Burned Lots Selling Fast in California

This year's wildfires in Los Angeles County destroyed an estimated 12,000 homes, reports the New York Times. What now? One safe bet based on robust sales of vacant lots is that 12,000 new homes will go right back up, though many with different owners. Both the Los Angeles Times and the Washington Post report that sales of such lots are booming in stories that explore the phenomenon:

• More than 160 lots have been listed for sale in Altadena and Pacific Palisades since the fires, compared with five in the same period the previous two years.
• Most sell quickly, in the range of $600,000 to $700,000, which is typically more than asking but less than owners would have received before the fires.

• Most are cash offers made by developers. The number of such sales is expected to increase as homeowners of more modest means run up against the cost of rebuilding and opt instead for cash in hand.
• "There [are] so many to choose from," a real estate agent with Craig Estates & Fine Properties tells the Los Angeles newspaper, referring to the number of lots on the market. "People are getting shamed for selling, but the bottom line is people need money and want to get the most for their property," another agent tells the Post. "Every little cent counts right now."
• It's not a mass exodus exactly, but both stories touch on concerns of gentrification in the newly built neighborhoods. "The entire town could be taken from us twice," says Courage Escamilla of Altadena Not For Sale, which tries to help underinsured residents keep their property.

(More Palisades Fire stories.)