Introduction to the Altadena Real Estate Market
In the wake of the devastating Eaton fire that tore through Altadena in January, hundreds of signs sprouted up in the ash-laden yards of burned-down homes: “Altadena Not for Sale.” The slogan signified a resistance toward outside investors looking to buy up the droves of suddenly buildable lots. But as the summer real estate market kicks into gear, not only is Altadena for sale — it seems to be flying off the shelves.
Current State of the Market
Roughly 145 burned lots have sold so far, around 100 are currently listed, and dozens more are in escrow. The identity of every single buyer isn’t clear, since many are obscured by trusts or limited liability companies, but real estate records and local sources suggest that developers are buying the lion’s share of lots. It’s far outpacing the Palisades market, where less than 60 lots have sold since the fire and roughly 180 are sitting on the market, sometimes for months.
Impact on the Community
Victor Becerra surveys his property on Wednesday, located next to a recently sold property on Wapello Street. Becerra is rebuilding and said he is anxious for the neighborhood to “bloom again.” (Robert Gauthier / Los Angeles Times) The roughly 250 lots sold and listed so far in Altadena represent only a small fraction of the 6,000 homes lost in the Eaton fire, but the market will probably get even hotter. Each month has seen an increase in listings and sales, and local real estate agents say the only thing keeping more from selling is the slow process of fire victims navigating insurance claims and wrapping their heads around the reality of rebuilding, which will probably take at least half a decade.
Concerns and Fears
“In a perfect world, my neighbors and I would all rebuild, and five years from now, Altadena would look the same as it did before the fire,” said one resident who asked to speak anonymously for fear of judgment from community members urging others not to sell. “But it’s just not realistic.” She listed the lot in May and had a handful of offers in days. She ended up selling to the highest bidder, a midsize developer that has purchased a few other properties in Altadena. While many properties destroyed by the Eaton fire are up for sale, some displaced residents proclaim their homes are not. (Robert Gauthier / Los Angeles Times)
Developer Involvement
Of the sales so far, around half of the burned properties have sold to buyers that have only purchased only one, while half have sold to buyers purchasing multiple lots including Black Lion Properties, Iron Rings Altadena, Ocean Dev Inc., NP Altadena and Sheng Feng. Ann Marie Ahern, an Altadena resident and real estate agent, currently has a listing on Rubio Crest Avenue for $735,000. She said most of the interest has come from either single developers looking for a project or two, or large developers hoping to buy as many lots as possible. “One agent called me and said he has someone looking to buy 100 lots,” she said.
The Role of Developers in Rebuilding
But some say the vilification of developers is misplaced. “The big danger facing Altadena isn’t gentrification. It’s that it won’t get built back at all,” said Brock Harris, a real estate agent who has sold half a dozen burned lots, including some to developers. Harris said most developers buying up lots aren’t huge companies looking to turn Altadena into a community of tract homes. Rather, it’s smaller developers capable of taking on 5 to 10 projects per year. “If Altadena is going to come back, we need way more developers coming in to help out,” he said. “Otherwise, a decade from now, it’ll look desolate and unwelcoming with one house for every five lots.”
Conclusion
The Altadena real estate market is experiencing a surge in sales and listings, with developers buying up lots at a rapid pace. While some community members are concerned about the potential for gentrification and the loss of the neighborhood’s charm, others see the involvement of developers as a necessary step in rebuilding the community. As the market continues to evolve, it remains to be seen what the future of Altadena will look like.
FAQs
Q: How many burned lots have sold in Altadena so far?
A: Roughly 145 burned lots have sold so far.
Q: Who is buying up the lots in Altadena?
A: Developers are buying the lion’s share of lots, with some purchasing multiple properties.
Q: What is the concern among community members?
A: Community members are concerned about the potential for gentrification and the loss of the neighborhood’s charm.
Q: What is the role of developers in rebuilding Altadena?
A: Developers are seen as necessary to help rebuild the community, with smaller developers taking on 5 to 10 projects per year.
Q: How long will it take to rebuild Altadena?
A: The rebuilding process will probably take at least half a decade.
