C
alifornia's January wildfires left a trail of destruction in Altadena and the Pacific Palisades, with estimated damages reaching up to $53.8 billion. Six months on, the communities are grappling with rebuilding challenges, but optimism remains high among those who choose to stay.
Lot sales have surged in both areas, with 172 properties sold in Altadena this year compared to just six in the same period last year. In the Pacific Palisades, 94 lots were sold, up from one in the previous year. Agents are facing a unique challenge in selling these vacant or damaged lots, which requires careful consideration of factors like contamination cleanup and insurance paperwork.
Despite the difficulties, many residents remain committed to rebuilding their community's spirit. An elderly couple Moore works with plans to buy another house nearby, allowing them to stay local. "Altadena is a beloved community," Moore said. "There are so many people that really want to maintain the spirit."
Home sales have dropped significantly in both areas, with Altadena experiencing a 54.8% year-over-year decline and the Pacific Palisades seeing an 83.8% drop. Median home prices have also decreased, with Altadena's median price falling 39.1% year-over-year to $867,500.
However, experts predict that demand will eventually outpace rebuilding efforts, causing prices to rise again. Jordan Levine, chief economist for the California Association of Realtors, notes that surrounding communities may see home price jumps until Altadena and the Pacific Palisades can catch up.
New homes built in these areas are likely to be more expensive due to increased material costs and labor shortages. Investors like Edwin Castro, who has purchased multiple lots with his brother, plan to rebuild while retaining the community's character and charm.
Despite the challenges, residents remain optimistic, and their passion will shape the community's future. "I see these people who've lost everything – and they're still smiling," Moore said. "They're all supporting each other, and it's just the most amazing thing to see."
