Industry News

Rethinking hillside real estate in wake of rainstorms

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

I know almost every street in the hills surrounding Los Angeles from Coldwater to Runyon Canyon, from Outpost to Beechwood. Each canyon neighborhood is distinct in its own way, with a rich diversity of homes from the hillside "shacks" to the multimillion-dollar palaces. The news Sunday that a home was sliding down Laurel Canyon surprised no one I know. We all knew which house it was the second they flashed the live image of the crumpled house on TV. A spec home built in the late '80s or early '90s, it characterized the downward spiral of the real estate market at that time. The glass block windows could still be seen beneath the smashed structure that used to be a house just minutes before. I recently commented to my husband that the next downturn in the real estate market must be right around the corner because there was a "For Sale" sign posted in the front lawn of this home. "When someone pays top dollar for this house," I said, "we know it's over." And now the local news is sh...