Two years after the January 2025 firestorms devastated L.A., the pace of rebuilding in the Palisades and Altadena is still glacially slow.
Developers leading the recovery spoke to the Business Journal about delays caused by insurers, lenders and utilities.
In Altadena, where the Eaton Fire destroyed more than 9,419 structures, only 254 new homes have been completed, according to county data.
The Palisades Fire destroyed 6,822 structures, and as of October, only 62 new homes have been completed, according to Kevin Pazirandeh’s Pali Rebuild Map. But he predicts that rate will spike in the next few months since more than 1,000 rebuilds got underway in the Palisades this summer.
“It’s slower than I thought we’d be almost two years after,” said Sean Burton, chief executive of Century
City-based Cityview. The multifamily development firm launched Genesis Builders last year to provide simple architectural templates for families rebuilding in Altadena.
New bottlenecks
Early in the recovery, permits were a choke point. Now Steve Schlageter, chief executive of Aliso Viejo-based Thomas James Homes, said the city of Los Angeles is issuing his Palisades permits in a little less than two months, compared with six or seven months before the fire.
Trent Klatte, chief executive of Culver City-based West End Construction, said the county has “moved fast” on permits.
Instead, the delays moved downstream. Some Palisades homeowners who finished rebuilding could not move in because the Los Angeles Department of Water and Power had not restored power, ABC7 reported earlier this month. The utility’s interim general manager said it had added staff in the Palisades to speed things up, the station reported.
Financing is the larger obstacle. Nearly half of fire survivors have lost or will soon lose insurance coverage for temporary housing, and two-thirds remain displaced,according to a May survey of more than 2,000 survivors by the nonprofit Department of Angels.
Burton said financing is the biggest issue his clients face, in part because many were underinsured on homes held in families for generations. Klatte said all four of his Altadena rebuilds are fully funded by insurance, but one prospective client had waited more than two months for her adjuster to respond to an estimate he submitted at the end of July.
“It’s very difficult for them to start planning without a budget,” Klatte said.
Fixed prices, and sellers
In response, some builders are pitching certainty. Cityview’s Genesis Builders provides a catalog of preapproved plans, guarantees a price and a one-year schedule.
Burton said its homes run $700,000 to $1 million. Genesis is now working with 40 families and had 16 homes under construction as of mid-September, according to the company.
Thomas James, whose showcase home at 915 N. Kagawa St. received the first certificate of occupancy for a rebuilt Palisades home in November 2025, also guarantees price and timing. Schlageter said the company is working with more than 40 Palisades customers.
But many owners are selling instead. Investors bought about 40% of the vacant lots sold in the Palisades, Altadena and Malibu in the third quarter of last year, according to Redfin, which counted buyers with names containing terms such as LLC or Inc. Altadena Not for Sale, a community group, put the investor share of Altadena lot purchases at about 60%.
Burton said studies of past disasters, including the 2018 Camp Fire in Paradise, show that more than a quarter of owners never rebuild, and he expects a similar outcome in Altadena.
Branden Williams, president of West Hollywood-based brokerage The Beverly Hills Estates, said his firm has sold “a lot of lots.” “People have made money, and people have lost money,” he said.
Speculation reigns
As investors are sharpening their pencils to build higher and denser housing on those lots, some are trying to stop them. Gov. Gavin Newsom signed SB 1090 in September, which puts a three-year pause on high-density development proposed after Oct. 1 in Altadena.
That triggered lawsuits against the county from developer Kensington Homes and other builders over rejected applications in recent weeks.
Commercial builders, for their part, are running on a faster schedule. Developer Rick Caruso reopened Palisades Village on Aug. 15 after a $100 million restoration.
The buzzing boutique shopping plaza is an island of normality before Sunset Boulevard gives way to rows of untouched demolished lots.
Now, the recovery has also become a campaign issue. City Councilmember Nithya Raman, who’s challenging Mayor Karen Bass in a runoff this week, accused Bass in debates of failing to appoint someone to oversee reconstruction. The mayor blamed insurers and lenders for the slow pace. And on Monday, Bass won an unlikely endorsement from her former rival in the 2022 mayoral election – Caruso – who said in an ABC7 interview that Bass, “has worked hard to learn from the mistakes of the past.”
