Vacant Lots for Sale Are Piling Up After the L.A. Fires; Investors Are Buying 40% of Those That Sell
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
Redfin reports investors purchase roughly 2 in 5 lots that sell in the Pacific Palisades, Altadena and Malibu areas; many of these lots once held homes destroyed in the January fires SEATTLE--(BUSINESS WIRE)--Real estate investors are buying roughly 40% of the land selling in areas impacted by the January 2025 California wildfires, according to a new report from Redfin, the real estate brokerage powered by Rocket.In the 90272 zip code (Pacific Palisades), investors purchased 48 of the 119 lots (40.3%) that sold in the third quarter. That compares with zero lot purchases a year earlier—from both investors and other buyers.In the 91001 zip code (Altadena), investors bought 27 of the 61 lots (44.3%) that sold. That also compares with zero lot purchases a year earlier from investors and other buyers.And in the 90265 zip code (Malibu), investors bought 19 of the 43 lots that sold (44.2%). That’s more than double the 21.4% share of a year earlier.“In Altadena, there’s a real push around
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