Burned Altadena Lots Largely Going to Developers

Yard signs across the Eaton fire burn zone declare “Altadena is not for sale,” but recent lot purchases indicate the contrary.

Real estate records and local sources point to developers buying a majority of the burned lots in Altadena, the Los Angeles Times reported. So far, 145 burned lots have sold with another 100 on the market and dozens others in escrow. The identities of most buyers are shrouded in mystery as many purchases have been made through trusts and limited liability companies.

By contrast, less than 60 lots in the Palisades have sold since the January fires with about 180 on the market. The Altadena lots might only be a small portion of the 6,000 homes lost in the Eaton fire, but with many residents struggling to rebuild, they’re often faced with no other option but to sell.

“In a perfect world, my neighbors and I would all rebuild, and five years from now, Altadena would look the same as it did before the fire. But it’s just not realistic,” one anonymous resident told the Times. “I’ll always love Altadena, but I don’t have the resources for a rebuild that could take half a decade.” She ended up selling the lot to a midsize developer that has snapped up other properties in Altadena.

Around half of the burned lots sold have gone to buyers that have only purchased only one parcel, while half have sold to buyers purchasing multiple lots, including developers like Black Lion Properties, Iron Rings Altadena, Ocean Dev, NP Altadena and Sheng Feng. Most of the lots in Altadena have sold for between $500,000 and $700,000, with some as low as $330,000 and as high as $1.9 million. In December 2024, before the fires broke out, the median home sale price in Altadena was about $1.3 million, according to Redfin.

A recent survey by real estate professors at University of Southern California and the University of California, Los Angeles, found that most Palisades and Eaton fire victims want to rebuild but either don’t have the funds or don’t trust city and county government to help them get it done in a timely fashion.

So far, just 21 rebuilding permits have been issued in Altadena, according to the county’s permitting progress tracker.

“Everybody in Altadena thought they were going to rebuild, but depending on their situation, a lot of the time it just doesn’t make sense,” Altadena resident and Selling Luxury L.A. real estate agent Ann Marie Ahern told the Times. “We wanted to keep things local, but unfortunately, Altadena is for sale.”— Chris Malone Méndez