Q&A: Sean Burton,
Cityview
Sean Burton watched the dark plume rise over the Palisades from his office window on Jan. 7, 2025.
The 55-year-old chief executive and investment officer of Century City-based multifamily developer Cityview, whose brother served as a Los Angeles Fire Department firefighter for 37 years, recognized the ominous smoke column as a fire burning out of control. That night, he evacuated his home in the hills above UCLA.
The following week, when the flames had died down, Mayor Karen Bass called Burton for advice. He convened former U.S. Department of Housing and Urban Development secretaries and Federal Emergency Management Agency officials to sketch a recovery playbook for her office.
Then he turned to his own firm. Cityview, which Burton has led since 2010, built its business on infill multifamily housing financed by public pension funds, insurance companies and other institutional investors.
After the Palisades and Eaton fires, the company launched Pasadena-based Genesis Builders, a venture that rebuilds single-family homes in Altadena from a catalog of county-preapproved plans. Genesis guarantees a fixed price, a one-year construction schedule and 10-year warranty. Burton said the venture is rebuilding for more than 40 Altadena families and will deliver its first home in November.
Burton spoke with the Business Journal about Genesis, the pace of Altadena’s recovery and a local capital market he called “worse for real estate than the great financial crisis.” His answers have been edited for length and clarity.
You became president of Cityview in the middle of the financial crisis. What was that like?
We started Cityview in 2003 to take institutional capital and build infill housing for a generation we thought would want to live near jobs, transit and culture. We called it a double bottom line: doing good for investors and for communities. When the financial crisis hit, the president left, and the partners asked me to step in. I like to say it was like being promoted to captain of the Titanic after it hit the iceberg. We pivoted to multifamily and vertically integrated, building our own development, construction management and property management teams. We had 10 or 12 people then. Now we have close to 200.
Where were you when the Palisades Fire started?
Right here. I can see the Palisades from my office. My brother was an LAFD firefighter for 37 years, and the Palisades was his last station, so I grew up paying attention to smoke. When it’s black, it’s actively burning. I said, “That’s no small fire.” I live in the hills above UCLA, and we evacuated twice. I backed the SUV into the garage, loaded it and got the call in the middle of the night. We were in a hotel in Westwood for three or four days. The fire never jumped the 405, but we know probably 50 families who lost their homes.
How did you get involved in the recovery?
That Saturday night, the mayor called and asked for advice. I told her to talk to people who’d done this before, people from FEMA or HUD who dealt with Sandy or Katrina, because there’s a playbook. She asked me to help put something together. The next week, we brought in two former HUD secretaries and a number of FEMA people for three hours, and the mayor’s office went and implemented a bunch of things.
Why did Cityview focus on Altadena?
We’re the largest multifamily builder here, but there’s not a lot of multifamily that needs to be rebuilt. We decided the people in Altadena needed the most support, and we had built for-sale homes in our early years. About 6,700 structures burned there, and about two-thirds were between 1,200 and 2,200 square feet. So we designed four architectural styles and six floor plans in that range, consistent with Altadena’s architecture, and got them preapproved by the county, which saves months. Then we can build five or 10 at a time and buy appliances and paint in bulk. We figured we could come in 15-20% below a one-off home.
What did residents say they needed?
They were worried about cost overruns, delivery time and quality. So the day we sign the contract and start building, we guarantee the price. If there are overruns, whether it’s tariffs or anything else, we eat it. We deliver within a year of starting construction, and if we don’t, we pay damages every day. We give a 10-year warranty, and we go a level above what the fire code requires.
What does a home cost?
About $700,000 to $1 million, depending on how big people go. More than 70% of our customers want an ADU, so we offer a 600-square-foot unit, a 1,200-square-foot two-story unit or one over a garage. A lot of older residents want an attached garage, so we added that, too. We’re up to 28 approved plans.
How many homes are you building?
Over 40, which makes us the largest builder in Altadena. Most people are doing one-offs with an architect. We started our first home in February and we’ll deliver it in November, and then we’ll deliver homes every week.
What has been hardest?
Building trust. Altadena was very concerned about people coming in and taking advantage.
And people would look at our homes, then go to a rebuilding fair where an architect said, “I’ll design the home of your dreams.” They’d pay $30,000 and months later the builder would say it’s $1.5 million. But they only have $800,000 in proceeds. So then they come back to us.
