Nearly a year after the severe wildfires in California, real estate investors have become active in buying land in affected areas, acquiring about 40% of the properties sold.
• A report from Redfin highlighted that the fires destroyed over 11,000 homes and devastated costly properties in Los Angeles suburbs.
• Zillow noted that the total value of the residential properties was approximately $46 billion before the fires.
• The number of homes listed for sale in areas near the fire zones surged following the fires, prompted by homeowners either accelerating sales or second-home owners listing their properties.
• Investors purchased numerous empty lots in Pacific Palisades, Altadena, and Malibu, often making low offers for older lots.
• The remaining homes are attracting buyers if priced reasonably, with sales increasing after the initial post-fire period.
• Despite increased listings, many vacant land properties remain unsold.
• Home values within five miles of the fire zones decreased by about 1.7%, and insurance costs for homeowners have risen significantly.
Overall, investor activity and an increase in property listings characterize the real estate market recovery in post-wildfire California, with notable trends in pricing and insurance challenges for potential buyers.
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