The scorched property lots of homes which were razed to the ground in the LA wildfires have gone up for sale higher than previously expected.
Almost 100 new listings for plots in Pacific Palisades and Altadena which were destroyed during the wildfires have appeared on the market since last month.
The wildfires caused widespread devastation across Los Angeles in January 2025 and killed 29 people and left 175,000 Californians homeless.
It also left over 50,000 acres of the city destroyed in its wake and is widely believed to be the worst fire disaster in American history
However, despite the destruction – which left many homes almost completely destroyed – many of the properties up for sale now are on sale for the same if not more than what they previously sold for.
In Altadena, a property that previously sold for $400,000 in 2011 is now listed for $599,000 despite the only remaining evidence of the previous home being the garden gate.
Meanwhile in the same area a plot of land that sold for $636,000 in 2013 is now on the market for $699,000.
Pacific Palisades which was the hardest hit neighbourhood during the wildfires and saw 5,000 houses destroyed by the inferno.
This home In Altadena previously sold for $400,000 in 2011 is now listed for $599,000 despite the only remaining evidence of the previous home being the garden gate
An aerial view of damaged homes in the Pacific Palisades area of LA. The was the hardest hit neighbourhood during the wildfires and saw 5,000 houses destroyed by the inferno
And the pattern of land retaining or increasing in value continues.
For example, a home on the famous West Sunset Boulevard sold for $2.3million in 2016 and now that plot of land is on sale for $2.9million.
Another lot is on sale for $2,995,000 while the house that previously stood there sold for $2,927,500 a decade ago.
Despite this. the Wall Street Journal reported that the average home value in Pacific Palisade – where Hollywood stars such as Tom Hanks and Reese Witherspoon are known to own properties – has dropped by more than five per cent since December.
However, in Altadena the average home value is up three per cent.
Following the first few sales of scorched land in Altadena last month sold at average of $69 a square foot, well above the $22 average from 2023 to 2024.
Real estate agent Rachel Stringer at Raleigh Realty explained that the wildfires ‘may have burned homes, but they didn’t burn the value of the land’.
‘First, it’s LA. People want to live here, no matter what. Places like Pacific Palisades and Altadena are still desirable. Ocean views, great neighborhoods, and good schools don’t lose their appeal just because a fire passed through,’ Ms Stringer said.
‘Then there’s the fact that land is scarce. LA isn’t making more of it. If someone wants to build a house in a prime location, they’ll pay the price.’
One of the LA wildfires raging on January 7 2025. The wildfires caused widespread devastation across Los Angeles in January leaving over 50,000 acres of the city destroyed and 175,000 Californians homeless
Ms Stringer also added that many buyers like the opportunity to build their dream house on the empty plot of land and sellers with home insurance will sell the land knowing someone else will see the value.
She added: ‘And let’s not forget the market itself. LA real estate is always in demand. Even fire damage doesn’t change that.’
Indeed, the housing market across most of southern California was under pressure even before the fires after decades of houses increasing in value.
Following the fires, residents launched an ‘Altadena Not for Sale’ campaign to fend off predatory investor bids that featured yard signs and local protests in the neighbourhood’s streets.
Residents are collecting funds to help displaced homeowners who are uninsured or underinsured rebuild their homes and stay in the area.