How would you describe the pace of the recovery?
It’s slower than I thought we’d be almost two years after. There are maybe a few hundred homes under construction out of 6,000. There may have been a couple thousand permits pulled, but you can pull a permit without financing. A lot isn’t settled: the lawsuit against the utility, the settlement, insurance. Financing is the number one issue we help clients solve.
A lot of people were underinsured because the home had been in the family for generations, and costs have gone up. As that becomes clearer over the next few months, I think you’ll see a wave of building.
How many owners do you expect to sell instead?
Early on, there was a lot of fear about that.
Now people who’ve relocated are saying, “Don’t get on my case because I want to sell.”
Cityview doesn’t buy lots; we only work with existing homeowners. We studied other fires, like Paradise, and generally 25% to 30% of people never rebuild. My guess is Altadena will be around the same.
How are capital markets affecting Cityview’s housing pipeline more broadly?
For real estate, this period is worse than the financial crisis. Back then, rates were cut, so you could work your way through things. Now the 10-year Treasury is the highest it’s been in a quarter century. About 80% of what we do today is buying existing buildings and putting capital in. Ground-up development is maybe 20%, and we pick our spots. We have a project in Westchester that took four years and 40 community meetings to entitle. It will have more than 70 affordable units with no government subsidy and about 430 market-rate units.
What would you most like to see from city leaders?
Serious reform of Measure ULA. It’s causing L.A. to dramatically lag its peers in new housing, and it’s costing the city and the school district revenue. Most affordable housing here comes in projects like ours, where 10-20% of units are affordable and the city pays nothing. You need an exemption for new development in the 15-year range, and the tax is too high on all multifamily. This isn’t just a housing issue. The number one reason employers say they don’t come here, or leave, is that their employees can’t find housing.
Q&A: Steve Schlageter,
Thomas James Homes
Private equity-backed homebuilder Thomas James Homes had an architectural footprint across the Pacific Palisades before the neighborhood went up in flames in January 2025.
About 50 homes built over the decades by TJH were lost in the firestorm, Chief Executive Steve Schlageter said. And now the company is busy restoring its legacy. TJH has deals underway with about 40 former Palisades homeowners looking to rebuild, including some repeat customers, according to Schlageter.
He had barely landed in Southern California to join the Aliso Viejo-based company as chief operating officer at the end of 2024 when the terrifying weeklong Santa Ana windstorm struck the region. But Schlageter is a steady hand at the wheel after 20 years working up the ladder to become northeast president at tract-home giant Pulte Group. In April, TJH announced Schlageter would succeed Jamie Mead as chief executive. The luxury single-lot builder has a customer base across tony areas of Los Angeles, the Bay Area, Seattle and Phoenix. It’s owned by funds managed by Downtown-based Oaktree Capital Management, TJH revealed in its 2021 bid to go public. The firm withdrew its IPO offering the following year, according to public filings. It remains under private equity control and recently secured a $400 million debt facility from private lender Encino-based Ascent Developer Solutions to expand its construction business across West Coast infill markets.
TJH’s 915 N. Kagawa St. was the first ground-up home rebuild in the Palisades to receive a certificate of occupancy last November, the city’s building department announced. The company had purchased the lot for $3.4 million from a family trust in November 2024 and filed for permits to demolish before the fire, according to property and building records.
He spoke with the Business Journal about rebuilding after his move to L.A. at a fateful moment and the future of TJH. His answers have been edited for length and clarity.
You previously spent about 20 years at Pulte. How did you get into homebuilding?
Out of school, I spent about 10 years at Accenture doing process and strategy work. Then Pulte called, looking for people with outside experience to learn homebuilding. I ran our Raleigh market for about seven years, put together our office of corporate strategy and operations and ran our East Coast operations, from the Carolinas up through Boston. At one point, sales, procurement, construction and customer service reported up to me nationally.
What did you bring from a large-scale production builder to Thomas James?
The focus on the customer. Production builders can guarantee price and timing because they build the same house over and over. Infill builders typically haven’t. Someone offers to pay, say, $700 or $1,000 a square foot and says, “Let’s design a home.” The customer signs a contract without really knowing what the end product will be. Nobody wants cost overruns, change orders and delays, whether it’s an entry-level home or an $8 million home. But at the high end, nobody is building with a manufacturing mindset. That service is what we bring, plus a guaranteed price and a guaranteed schedule at the time of contract.
