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Malibu real estate ready to rebuild, but city turnover stalls recovery

Here’s the data on post-wildfire reconstruction, seven months later

(Photo Illustration by Steven Dilakian for The Real Deal with Getty)

Big titles, turnover and dysfunction. Malibu’s revolving door of key staffers could be cause for concern as the community faces recovery from two massive fires.

Former Planning Director Richard Mollica resigned last July, replaced by Maureen Tamuri on an interim basis. Tamuri held that spot through June.  

Meanwhile, former City Manager Steve McClary had been away since Thanksgiving “for personal reasons” when he and the city announced March 11 an “amicable transition.”

In April, Alexis Brown, who served as an acting deputy city manager, resigned in April, while McClary’s successor Joseph Toney gave notice in May “after much deliberation and reflection.”

Ronda Perez is now the incoming Malibu city manager, effective Aug. 25, the city announced late last month. She’ll play a key role in the day-to-day operations as the city continues to sort through recovery from the 2018 Woolsey Fire and January’s Palisades Fire.

Perez hails from about an hour-and-20-minute drive northeast of Malibu, where she was the former manager of Palmdale and also an assistant city manager of Lancaster. She’s credited with securing state and federal funding for infrastructure projects and parks, in addition to downtown revitalization projects.

How that translates to wildfire rebuilding, developers and residents are watching and waiting to see. So far, no building permits have been issued thus far on rebuild projects from the Palisades Fire, which wiped out more than 700 homes.

In welcoming Perez, Malibu Mayor Marianne Riggins may have put it best when she said “consistent and capable leadership is essential” as the city rebuilds.

Permit race

Speaking of getting things done with “consistent and capable leadership,” one can’t help crunching the numbers here on permitting post-wildfires, now that the seven-month mark has passed.

The numbers, how they’re reported and how often offers one crisp way of gauging government efficiency and transparency. Here’s a quick pull of the data:  

Malibu

Homes Destroyed: 700+

Permits Issued: 0

Building Plan Check: 1 approved, 7 submissions

Source: City data as of Aug. 14

Palisades

Homes Damaged/Destroyed: 6,200

Permits Issued: 165+

Source: City of Los Angeles as of July 7

Altadena/Pasadena

Homes Damaged/Destroyed: 6,656

Permits Issued: 139 (Altadena and other parts of unincorporated L.A. County), 4 (Pasadena)

Source: Pasadena city data, Los Angeles County as of Aug. 14

Big buyer on the beaches

All the resi buzz this week centered on a mystery buyer scooping up burned lots in Malibu.

So far, the overseas investor purchased nine lots for $65 million on Carbon and La Costa beaches. 

The alarm bells started sounding from some locals who were incensed by a single developer buying multiple parcels.

For those who have dealt in the past with the permit process, and simply want Malibu rebuilt quickly, the purchases were viewed as welcome deals.  

“In the news, it was such a negative spin on this developer and how could the city let someone come in and buy all these lots,” said Compass’ Russell Grether. “It was such a negative tone, but at the same time, to me, it was a vote of confidence that we will recover and there’s somebody out there to have the audacity to not just buy one but [more than] half a dozen [lots].”

Caruso’s old Beverly Hills pad yields $48M

It’s been a little quiet on the big-deal front in Beverly Hills of late.

Rick Caruso’s old pad on Benedict Canyon Drive, about a block away from the Beverly Hills Hotel, broke the silence.

In late July, the over 17,000-square-foot new build on 912 Benedict Canyon Drive sold for $47.5 million.

Westside Estate Agency nabbed business on both sides, with the brokerage’s agents representing the seller and buyer. 

There’s not a lot more to tell beyond that. Both buyer and seller are hidden behind shell companies. The seller is RFG-Lavender, registered in Delaware. Murray Hill Real Estate LLC is the buyer.

Dubrows get $17M for Beverly Hills French Normandy estate

Heather and Terry Dubrow didn’t get exactly what they wanted from the sale of their Beverly Hills home, but a lot of sellers aren’t these days.

The reality TV couple, known for their roles in “The Real Housewives of Orange County” and “Botched,” sold 1501 Tower Grove for $16.5 million. The Dubrows tried for $25 million when they hung up the for-sale sign on the nearly 9,000-square-foot residence in March.

It’s been a lot of that of late – homes not selling for close to ask.

Some agents say it’s a sign of the challenging luxury market. Others say that’s more a function of incorrect initial pricing.

Pay $75M to live in Ricky Martin’s former home

Speaking of pricing, Compass’ Carl Gambino will test the luxury market’s appetite for his $75 million Beverly Hills listing.

The property at 1309 Davies Drive hit the market this week. Part of the pitch: the home was owned at different times by Ricky Martin, Michael Caine and the family of Doris Day.

Aside from a glitzy owner lineage, there’s also the possibility of running into any one of the titans of industry that live nearby while out walking the dog. 

The Pritzker Estate, which Hyatt Hotels heir Anthony Pritzker is trying to sell for $175 million, is about 10 minutes away. There’s also Lachlan Murdoch’s Bel-Air mansion at 875 Nimes Road, also known as Chartwell Estate.

Read more

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Unidentified foreign investor grabs 9 burned Malibu lots for $65M
Rick Caruso’s Old Benedict Canyon Residence Sells for $48M
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Rick Caruso’s old house on Benedict Canyon fetches $48M
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