From ashes to assets: Who's snapping up California's fire-damaged land?

"The buyer pool of burned lots in Southern California's rebuild is rapidly growing. Last week saw a diverse group of investors, including traditional developers, toymakers and even a California Lottery winner. What's at stake is laying claim to part of a historic, multi-community rebuild. So far, over $84 million has been pumped into Altadena, Malibu and the Palisades by investors, based on a comb through property and state records."

"Unlike Altadena and Malibu, the Palisades has yet to see a similar level of multi-lot purchasing. Palisades veteran Anthony Marguleas of Amalfi Estates last reported that multi-lot sales from syndicates are so far rare, with only one entity nabbing three lots, according to the broker's July market report. Additional numbers may help make that picture clearer, with Marguleas finding Altadena lots are trading 2 percent over their asking price in contrast with 9 percent below list in the Palisades."

"From a dollar standpoint, New Zealand serial entrepreneurs Nick and Mat Mowbray have so far invested the most in land. It's not easy to figure out why. The brothers, who made their fortune off toys and then consumer products, have focused on oceanfront parcels dotting Pacific Coast Highway. The buys range from $5 million, which was five out of the nine deals, up to $13.8 million for a nearly 15,000-square-foot lot at 21348 Pacific Coast Highway on La Costa Beach."

Investor activity in Southern California's post-fire rebuild has accelerated, with over $84 million invested in Altadena, Malibu and the Palisades. Buyers include traditional developers, toy entrepreneurs and a California Lottery winner targeting historic, multi-community reconstruction. Altadena shows stronger multi-lot demand and prices—lots trading about 2 percent over asking and averaging $643,423 for 9,965-square-foot parcels—while the Palisades trails, with lots averaging $2.3 million for 8,255-square-foot parcels and sales around 9 percent below list. Malibu accounts for nine deals totaling $65 million, led by Nick and Mat Mowbray's oceanfront acquisitions through entities tied to Zuru Tech US.

Read at therealdeal.com