Jennifer Susanne Sommers’ Post

𝗦𝗣𝗘𝗖𝗜𝗔𝗟 𝗥𝗘𝗣𝗢𝗥𝗧: 𝗟𝗢𝗦 𝗔𝗡𝗚𝗘𝗟𝗘𝗦 𝗖𝗢𝗨𝗡𝗧𝗬 𝗪𝗜𝗟𝗗𝗙𝗜𝗥𝗘𝗦 Historic wildfires in Los Angeles have left a profound mark on the region, with damages estimated at $250B–$275B and significant impacts on local communities and commercial real estate. From spiking hotel demand to challenges in rebuilding and rising insurance premiums, the aftermath of these fires will shape the metro's economic landscape for years to come. Explore the key takeaways in Marcus & Millichap's latest Special Report available here: https://lnkd.in/gxdQKidW #LosAngelesWildfires #LA #CommercialRealEstate #CRE #MarcusMillichap

It's all over the news—California is on fire. Wildfires fueled by powerful winds and dry conditions continue to devastate Southern California, tearing through the state. Thousands of homes, commercial buildings, and vehicles have been damaged or destroyed. Palisades Fire: Sparked Tuesday morning in Pacific Palisades, east of Malibu. It has scorched 19,978 acres as of Thursday evening and is 6% contained. Eaton Fire: Ignited Tuesday night in national forest lands north of downtown Los Angeles. It has consumed 13,690 acres and is 0% contained, with up to 5,000 structures at risk. Hurst Fire: Began Tuesday night in Sylmar and grew to 771 acres by Thursday night, with 37% containment. Lidia Fire: Started Wednesday afternoon near Acton and reached 394 acres by Thursday night, with 75% containment. Kenneth Fire: Broke out Thursday evening in Woodland Hills, covering 960 acres. While it is 0% contained, forward progress has been halted. Sunset Fire: Sparked in Hollywood Hills near Runyon Canyon Wednesday evening. This 60-acre fire was 100% contained by Thursday afternoon. : If you haven’t already, join our Compass Adjusters Network Facebook group! It's a great space for Compass adjusters to share experiences, connect, and network. 👉 Join here: https://lnkd.in/gjy3BUvv #CaliforniaWildfires #CompassAdjustersNetwork

There's a great article today in the Los Angeles Times about the #LAFires: https://lnkd.in/eN9WGqH4 It's becoming increasingly clear that these fires were, unfortunately, inevitable. While wooden houses may offer better earthquake resistance, that doesn't mean they're fireproof. One big question moving forward is whether insurance companies will continue to cover wood-frame homes after the #LAFires. I understand why wood is popular—it's affordable, and homeowners can add extensions or make improvements with relatively little expertise or specialized tools. Personally, I love wood—my own tiny house is made of it. But I do believe that Los Angeles City Planning should consider incorporating a street of stone houses as fire barriers every quarter mile. It's time for new housing regulations in LA to address these growing concerns. My thoughts are with the victims of the #LAFires

California's persistent building of homes in fire-prone areas, known as the wildland-urban interface, highlights the conflict between the state’s severe housing shortage and a #ClimateChange fueled escalating wildfire crisis. Between 1990 and 2020, nearly 45% of new homes were constructed in this high-risk zone, despite it comprising less than 7% of the state's land, leading to a significant increase in property damage from wildfires. Despite the inherent risks, rebuilding in the same locations after devastating fires is common, with nearly 60% of destroyed structures replaced within six years, often without significant fire-resistant improvements. Link to an excellent article on CalMatters: https://lnkd.in/gR6Qch9q

The L.A. Fires and #Housing: Here’s What It Could Take to Rebuild: Scale of the damage makes it an unprecedented task, but there are examples and tools for the private and public sectors, reports Nick Trombola for Commercial Observer For Loretta Thompson, a partner at international #law firm Withersworldwide, it’s not a question of if communities will rebuild, but how. Although the #Palisades and Eaton fires are clearly the worst in the state’s history, the region is no stranger to fires that Thompson says have been coming her whole life. In the wake of these fires, California instead has the ability to lean on major trading partners for help with supply issues, source new and better building materials, and change the way communities develop in disaster zones in order to become a model for how a region can reconstruct itself in an age of worsening #climate upheaval, she says. “#California is in a really great position, as a strong state and the fourth-largest GDP in the world, to make an example of rebuilding in a #sustainable manner that is really applicable to future fire events,” she said. “Because the fires are not going to stop.” Cathy Cunningham Max Gross Jeff Ostrowski James R Freiman Schwartz Media Strategies #realestate