Where were you when the Palisades Fire started?
Our office is in Aliso Viejo, but I happened to be visiting our L.A. operations. It was windy, and I saw a plume of smoke at the top of the hill. I asked, “How do the fires work here? That doesn’t look great.” They said, “Yeah, that’s probably not good.” Two hours later, the entire hillside was ablaze. It was a blowtorch on the houses.
How did Thomas James respond?
We’d built about 50 homes in the Palisades over the past decade, so we had a lot of relationships there. A couple of weeks after the fire, we got everyone who had bought a home from us together and told them we were committed to rebuilding. We also told them the company had changed. We’ve moved to a standardized set of plans that people can personalize, so we may not be able to build their exact house.
About two weeks later, we held a broader town hall. We take care of everything from clearing the lot through design and closing, and that resonated, especially early, when there was so much going on.
Tell me about the showcase home on Kagawa Street.
We turned the first rebuilt home in the Palisades into a showcase so people would have a physical home to visit. It was the first home to receive a certificate of occupancy after the fires. It’s a two-story home from our catalog with a pool in back. Like all our Palisades homes, it’s fire hardened. If there’s a fire, sprinklers pop out of the eaves and the roof to keep the home wet and put retardant on it.
Where does your Palisades work stand?
We’re working with over 40 customers. Some have moved into finished homes, some are under construction and some are early, picking out finishes. With a custom builder, people go in hoping it hits budget and schedule. With us, they know.
How would you grade the city on permitting review time?
I think the city has done a really nice job. We’re getting permits in a little less than two months from submittal, and pretty dependably. Before the fire, it was six or seven months, and in most of the rest of L.A., it still is.
How does your business vary across customers and local planning departments in L.A., San Francisco, Seattle and Phoenix?
Arizona is almost entirely single-story homes on big lots. L.A., Seattle and San Francisco have traditional grid patterns, so we build two stories on regular lots. Beyond that, getting through planning, approvals and inspections varies more neighborhood to neighborhood than metro to metro. Each has its own planning department and utility crews.
Nationally, we’re moving toward a buyer’s market, particularly at the entry level, as demand tightens with interest rates. Over half our buyers pay cash, so they’re less sensitive to rates, though they are sensitive to wars and inflation. And it’s very market-specific. San Francisco is still very much a seller’s market. Seattle is more of a buyer’s market.
What role can single-lot homebuilders play in addressing the housing shortage?
Some locations lend themselves to density, around train stations, for example. But there’s a place for single-family neighborhoods. ADUs let you add housing without changing the look and feel of a neighborhood or building a three-story apartment complex in the middle of Santa Monica. I can confidently say more than half of what we build, particularly in L.A., includes ADUs. Some owners rent them out. More often, it’s for an aging parent, a widowed mom who wants her own kitchen and bedroom close by, or kids back from college who can’t afford an apartment. That takes strain off apartments, dorms and senior housing.
Describe the growth you plan to help Thomas James accomplish over the next few years.
We have a lot of room to grow in our current markets, and over the next five to 10 years, I’d expect us to be in multiple new markets. We’ve solved this business model, and I believe it works in any major metro. On the consumer side, we’re seeing a switch toward multigenerational and outdoor living with outdoor kitchens and fireplaces that expand a home’s livability without expanding its footprint.
Q&A: Branden & Rayni Williams,
The Beverly Hills Estates
When developer Rick Caruso vowed to reopen Palisades Village after the fire, Rayni Williams and Branden Williams went looking for office space nearby.
The co-founders of The Beverly Hills Estates launched The Palisades Estates last fall, led by Jacqueline Chernov, a Palisades agent who lost two homes in the blaze. A Malibu division followed in April, which will open its office in Point Dume within a few weeks, Rayni said.
Rayni and Branden saw the January 2025 disaster up close. Branden stayed up all night defending his home on La Costa Beach in Malibu, which survived. And Rayni turned the brokerage’s West Hollywood office into a relief hub for displaced families.
The pair left luxury brokerage Hilton & Hyland to launch The Beverly Hills Estates in 2020. The West Hollywood-based firm has more than 120 agents and generated $1.6 billion in sales volume across 131 properties sold last year, the Business Journal previously reported.
