[ad_1]
The devastating Eton fire that tore Altadena in January sparked hundreds of signs in the yards of the burnt-out house that turned into ashes: “Altadena is not on sale.”
The slogan implied resistance to outside investors who were aiming to buy a large number of sudden buildable lots. But as the summer real estate market begins gearing, the Altadena appears to be on sale as well as jumping out of the shelf.
Approximately 145 burnt lots have been sold so far, with about 100 currently listed, and dozens more on escrow. While the identities of all buyers are not clear as many are obscure by trusts and limited liability companies, real estate records and local sources suggest that the developer is buying a share of Lion in the lot.
It’s selling less than 60 lots from the fire, with around 180 people sitting in the market, and it’s far better than the Palisade market, which has been sold for several months.
Victor Becerra will investigate his property Wednesday, next to a recently sold property on Wapello Street. Becerra said she was rebuilt and that her neighbours are eager to “bloom again.”
(Robert Gautier/Los Angeles Times)
The roughly 250 lots sold and listed so far in Altadena represent only a small portion of the 6,000 homes lost at Etonfire, but the market will probably be even hotter. With listings and sales increasing every month, local real estate agents say the only thing that will hinder more sales is the slow process of navigating insurance claims and wrapping your head around the reality of reconstruction.
“In a perfect world, my neighbor and I will rebuild everything. And five years from now, Altadena will look the same as before the fire,” said a resident who asked to speak anonymously for fear of judgment from community members and urged them not to sell anonymously. “But that’s not realistic.”
She listed lots in May and made only a handful of offers within a few days. She was to sell to the highest bidder, a medium-sized developer who purchased several other properties at Altadena.
“I’ve always loved Altadena, but I don’t have the resources to rebuild, which could take 50 years,” she said. Fire victims said they were hesitant to reluctantly return to their neighborhoods over fears that government officials would not quickly track new developments.
Despite the many surges that hit the market, demand remains stable and many demand is selling rapidly. According to Redfin, during the first four months of Altadena, the median property for Altadena spent 19 days compared to 35 days on the same stretch last year.
The lot sells for just $330,000, for as much as $18.65 million, most sell between $500,000 and $700,000. The first lot that hit the market, listed at $449,000, was sold for $100,000 above the asking price on all cash transactions, but since then there has been an influx of stock, buyers usually pay just the full asking price, not more.
“I thought everyone in Altadena would rebuild, but depending on your situation, it doesn’t make sense,” said Ann Marie Ahern, a resident of Altadena and a real estate agent. “We wanted to keep things local, but unfortunately, the Altadena is for sale.”
Ahern currently has a list on Rubio Crest Avenue for $735,000. She said that the majority of interest comes from a single developer looking for one or two projects, or from a large developer who wants to buy as many lots as possible.
“One agent called me and said there was someone trying to buy 100 lots,” she said.
Many properties destroyed by Eton Fire are for sale, but some evacuated residents declare that the home is not the case.
(Robert Gautier/Los Angeles Times)
Of the previous sales, about half of the burned property is sold to buyers who only bought one, while half is sold to buyers who buy multiple lots, such as Black Lion Properties, Iron Ring Altadena, Ocean Dev Inc., NP Altadena, Shenfeng and more.
Ahearn said the shopping sparee is causing deep concern among locals that the new build doesn’t match the appeal and quirks of Altadena. Additionally, new developments can bring gentrification. That’s why some nonprofits are trying to buy lots for displaced people to fall below market value.
Collective fear? The death of the Altadena ego as the community disappears into the vast ambiguity of the suburbs. A potential perpetrator? Developer.
However, some say the developer’s slander is misguided.
“The big danger Altadena faces isn’t gentrification, it means it’s not built at all,” said Brock Harris, a real estate agent who sold six dozen burnt lots to the developers.
Harris said that most developers are buying lots isn’t a huge company trying to turn Altadena into a street home community. Rather, they are small developers who can employ 5-10 projects a year.
“If Altadena is coming back, we need more developers to come to help,” he said. “If not, ten years from now, it will be desolate in one house per five lots and look unwelcome.”
He said restructuring is a complicated process for the average citizen and anyone considering the route needs to be prepared to scream at the inspector and be devoured by the contractor.
“Experts will be something that will rebuild the city,” he said.
He is not surprised by the booming speculative market. Flat, construction lots are rare opportunities amid a housing crisis, as housing prices rise and empty land is a lack of space.
Harris hopes that the new Altadena build will match some degree of burnt-out. One developer client previously told him he plans to replicate any style. If Tudor burns out, build a Tudor. If the craftsman burns out, he makes a craftsman.
Locals say replicating brings pros and cons. One drawback is that no matter which style developer chooses, it cannot copy the level of craftsmanship from a century ago. Because it is an expensive process to build a home in the modern market and because developers need to make money. However, modern building standards are far more fire resistant and can protect your neighborhood from future fires.
Initially, some speculators were concerned that home buyers would be hesitant to buy in areas where they were recently burned. But in states suffering from earthquakes, landslides and sea rises, Californians have consistently shown that they are living and purchasing in disaster-prone areas. When pouring offers into lots of burn zones, it is clear that the fire is not reducing demand for Altadena’s real estate, due to the excessive lead levels seen in surviving homes.
The same can be said about the surrounding Foothill communities, such as Lacanada Flintridge and Sierra Madre. Months after the Eton Fire, both markets have skyrocketed.
To the west, the La Canarda Flintridge and Lacresen Camontrose areas saw 92 home sales in the first five months of the year, compared to 70 during the same stretch last year. In the eastern part of Sierra Madre, 40 homes were sold in the first five months of the year, compared to 28 people in 2024.
Real estate agent Chelby Crawford said fire victims shopping for their new homes are in charge of part of the mini-boom. She said 10% of open house buyers are people who lost their homes at Eton Fire.
Crawford listed the house in the hilly area of La Canarda Flintridge in April and signed a contract a month later. In March she sold it to a fire victim who evacuated the highlands along Angel’s Crest Highway.
“Pasadena and LaCagnada Flintridge are profiting most,” she said. “Fire victims are excited to find their next home. It’s sales season.”
[ad_2]Source link
