After the devastating Eaton fire in January, Altadena, is seeing a surge in real estate activity as developers purchase burned lots. The fire destroyed around 6,000 homes, and now, approximately 145 lots have sold, with 100 more listed and dozens in escrow. Many buyers are developers, often hidden behind trusts or limited liability companies, according to the Los Angeles Times.
The Altadena market is moving faster than nearby areas like the Palisades, where fewer lots have sold. The median time for a property to sell in Altadena has decreased from 35 days last year to 19 days this year, as reported by Redfin. Prices for lots range from $330,000 to $1.865 million, with most selling between $500,000 and $700,000.
Despite the rapid sales, some locals express concern over potential gentrification and the loss of Altadena’s unique charm. Nonprofits are attempting to buy lots to sell them below market value to displaced residents. However, real estate agent Brock Harris argues that developers are essential for rebuilding, as the process is complex and costly for individuals. He believes professionals are better equipped to handle the bureaucratic challenges of rebuilding in Los Angeles.
The community remains divided on the issue. While some fear the loss of Altadena’s character, others see developers as necessary for the area’s recovery. The debate continues as more lots hit the market and the rebuilding process begins.
Recent Comments