They spoke with the Business Journal about the fire, a slow market and their expansion west.
Their answers have been edited for length and clarity.
What have been the highlights of the past year?
Branden: Our company’s growing. We just signed Tomer Fridman and Jack Harris and Michael Fahimian, a young team whose careers we helped guide. We sold a Cliffside Drive home in Malibu for about $50 million.
The market’s spotty. If something is priced right, it will sell. If not, it’s going to have a really hard time. I always say there are three markets: a buyer’s market, a seller’s market and a salesperson’s market. Right now, it’s a salesperson’s market.
What do you mean by a salesperson’s market?
Branden: Buyers think they know everything. They have Zillow and Redfin, where back in the day you had to rely on the realtor. So we teach our agents to know more than anybody, especially their clients. Most clients don’t know what they want. They’ll say they want a modern home, and then I show them a beautiful traditional home, and they say, “You’re so right.” The best deals are often listings that sat, got stale and were overpriced. We know something priced at $25 million will probably sell for $15 million to $17 million, and buyers in that range don’t have it on their radar. You have to present the deal and say, “This is the best deal in town, and you’d better jump on it, because somebody else will.”
How did your time at Hilton & Hyland shape the firm?
Rayni: It was an amazing firm, but we felt a disconnect from human interaction. You went to your office, there was a hierarchy and there was zero training. We were students for a long time, taking notes on everything that was broken. So we attached a social club to the brokerage, where agents can meet landscape architects, interior designers, contractors and journalists. We say it’s where culture and creativity collaborate.
It isn’t the most lucrative model. For our first three years, it wasn’t about profit. It was about building a brand and equipping our agents. In a market like this, consumer confidence is down, and you have to create the market.
Where were you when the Palisades Fire started?
Branden: I had a 10 a.m. showing on Blue Jay Way (in the Hollywood Hills), and I watched a tiny fire in the Palisades grow in the wind. That night, a friend called and said, “If you want to save your house, you’d better get here in the next hour or two.” I’d had a premonition a month before and bought a bunch of fire equipment. PCH was blocked, so I took two of the younger guys who work for us through the back side of the mountains. We were literally driving through fire. It reached my house about an hour and a half later, and we fought it into the next day. Fifty-seven houses on my block burned, and I stopped it at my house. When I drove back through PCH and the Palisades in the morning, it looked like a nuclear bomb went off.
Rayni: We shut down our parking lot and set up a line where displaced families could get clothes and supplies. We don’t specialize in leasing, but I told my staff to shut everything down and lease. At one point, we had a spreadsheet of about 32 families who needed leases. Sales were at a halt anyway. We held on to most of our escrows, but a Malibu deal in escrow for over $50 million backed out on day three of the fire. The buyer decided to donate to fire victims instead. The silver lining was that our community came together on an epic level.
What has the fire meant for the market?
Branden: As bad as it was, I knew things were going to have to sell. There would be more building and things would get a lot more expensive. If my house had burned, the new rules on the beach would require a new septic system, a seawall and caissons. On a 40-foot lot, you’d spend $2 million to $3 million before you even got to your foundation. We’ve sold a lot of lots. People have made money, and people have lost money. It’s crazy to me that the city still hasn’t done anything about Measure ULA for people who have to sell at a loss.
Why open an office in the Palisades?
Rayni: When Rick Caruso said he was reopening Palisades Village come hell or high water, we rode off that. We found a space with a lot of signage, where you can feel the love. It’s Palisades strong. It’s run by Jacqueline Chernov, one of the biggest agents in the Palisades, who joined us after the fires. She was displaced from two homes and wanted to switch it up, and we promised her a satellite office. We just had a $30 million sale go through there, and the office has already profited well over a few hundred thousand dollars. In a couple of weeks, we’re opening our Malibu office in Point Dume.
Q&A: Trent Klatte,
West End Construction
Trent Klatte launched Culver City-based general contractor West End Construction in 2024, just months before the Eaton and Palisades fires. The Redondo Beach native previously studied real estate development at USC, worked for multifamily developers in Los Angeles and ran capital improvement projects across the country for national apartment owner JRK Property Holdings.
West End builds small-lot infill projects for homeowners and investors. It also has a growing accessory dwelling unit business, thanks to the state law that went into effect last year which allows multifamily properties to add up to eight ADUs.
