"It's CRIMINAL what the city, county and state make these VICTIMS go through to rebuild their homes.... and are basically forced to sell their homes to investors." JC in HB comment
"In the charred aftermath of Malibu’s January wildfires, one buyer has been moving in silence.
"While much of La Costa Beach remains a barren stretch of sand, a foreign investor has quietly acquired nine oceanfront lots — spending more than $65 million to secure some of the most coveted parcels along the Pacific Coast Highway, according to Realtor.com.
"Working through luxury agents Weston Littlefield and Alex Howe of the Weston James Group, the buyer is targeting properties with at least 40 feet of frontage, betting that once the coastline is rebuilt, demand from wealthy buyers will return in force.
The scale of destruction was severe: The fire razed 720 structures in Malibu, burning miles of beachfront homes to their foundations.
“Malibu was such a charming beach town, and all the homes that were on La Costa Beach had so much character… and for it all to just be gone and wiped out, down to the sand, is heartbreaking,” Littlefield said.
"Rebuilding is a long and costly process. The city estimates permit approvals can take 12 to 24 months, and coastal construction carries steeper requirements than inland projects. " . . .
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| Foreign investor has spent $65M for destroyed Malibu properties |
“ 'Once this beach is built back and it’s all brand-new construction, I think it’s going to be a very desirable spot for a lot of wealthy people to try to buy a beach house,” he said."
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