The Real Deal Los Angeles

Following Skirball fire, Bel Air brokers deactivate listings amid concerns of price dip

The fire damaged about $6.3B worth of resi real estate in December
January 08, 2018 02:00PM

A firefighter sprays water on a burning home in the wealthy Bel-Air neighborhood during the Skirball Fire (Credit: Photo by Mario Tama/Getty Images)

Before 2017 could come to an end, massive wildfires ravaged some of Los Angeles’ glitziest homes in the expensive Bel Air neighborhood. But while the flames are over now, the destruction from the Skirball fire might still be far from 100 percent contained.

Industry experts are fearing the damage from the fires could have downturn effects on the area’s home prices, according to the Hollywood Reporter. Brokers in the neighborhood are thus yanking their listings off the market.

The Skirball fire burned 475 acres, including two storage buildings at media mogul Rupert Murdoch’s Moraga Estate vineyard, a $6.7 million home on Linda Flora Drive and the home of NBA player Andrei Kirilenko. Roughly $6.3 billion worth of residential real estate can be found in the fire burn zone, according to Zillow.

And as nice as the views may be from the top of the hill, that’s a cause for concern among brokers trying to sell multimillion-dollar homes in the area.

Samantha Nugent of John Aaroe Group deactivated her client’s $3.35 million home on Moraga Drive for a few weeks following the fire. The Agency’s Jon Hamner did the same for his $6.75 million listing on the same street. “It is just too much of an uphill battle,” Hamner told the Hollywood Reporter.

Still on the market are the $19.5 million property at 850 Linda Flora Drive and the $3.6 million home at 1100 Casiano Road.

Prior to the fires, Bel Air continually made headlines for its famous residents and booming investment. The neighborhood is home to music icons Jay-Z and Beyonce, as well as Elon Musk and Thomas Barrack. [THR] — Natalie Hoberman