T
he first vacant lot in Altadena went up for sale in late January, following the Eaton fire that destroyed a home on the site. Within weeks, half a dozen more listings appeared, and now the market is flooded with options. "There are so many to choose from," said Jeremy Hardy, a real estate agent with Craig Estates & Fine Properties.

    Two months after fires ravaged Los Angeles County, destroying or severely damaging over 12,000 homes, property owners in Altadena and Pacific Palisades are opting to sell their burned lots rather than rebuild. As of Monday morning, there were 49 burned lots for sale in Pacific Palisades and 32 in Altadena, according to Zillow.

    Real estate agents report that clients who choose to sell or are considering it do so due to various reasons, including financial constraints, age, and the hassle of managing rental properties. Many potential buyers have been developers, drawn by the prospect of buying vacant land with cash and building new homes in a disaster zone.

    The influx of developers could expedite rebuilding efforts but raises concerns about gentrification and fair pricing for longtime owners. In Altadena, where residents have protested against selling their community, at least eight burned lots have sold, mostly in the $500,000 to $600,000 range. Lisa Haussler, a real estate agent with Coldwell Banker who lost her home in the fire, estimates that lots are selling for two-thirds of their pre-fire value.

    Research suggests that home values may escalate further, potentially pricing out long-time residents and benefiting high-income individuals. Experts warn that people of modest means often struggle to rebuild and end up selling their lots to developers, stripping them of wealth if they were underinsured.