Rebecca Picciotto, writing for the Wall Street Journal on March 3, highlighted real estate activity in the communities ravaged by the recent fires. Here are some highlights:
- More than 80 new listings of scorched plots in Pacific Palisades and Altadena have hit the market since the middle of February.
- Land parcels where homes once stood are commanding selling prices above early expectations.
- The early sales, while a small portion of the thousands of burned homes, are the first signs of residents making permanent decisions to leave, a sensitive issue for both neighborhoods.
- The parcels are mostly being sold to small and mid-size real estate investors and developers who are likely to either flip the vacant lots or build single-family homes to sell later.
- In Altadena, the first four lot sales closed at an average of $69 a square foot, well above the $22 average from 2023-2024. A recent parcel sale is closing at $99 a square foot.
- In Pacific Palisades, lots in escrow appear to have appreciated by more than 10% since the fires. One lot sale had 60 inquiries within 8 days of the home burning down. An investor paid $1.2 million, topping the asking price of $999,000.
- In Altadena, realtors see mom and pop builders looking at the land as an opportunity to grow their business.
I can't list your home for sale or find vacant land for you to buy, but I can give you pricing options if you want to sell your note. You can reach me directly at [email protected].