𝐓𝐨𝐩 𝟒 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐭𝐨 𝐀𝐬𝐤 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 𝐚 𝐇𝐨𝐦𝐞 𝐢𝐧 𝐅𝐥𝐨𝐫𝐢𝐝𝐚 🏡🌴 Before making a big decision, ask yourself: ✅ Is the location right for my lifestyle? Think about proximity to work, schools, and leisure activities. ✅ What are the property taxes? Florida's taxes vary by county, so know what to expect. ✅ Is the home hurricane-resistant? Check if the home has storm shutters and a strong roof. ✅ How's the neighborhood’s growth potential? Look for areas with increasing home values. Real Estate Firm of Florida is here to help answer all your questions! 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 𝗙𝗶𝗿𝗺 𝗼𝗳 𝗙𝗹𝗼𝗿𝗶𝗱𝗮 𝗧𝗲𝗮𝗺 🏡 🌴 Your Florida REALTORS® 🏡 📍 Hillsborough, Pasco & Pinellas Counties ☎️ 813-961-6000 #HomeBuyingTips #FloridaRealEstate #RealEstateFirmOfFlorida #DreamHome #AskTheRightQuestions #FloridaRealtors #TampaBayHomesForSale #TampaBayRealtors #WeSellTampaBay

How will calamity change Los Angeles? It may be a chance to fix the city’s housing crisis, according to UCLA UCLA Environment #Professor stephanie pincetl. Pincetl tells The Economist that instead of simply replacing lost homes, the city should address its housing shortage through denser, mixed-use development. You can have luxury apartments, “but then you have places where the cleaning lady can actually live and not have to take a bus for an hour and a half across town,” Pincetl says. The stakes are high—County of Los Angeles is already short 270,000 #affordablehousing units, and #postwildfirerents are projected to rise 12%. Without bold action, displacement will only worsen.

I moved to LA when I was 25 and had graduated from the University of Utah all of 16 hours before hitting the freeway. I had a beater car, a small trailer that contained a donated couch, and my bachelor-fancy life. It was a land of opportunity and the city took me in. Wild and crazy times followed, both professionally and personally and I noticed a lot of LA had problems that we residents just chose to look away from because the "untended garden" approach to LA spilled over into anything that would have required significant investment to repair/replace. California's taxes and governance seemed to follow a mostly European approach (high taxation to purchase higher social services), but seeing the terrible fires taking massive sections of the city makes me focus on two key problems that we Californians need to address: 1) A one-party system of governance hurts both parties and every single Californian. Ideas and best practices cannot be tried if everyone in power plays the mafia-style "you're with us, or you're evil" game. Time to ditch "first past the post" and hold leaders accountable to their records, rather than their affiliations. 2) Building codes need to be updated that enable proper insurance to function and construction companies to be incentivized to build fire-proof or more fire resistant structures. If the fires had hit lower income areas (like where I lived) I'm sure the powers that be would say things at press conferences now like, "well, the low socio-economic status of the area exacerbated the fire risks..." but, at present writing, the areas hit and under evacuation orders are some the wealthiest in the nation, let alone the state or county. Architects and construction companies should be regulated (because they failed to self-regulate to the city's ruin) by Sacramento or be forced to self insure everything they build or buy. The home we rent in Austria is not fancy, but it's built of fireproof, mostly reinforced concrete, with new-age-y windows that better conserve heat/cool than the top of the line windows on offer in the City of Angels. Similar to what Floodlight is learning by opening our European HQ in Vienna, if a business fails to regulate itself, the government should step in to ensure its citizens are not hurt. LA's people are obviously hurting. I'm glad the leaders in LA are being held to account for their terrible decisions on what they've done with the massive taxes they've received under California's highest personal income taxes in the nation regime. I hope new options for leadership lean on the great capacity LA has always had for reinvention and beauty to rebuild the city in a way that doesn't repeat the past and takes inspiration from great cities world-wide (like Vienna for starters). Make the Golden State Golden again by building to last!

California Governor Gavin Newsom told CNN that the state aims to inspect wildfire-damaged properties within 14 days—a good start. But recovery is about more than inspections. Here are key concerns that must be addressed: 🌲 Staggered Return: Will residents be allowed to return based on the level of damage to their properties, or must everyone wait for full clearance? 🏠 Timelines: When will affected families receive detailed timelines to plan for rentals, schooling, and other essential needs? 📅 Long-Term Recovery Plans: What’s being done to ensure affected communities can transition from immediate relief to long-term stability? These questions are crucial for Governor Newsom, Mayor Karen Bass KarenBassLA, and President-elect Donald Trump to address. Wildfire recovery isn’t just about putting out flames—it’s about rebuilding lives. Let’s ensure transparency, accountability, and a voice for those impacted.

𝗟𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗔𝗺𝗶𝗱 𝗪𝗶𝗹𝗱𝗳𝗶𝗿𝗲𝘀 🔥 The Los Angeles area is facing severe wildfires, with 60 square miles burned and 24 fatalities. Immediate efforts are focused on containing the fires and protecting residents. This 👇 𝙖𝙧𝙩𝙞𝙘𝙡𝙚 by HousingWire explores how the wildfires coincide with its shifting housing market, including rising inventory levels, stabilizing median home prices at $1.47 million, and a gradual shift from a seller's to a buyer's market. It's a good read: https://rem.ax/4aiefsQ (Photo: Firefighters work near a burning structure in Pacific Palisades, Calif., on Jan. 8, 2025 via FoxNews. (Jason Ryan/NurPhoto via Getty Images) #realestate #californiafires #movingtoseattle #housingmarket #economy