HousingWireHousingWire
The first Altadena property destroyed by the Eaton Fire in January has officially sold, just days after hitting the market. A Palisades lot also sold.
The LA-area wildfires, which destroyed over 16,000 structures, left homeowners with daunting expenses and the choice to either rebuild with insurance money — which could fall far short of what it costs to rebuild — or sell. But what would the burned-up properties sell for?
CBS News reported that Brock Harris, the agent who listed the Altadena home, had over 100 interested buyers, due to the lot being flat. The Calaveras Street property, which was still full of ash and debris at the time of listing, was listed for $449,000 last week. It sold in just a few days for well over the asking price at $550,000, Harris told several news outlets.
Meanwhile, Realtor.com reported last week that a scorched Palisades lot sold for “well over” $1 million after being listed for $999,000 on Jan. 16. The lot, which was over 9,000 square feet, once held a four-bedroom, three-bathroom home destroyed in the fires. Realtor.com reported that the buyer is a local investor.
The sales come among neighborhood concerns about the rebuilding of Altadena and other Southern California areas. “Altadena is not for sale” has become a rallying cry throughout neighborhoods, the Los Angeles Times reported. Communities have also held rallies to encourage their neighbors not to sell to developers.
In a written statement to ABC7 Los Angeles, the group Altadena Not For Sale said that Realtors, developers and contractors “need to act scrupulously and work with clients to come up with other potential solutions. They should be mindful of not inducing panic selling or capitalizing on Altadena’s trauma and vulnerability.”
Homes.com found that the Eaton fire destroyed about 5,560 homes located in seven neighborhoods, with an estimated value of $7.8 billion. The Palisades fire destroyed approximately 5,480 homes across 11 neighborhoods, with an estimated value of $22 billion. The real estate technology company estimated that neighborhoods in Altadena alone lost more than $7.5 billion in value.
