For those who are not familiar with the Pacific Palisades, it is “THEE” place to be, or was. But we remind you that the average house price was $3 LARGE, that is right, $3,300,000. The avererage listing price was over $5 million. Many of the folks who lived there did not have fire insurance. From what we gather, the cost of insuring a home in the Palisades was in the neighborhood of $20,000 per year. Many owner’s of condominiums are suffering a dual fate, their fire insurance policies only covered half of what the condominium was worth before the fire. So the question arises, who is going to be holding the short end of the stick. Is it the homeowner of a $5 million house or the “tax to death” taxpayer.