In Altadena, the firm is working with architect Andrew Slocum to rebuild four homes.
Klatte spoke with the Business Journal about rebuilds, why his firm passed on the Palisades and the laws reshaping small-scale development. His answers have been edited for length and clarity.
How did you get into construction?
I was born and raised in Redondo Beach and went to USC, where I majored in real estate development. After I graduated about seven years ago, I worked for multifamily developers building product all over L.A. Then I went into private equity with a large multifamily owner-operator and traveled the country.
Ultimately, I decided to come back and focus on development and construction in L.A., and that’s when I founded West End. I had a lot of connections, so we hit the ground running.
What made you strike out on your own?
At JRK, which has about 25,000 units across the U.S., I was running very large capex projects in different states. The contractors we hired were OK, but there was always something more they could have done, whether better service or pushing the projects harder. That seemed to be a gap nationwide. I thought I could bridge it with my knowledge of development and construction and offer white-glove service from A to Z, especially to investors who have the land but don’t know the process to get permits, build and then stabilize or sell.
What are you building now?
We have a few verticals. One is ADUs for investors, whether that’s one, two, four or eight on a property. Then there are Altadena fire rebuilds. And there’s urban infill. On one project, we’re converting a single-family house into a duplex and adding two units in front to get to four. On another, we’re tearing down a single-family house and using state law to build an eight-unit subdivision.
How are new ADU laws like SB 1211 and AB 1033 impacting you?
SB 1211 allows up to eight detached ADUs on an existing multifamily property, one for one, so if you have four units, you can add four.
Investors can essentially double their density, and those projects pencil really well. AB 1033 lets you sell ADUs as condos. It’s essentially condo development via ADU, and it should be extremely profitable where for-sale prices per square foot are high, like Venice, Silver Lake, Echo Park and Brentwood. Real estate relies on imperfect information. When new laws pass every year, both sides of a deal don’t always know what’s possible on a property. If you know what’s coming, there are opportunities for more profitable deals.
Where were you when the Jan. 7, 2025, fires started?
I was in the Bird Streets, where we had a project underway. You can’t see the Palisades from there, but you could see its smoke drifting toward the ocean and the smoke from Altadena pushing south-southwest, like two converging clouds coming across the L.A. Basin. I live in Beverly Hills, so I was safe. My brother’s wife’s family had to evacuate their house in the Palisades, but it didn’t burn.
How did you get involved in rebuilding homes in Altadena?
We quickly realized what the fires were going to mean for construction in L.A. But it took a while for permits to get processed and for people to get insurance money, which is still a nightmare. It took a good 12 to 14 months for our first rebuild to break ground.
Why focus on Altadena instead of the Palisades?
Generally, Palisades homeowners weren’t in as much of a rush, and they weren’t planning like-for-like. If they had a 3,000-square-foot house, they wanted 5,000 square feet, with a longer, more design-focused process and more overhead. That’s not the right fit for us right now. In Altadena, a house may be someone’s entire life savings. They don’t have a second home or extra money to live somewhere else, so getting back in is urgent.
How are your clients paying for their rebuilds?
So far, none have taken out loans. Insurance has covered 100% of the rebuilds, but getting there has been a process. Our bids are far more detailed than usual. Sometimes insurers want to know how much drywall is going in each bedroom. In the most challenging cases, the money goes into an escrow account and gets released after a bank inspector comes out. Other times, they release money up front.
Are your customers building back what they had previously?
Our clients are building like-for-like in square footage, which lets you go up or down 10%, and most people go up 10%. Some want to recreate something they were attached to, like a fireplace mantel. But a lot of these houses were 50 or 60 years old, so the finishes are more modern.
What’s holding other homeowners back?
Insurance. We gave one prospective client an estimate for her insurance company at the end of July. As of a couple of weeks ago, her adjuster still hadn’t said whether it was approved. She can’t plan without a budget because she doesn’t know how big a house she can build. The city and county, on the other hand, have both moved fast on permits.
Where does Altadena’s recovery stand?
It’s very segmented. You see full blocks of houses being completed, then other blocks where nothing is under construction yet. We have four rebuilds going. The furthest along starts drywall next week. We work with an architect, Andrew Slocum, who is doing many homes in Altadena, so homeowners deal with one team all the way through instead of going from an architect to finding a general contractor.
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