Following the devastating Eaton fire that destroyed homes in Los Angeles County, real estate trends in Altadena and Pacific Palisades show increasing numbers of vacant lots for sale. Property owners are opting to sell rather than rebuild, citing concerns over cost and the stress of construction. With a current listing of 49 burned lots in Pacific Palisades and 32 in Altadena, developers are seizing these opportunities. However, the influx of developers raises issues related to gentrification, prompting fears among longtime homeowners regarding fair pricing.
"Building a house is one of the most complex and highly regulated activities you possibly can engage in," said Brock Harris, a Keller Williams real estate agent who had the first burned lot listing in Altadena, which sold to a builder.
Real estate agents said their clients who chose to sell, or are debating it, are doing so for a variety of reasons. Some doubt they have the money to rebuild.
The developer influx could help communities build back quicker. But it's also raising fears about gentrification and whether longtime owners are getting a fair price.
In Altadena, property owners are increasingly selling burnt lots post-fire due to the costly rebuilding process and uncertainty.
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