realestate

Altadena's First Fire-Damaged Home Sells for $550,000

Should fire victims rebuild, or sell the land?

A
s the Eaton Fire's aftermath lingers, a pressing question haunts many of its victims: rebuild or relocate? In Altadena, one charred lot has already found a new owner - and for a price that exceeded expectations. Realtor Brock Harris listed 95 West Calaveras Street at $450,000, but it sold for $550,000 amidst a flurry of offers.

    "We were inundated with calls, over 20 a day," Harris recalled. "A dozen offers poured in, driving the price well above asking." However, not everyone is convinced that selling fire-damaged properties is the best course of action. Groups like Altadena Not For Sale caution against hasty decisions, urging realtors and developers to prioritize their clients' needs over potential profits.

    In a statement, the group emphasized the importance of "scrupulous" behavior from industry professionals, warning against exploiting residents' vulnerability. Harris concurred, but noted that in this case, the owner was a landlord who opted out of rebuilding due to its complexities. He stressed that no one should feel pressured to sell or rebuild, acknowledging that many people simply can't navigate California's arduous building process.

    "It takes three to five years to build here," Harris said. "Many folks just don't have the time or energy." If left unaddressed, this issue may lead to a concerning trend: in 10 or 20 years, up to half of these lots could remain vacant - a common outcome in California's wildfire-prone regions.

    Harris believes that Altadena's true strength lies not in its physical structures but in the people who call it home. "The sooner we can get these houses built and families back in them," he said, "the sooner our community will heal."

Altadena home damaged in fire sells for $550,000 at auction.