a neighborhood of Rancho Palos Verdes, the richest retirement town in the country, is sliding into the ocean. the area was mapped as a landslide complex before 1950. later in the 50s, homes were built on top of it.
in 1956, the county started building a road at the top of the slide, which involved depositing sediment onto the upper slope and also dumping hundreds of thousands of gallons of water onto it. this water immediately made its way to the bottom of the landslide and lubricated it, moving 3-4 inches a day at some points. the residents sued the county and won $10,000,000. occupied homes later got water and sewage lines run to them, above ground due to the earth movement.
now, residents of the homes (average sale price in area $1,540,000) are complaining to the media because, as the neighborhood's begun to move again at speeds of up to a foot a week, and the power and gas companies have turned off service because it's profoundly unsafe. the mayor has appealed to elon musk for help
Thankfully, this blog focuses on what's really important: property values. Which have declined "30-60% from highs."
Situated in the bucolic equestrian community of Portuguese Bend, this property is located in an active slide area where there is a moratorium in place by the city of Rancho Palos Verdes that restricts any improvement to the property except for repairs. This one-level home has a wonderful floor plan with a formal entry, beamed ceilings, two fireplaces, hardwood floors, family room and primary bedroom but needs work and there is little that can be done in the foreseeable future in regards to remodeling the interior. The city will issue no permits and will examine any requests to do repairs to make sure they are absolutely necessary for the safety and protection of the structure.
Listing Type: Sold
List Price: $895,000
Days On Market: 3
Please note that the real estate markets in these communities are fluid, both literally and figuratively, and that buying/selling real estate in a landslide zone is incredibly speculative.