After the Eaton Fire, Altadena residents fight to keep out luxury developers
ALTADENA, Calif.
ALTADENA, Calif. — Smoke from the ravenous Eaton Fire had barely cleared when signs began popping up on the charred remains of destroyed homes declaring Altadena was not for sale.
But one month after the wildfire consumed more than 9,400 residences and 14,000 acres in the foothill community north of downtown Los Angeles, the first vacant lot sold for $550,000 cash, $100,000 above the asking price.
Of the 14 properties that have sold to date in fire-ravaged Altadena, at least seven were purchased by developers or investors, including several from outside the U.S., according to a list provided by Jasmin Shupper, founder and president of the nonprofit Greenline Housing Foundation. They were all cash offers, she said.
Housing experts and community members worry the fierce competition could push out longtime residents who want to bring back Altadena’s small-town flavor and diverse enclaves but see that vision slip away as buyers with deep pockets and little historical understanding of the area swoop in.
“In our opinion, money isn’t everything and it never will be,” said Darrell Carr, whose Altadena home burned in the fire. “It’s the character of the people.”
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