topic Re: For those that know Real Estate in Q Talk

For those that know Real Estate

Puzzle Piece — Fri, 14 Feb 2025 19:58:34 GMT

My sister recently lost her home in the fires here in L.A. There's just ashes and cinders.

Her home was valued at 1.3 million. Now, if she decides to rebuild, she will need to pur more money into getting the home built - even with govt. help. As there are those that won't rebuild the street neighborhood will look spotty. I can't imagine values ever returning to what they were as a community or area.

What in your opinion is the best idea to deal with the ordeal. As her home was paid for, she lost the entire 1.3 mil.

Re: For those that know Real Estate

jlkz — Fri, 14 Feb 2025 20:39:11 GMT

@Puzzle Piece

While I do not know all the in's and out's of real estate, there are several questions that your sister should determine for her own needs....at whatever her age is, what are her needs given health, income from all sources, level of stress to be endured going forward, support levels, desired location(s), property type desired, mortgage or rent, etc.

Acknowledging that even with rebuilding, the resultant neighborhood will not be what she was used to. So, maybe finding an alternative living arrangement that is physically and financially acceptable while she regains her stability and strength might be a better first step.

Strength isn't just physical, it is also mental. She has been through an event that most of us could never fathom. My heart goes out to her and every person who has endured those fires of destruction.

She needs to talk to someone who isn't just real estate but can also counsel folks who are at the " Fork in the Road " of major life choices at whatever Life Chapter they are in.

Re: For those that know Real Estate

patbz — Fri, 14 Feb 2025 20:47:56 GMT

I'd sell the land and move out of LA. If you need to stay in Cali the Central Coast, Bakersfield, Lancaster, Ridgecrest are much cheaper ( and much less fire and flood danger). Or move to Nevada, Arizona, New Mexico etc for much better housing, taxation, gas cost and insurance.

Re: For those that know Real Estate

Marp — Fri, 14 Feb 2025 20:48:36 GMT

There are too many unknowns in your sister's life to give any advice beyond keep an eye on what is going on in the community.

There have been numerous reports of burnt down houses selling rapidly and above asking.

One thing she, and the community leaders, need to be aware of is if the buyers are potential residents of the community or if they are simply investors buying up distressed properties. The later will drive prices to unreasonable/unconscionable prices as the community recovers.

Re: For those that know Real Estate

kaydee50 — Fri, 14 Feb 2025 20:53:13 GMT

Did she have insurance? As someone suggested, sell the land which is typically the most valuable part of the home.

I personally can't imagine living in CA with fires, mudslides, earthquakes all a very real possibility but people are still moving there.

Good luck to her and everyone else affected.

Re: For those that know Real Estate

They CallMe MRWILKES — Fri, 14 Feb 2025 20:57:38 GMT

The land itself is phenomenally valuable. Land is the most valuable asset anywhere.

As they say, there is no more land being created in California.

Re: For those that know Real Estate

ThinkingOutLoud — Fri, 14 Feb 2025 21:49:52 GMT

@Puzzle Piece wrote:
My sister recently lost her home in the fires here in L.A. There's just ashes and cinders.
Her home was valued at 1.3 million. Now, if she decides to rebuild, she will need to pur more money into getting the home built - even with govt. help. As there are those that won't rebuild the street neighborhood will look spotty. I can't imagine values ever returning to what they were as a community or area.
What in your opinion is the best idea to deal with the ordeal. As her home was paid for, she lost the entire 1.3 mil.

First, I'm sorry for what she has been faced with.

I would take this as a big clue that it's time to move. Change can be a good thing so embrace the opportunity.

Best to her.

Re: For those that know Real Estate

lynnie61 — Fri, 14 Feb 2025 22:20:57 GMT

@Puzzle Piece I'm so sorry for her loss. I can't imagine. I hope she can get some financial assistance. My heart breaks for all those that lost their homes.

Re: For those that know Real Estate

SactoSue — Fri, 14 Feb 2025 22:34:37 GMT

I think having her consider where she is in her life and what she wants to think about for her eventual retirement are reasonable considerations. Does she need to work and how close does she have to be? We just don't have any info on where she is in her life.

Does she want to stay in the LA basin, and why? Climate? Cultural surroundings? Social activities? Healthy living areas? Close to friends?

So much to consider. I would not make any committment to anything for at least a year or two, no matter how "great" the deals are. There are just going to be too many hustlers and scammers out there in the next year or so.

