In the Know: Pacific Palisades Market Spotlight with Heather Bell
A little more than six months after the January 7th fires, which destroyed over 5,300 structures—including homes and businesses—the Pacific Palisades community continues to navigate profound loss and uncertainty. Yet even in this difficult moment, there are glimmers of resilience and hope.
Here, Heather Bell, longtime resident and Director of Residential Estates at The Agency Pacific Palisades, shares her personal insights on how the local market is responding and the challenges and opportunities that lie ahead.
As both a longtime resident and real estate expert in the Pacific Palisades, you bring a personal perspective to the market. What are local sellers and buyers sharing with you right now about their hopes and concerns?
I’ve lived in the Palisades for over 14 years. It’s devastating to see what’s happened to my community. So many of my clients, friends, and neighbors have lost their homes.
Many are struggling with their insurance and can’t afford to rebuild with the money their insurance company is willing to pay them. Others are not feeling up to the task of rebuilding—it can be very stressful and expensive.
It’s one thing if you always dreamed of building a new home; it’s quite another when a rebuild is thrust upon you. The feelings around the process are completely different. Other residents have decided to sell their lots and move on with their lives elsewhere. As someone who lost two family homes in the fire, I deeply understand the pain that surrounds these choices and how personal they are.
People are worried the Palisades won’t be the same. They worry about it looking like tract homes. They worry that builders will put up high rises, multi-family housing and that the community as a whole will be very different than what it was before. Many people are also hesitant to rebuild, worried they may face challenges securing fire insurance afterward.
These are all valid concerns, and I can’t say for certain how everything will shake out. The future is still not clear. But what I do know is that people love this place. Many are rebuilding, many want to move back. In my heart I do believe the Palisades will thrive again.
I personally think the Palisades will come back and be better than ever. This community is resilient and the love for it is strong. Where else can you have a tight-knit community with a small-town feel within a big city like Los Angeles? It’s a very unique and special place.
What advice are you giving buyers who are considering the Palisades today?
I have been telling buyers to purchase everything they can. Prices are low and there are amazing lots for sale. I often advise those who now have or have obtained empty lots to hold onto the property for a few years, build when they’re ready, and then decide to either stay or sell it.
If you sell it, you stand to make a lot of money. I believe that the Palisades are going to come roaring back, and that we are going to have homes selling for very high prices that we haven’t seen before. There are incredible opportunities right now. If I had the money, I would purchase empty lots myself, but I have to rebuild two homes I lost in the fire, so right now I have enough on my plate.
How would you describe buyer interest and seller confidence at the moment? And do you foresee it changing in the coming months?
Buyer interest is strong right now. I have multiple lots on the market and spend my days in constant conversation with interested buyers. I’m currently negotiating several offers.
Seller confidence has been a bit down lately because prices for lots have been trending downward. Sellers who want to get out are selling below the market and then setting the new comp for the street. This impacts sale prices and outcomes for other nearby property owners. However, I do think we may be getting close to the bottom of the market, so hopefully, seller confidence will go up in the next few months.
Are certain neighborhoods or price points rebounding faster than others post-fire?
In terms of value, the Huntington Palisades neighborhood south of Sunset Boulevard has been holding strong. Huntington lots are selling for around $450 per square foot and Alphabet Street lots are selling for around $278 per square foot.
In the Huntington, there have been some property sales in the $4-5M range. That’s quite a bit higher than the Alphabet Street lots, at least right now.
The Alphabet streets, located just north of Palisades Village, have been struggling a bit with declining prices. One of the contributing factors is that there’s a lot of inventory right now in the Alphabet Streets. There are 41 land listings in the Alphabets compared to 10 in the Huntington.
In terms of certain neighborhoods rebounding more quickly, I believe homes near Palisades Village will lead the way. As shops and amenities in the Palisades Village reopen, they’ll help bring back that vibrant, connected feeling that makes this area feel like a true community.
For those wishing to support the Pacific Palisades community as it rebuilds, several organizations continue to provide vital aid and resources. The American Red Cross , the California Fire Foundation , the California Community Foundation , Direct Relief , and World Central Kitchen , are among those helping residents and businesses recover.
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