A wave of “Altadena Not for Sale” signs dot the yards of fire-scarred properties as a plea to preserve the communities that have been lost in January’s Eaton fire. Behind the signs, a different reality is unfolding — Altadena is for sale, and developers are lining up to buy in, the “Los Angeles Times” reported Thursday.
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A wave of “Altadena Not for Sale” signs dot the yards of fire-scarred properties as a plea to preserve the communities that have been lost in January’s Eaton fire. Behind the signs, a different reality is unfolding — Altadena is for sale, and developers are lining up to buy in, the Los Angeles Times reported Thursday.
So far, around 145 properties have been sold, 100 are currently listed and dozens are in escrow. By comparison, the Palisades, another fire-affected area, has seen fewer than 60 sales, with about 180 lots still lingering on the market.
Real estate records show that developers are behind many of the Altadena purchases, with firms Black Lion Properties, Iron Rings Altadena and Sheng Feng acquiring multiple lots. Roughly half of the lots have gone to individual buyers, while the other half were purchased in bulk by these development firms.
Six thousand homes were destroyed in the Eaton fire, leaving a long road to recovery, but sales activity has picked up each month. Homes are selling faster, too.
In the first four months of the year, the median Altadena lot spent just 19 days on the market, compared to 35 days during the same period last year, a report from Redfin shows. Prices range widely, from $330,000 to $1.86 million, with most selling between $500,000 and $700,000. Most buyers are now paying close to asking price.
For many longtime residents, the emotional toll is deep. “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,” one resident, who asked to remain anonymous, told the LA Times. “But it’s just not realistic.”
Many families are still tangled in insurance claims or simply lack the time and resources to start over. However, help may soon be on the way.
On June 12, the state will launch the CalAssist Mortgage Fund, which will provide up to $20,000 in grants to homeowners whose homes were destroyed or left uninhabitable by recent disasters, including the wildfires, California Gov. Gavin Newsom announced on Thursday.
“We know that recovery takes time, and the state is here to support,” Newsom said. “California is extending this ongoing support to disaster victims in Los Angeles and beyond, by assisting with mortgage payments to relieve financial pressure and stress as families rebuild and recover.”
Some displaced residents aren’t waiting. According to real estate agent Chelby Crawford, 10 percent of buyers at her open houses are Eaton fire victims looking to relocate.
“Pasadena and La Cañada Flintridge are benefiting the most,” she said. “Fire victims are just excited to find their next home. It’s selling season.”
Still, some are fearful of the rapid pace of redevelopment. Altadena is known for its century-old Craftsmans, Colonial Revivals and English Tudors. Residents fear new builds and gentrification will erase the town’s charm.
Others argue that development may be the only way forward. Brock Harris, a real estate agent who sold several burned lots, said it’s mostly small developers scooping up properties. These developers typically handle five to 10 builds a year.
“If Altadena is going to come back, we need way more developers coming in to help out,” Harris told the LA Times. “Otherwise, a decade from now, it’ll look desolate and unwelcoming with one house for every five lots.”
Email Richelle Hammiel
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