And just NO to Ridgecrest. Have you ever been there? It would be in the bottom of the list, along with Adelanto, Barstow, Mojave, and other high dry desert towns. If moving to a different area is what she wants, she should rent for a year in the area she is interested in before making such a big committment.

Re: For those that know Real Estate

ellaphant — Fri, 14 Feb 2025 22:27:32 GMT

Don't know enough to comment. I would consult at least 2 realtors.

I personally would never rebuild, land will be toxic regardless if told it's fine and wouldn't want to live among a lot of noisy rebuilding.

I have read not to sell land too quickly as prices will increase.

Re: For those that know Real Estate

DSD2 — Fri, 14 Feb 2025 22:33:50 GMT

I have no advice but offer my sincerest sympathy to your sister and all those who lost their homes.

God bless.

Re: For those that know Real Estate

Love my grandkids — Fri, 14 Feb 2025 23:18:26 GMT

@SactoSue I agree! I spent my first 61 years in Southern California and still love it and have family there. Due to circumstances I moved to WA state 15 years ago.

You couldn't pay me to live in Barstow, Ridgecrest, Lancaster or the Central Coast. I lived in the South Bay (the one in SoCa not NorCal). I hate the high desert and the valley. Loved the area where I lived.

Re: For those that know Real Estate

Puzzle Piece — Fri, 14 Feb 2025 23:21:18 GMT

To all. My sister is 70 years of age and retired.

I really can't imagine the community or area to return to it's former self after this fire.

I would think she is living off of her retirement and she seems relatively healthy. She owned the house so she lost any and all money that the house was worth. Getting strong mentally will be what so many will need to get through everything.

I can understand if she moves out of state and starts anew.

Re: For those that know Real Estate

brandiwine — Fri, 14 Feb 2025 23:30:37 GMT

I assume your sister had insurance, therefore she didn't lose 1.3 million. The area will come back better than ever. It will take time. I've watched it here time and again in areas of Colorado.

Re: For those that know Real Estate

elated — Fri, 14 Feb 2025 23:45:04 GMT

I am sorry about your sister's loss. That has to be devastating to loose everything you worked to get. IMHO, I would contact a Real Estate Attorney and get legal advice. I have heard many stories on the news with so many conflicting stories. I wish her well going forward.

Re: For those that know Real Estate

katie1859 — Fri, 14 Feb 2025 23:50:34 GMT

As we all know that even though you have a home and the mortgage paid off

you may not own the land

The question is did your sister have homeowners coverage against fire

If so then I would take that pay out

She can move forward and leave that burnt neighborhood

Frankly, in the travesty of Palisades, that whole area is toxic

When you have the amount of destruction the environment is flagged by the EPA

California has so many environmental regulations

Rebuilding will take a ton of hoops, a ton of money, and years

Plus with all the vacant land the rain comes and you have mudslides

WHY stay?
It's gone it's destroyed

Start over and insecurity in a place that has safety of its residents the focus

Re: For those that know Real Estate

RescueLover — Sat, 15 Feb 2025 00:39:06 GMT

I’m sorry that your sister lost her home in the CA fires.
I can’t imagine everything she’s been going through...
It’s got to be traumatic losing your home and your community.

I listened to an architect from LA, who plans on helping the city coordinate the rebuilding. He said he sees the land being cleared in the next 6- 9 months, but after
there will be many environmental safety tests done on the land.

He wants work crews that do more than one home at a time to cut down on the construction traffic.

He was talking about using costly building materials for better fire protection and limiting landscaping between the homes.

Overall he thinks it will take 3-5 years to totally rebuild the areas lost.

All the best to your sister as she maneuvers through this difficult time in her life. 💕

Re: For those that know Real Estate

Puzzle Piece — Sat, 15 Feb 2025 00:44:12 GMT

@brandiwine I can't say if she had fire insurance. She will never see the money ever recovered. It will cost at least what she lost to rebuild.

Fire insurance doesn't cover everything - doesn't even come close.

Re: For those that know Real Estate

Desert Lily — Sat, 15 Feb 2025 00:46:40 GMT

It's up to your sister. She'll know how much her insurance will pay. If she had insurance, she's not facing a complete financial loss on the home. If she hasn't already, she'll probably need to gather information in her area of CA.

Your sister will want to make decisions about where & how she wants to live the next chapter of her life. I wish her the best.

Re: For those that know Real Estate

Imaoldhippie — Sat, 15 Feb 2025 11:48:07 GMT

Just guessing here but I think it will take years and years for California to recover from the fires.