ways, they’ll be welcome elsewhere.
And so it begins. The LA Diaspora...
All according to the big plan.
Vulture capitalists overhead.
Most are probably too stupid to separate action from consequence. They will keep voting Democrat because they’ve known nothing else.
“Oh geez, they will move to Texas or Arizona, and vote for radical democrats.”
Sad, but true.
Josh has no way of knowing this ... he is just emoting ...
Black Rock will buy up and finance the NEW LA.
He stays in touch with the market. That’s all he does. He has all kinds of connections but he’s no Nostradamus but he knows more than the average Joe.
I expect the barren landscape will not matter to builders of condos and mass apartments with a view and address. High density housing with smug and high price. all blackrock could ever dream of.
The smart thing to do is just wait and watch. For a lot of the older homes that were there, the land was already the most valuable part of the equation.
Gavin’s new global housing initiative for the homeless and the invaders!
Serious question: What happens if squatters decide to start pitching tents on deserted properties? Can they be arrested?
Everyone is worried about some corporation buying all the land cheap and putting up apartments
Who can afford or would want to live like rats in a cage?
The reason is nobody except “Rats”( like my pun?) want to live in cages.
People like thier own houses.
Rat like Cages.
I think Malibu and California will come back as large spread out estates for the very rich.
Poor people that got burned out will migrate to cheaper pastures and mobile home parks.
.
I wonder how many of these will be leaving California.
People who have been there 20-30 years have moved on to a different stage of life. They are likely empty nesters. Their mortgages may be paid off. Given the insane California housing market, most of the nominal value of their house reflects the value of the land, not the structure. Many will have been debating retiring in place vs. taking the equity and relocating to a lower cost area. This is part of the natural generational rotation of any neighborhood. Usually this happens gradually. The fire will force a lot of rethinking.
Retirees and people nearing retirement will have had their priorities reset. If they still have a mortgage, their homeowners insurance will presumably cover that. The mortgage lenders require that. If they’ve been there 20 years, most of their equity is land value. That doesn’t burn, although it can be torpedoed — or enhanced — by changes in zoning or taxes. My guess is that the city will see the fire as an opportunity to densify. It will rezone, and the developers will dangle big checks in front of people.
From the pictures, the Palisades looks to have been affluent and well maintained, but a lot of the homes were pretty ordinary 1960’s/70’s ramblers. Many of those two million dollar California homes could be bought for $300,000 in the Omaha or Indianapolis or Nashville suburbs. They’re the kind of perfectly servicable middle class housing that might be bought as a scraper if a wealthy person wanted a McMansion but couldn’t afford Beverly Hills, or that would be bulldozed in a flash for commercial development or apartment complexes if the zoning changed.
I live on Capitol Hill in DC, in the historic district. It would disappear in flash if the historic district was opened; people who were ready to move out for whatever reason would take the developers’ checks, and the developers can outbid any would-be homebuyer. It was not an expensive area when we bought back in the Marion Barry era. Our equity is gentrification driven. The homes are ordinary. But we have quiet, tree lined streets, and we don’t have commutes. Location, location, location — and for retirees, location is less important.
Anyone who has been here 20+ years has a lot of equity unless they’ve taken it all out via refinancing. The homes are mostly cookiecutter brick rowhouses. They’re old enough to have an historic flair, being Victorians or federal style rowhouses, but the market value is from the land. They might be scrapers in your neighborhood. If they were destroyed in some disaster, they wouldn’t be rebuilt, and most of the current residents wouldn’t return. We would lose furnishings and memorabilia, but most of us would walk away with a lot of equity. Same situation.
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