This guy must've read Rich Dad Poor Dad:
The foreign investor has apparently bought up nine oceanfront properties in Malibu at La Costa Beach.
From Realtor.com:
[A] foreign investor has been secretly scooping up many of the burned lots on the oceanfront side of the PCH [Pacific Coast Highway] — with the vision of rebuilding the mansions that dotted the coastline in the iconic beach town.
'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,' Weston Littlefield with the Weston James Group tells Realtor.com.
Littlefield is confident this investment will be a success — with time and patience.
...
The luxury real estate agent and his colleague Alex Howe have been working with the investor who has, so far, purchased nine lots worth more than $65 million — but the process isn't random.
Littlefield says the investor was only looking for properties with 40-plus feet of frontage and that many of these properties weren't listed for sale when he initiated the search, so he had to track down the owners himself to see if they would sell.
Obviously some sentimental value was attached to these homes, but eventually they were able to come away with nine oceanfront properties right off the PCH.
It's going to take quite some time for the rebuilding process to start in Malibu with 12- to 24-month timelines just to get permits approved.
We don't know who this foreign investor is, or even where he or she is from, but either way, a foreign investor has scooped up nine oceanfront properties in wildfire-ravaged Malibu, and that either gives you the willies or makes you wanna go invest in some cheap real estate.
The list of required modifications, permits, and other requirements for these properties according to Realtor.com is out of this world.
For starters, an $11,579 base planning fee is required, not including any fees for site reviews, modifications, and variances, according to Malibu Rebuilds.
Littlefield's client requested a specific minimum lot size because any newly built homes are required to be constructed according to the original square footage of the home that once stood on that parcel of land, but new laws are allowing for an additional 10% square footage.
New beachfront properties must meet FEMA's flood plain requirements. Existing seawalls must be replaced unless a licensed engineer can certify they are compliant, and timber piles are no longer allowed.
In addition, for narrow parcels along La Costa Beach, view restrictions are in place. Plus, most new construction is not allowed to have septic systems; rather, they will require an Advanced Onsite Wastewater Treatment System.
Oh, also ...
Once all the necessary agencies and departments approve rebuilding plans, a hearing date for the public discussion of the planning staff's recommendations or decision will be scheduled.
Talk about California dreaming!
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