July 3, 2025
Company consumers account for a bulk of the property purchases being made in Altadena after the Eaton hearth.
A minimum of half of the houses bought in Altadena, California, following the Eaton Fireplace have been bought by firms, elevating alarms amongst residents a couple of rising pattern of land consolidation.
An investigation into latest data and deed filings in Altadena reveals that company consumers make up about 23% of single-family residence gross sales, with 42% of these purchases tied to simply six corporations, every proudly owning 4 or extra properties, Dwell reviews. A handful of repeat consumers are buying fire-damaged or distressed properties as soon as owned by multigenerational households within the traditionally numerous group, which has welcomed a major Black inhabitants for the reason that Nice Migration.
Locals are “very involved—but additionally in that very same manner we’re feeling about the remainder of the world: involved, however don’t know how one can repair it,” mentioned Altadena resident Tim Vordtriede.
Among the many company consumers is Black Lion Properties, LLC, confirmed to be operated by record-breaking Powerball winner Edwin Castro by his brother, Jesse H. Castro. The corporate has spent almost $9 million buying no less than a dozen fire-damaged properties. Whereas its first buy was in South Pasadena in December 2024, most acquisitions have centered on Altadena within the aftermath of the Eaton Fireplace.
“Many individuals who have been affected by the fires in Altadena can not or don’t need to rebuild and aspire to maneuver on and begin over elsewhere,” a spokesperson for Black Lion mentioned in a press release. “These purchases will assist a few of them whereas conserving possession of the property native.”
Different company consumers embody L.A.-based Ocean Improvement Inc., which has acquired no less than 16 post-fire tons; NP Altadena I, LLC, linked to San Diego’s New Pointe Communities Inc., with 12 tons; Iron Rings Altadena, LLC, fashioned in March, with 4 tons; and Bloom Capital Investments and Sheng Feng International Inc., every tied with six lot purchases.
Vordtriede, cofounder of the Altadena Collective, a grassroots group centered on community-led rebuilding, is worried that company consumers, comparable to Black Lion, are snapping up fire-damaged tons and could reshape the neighborhood’s character earlier than displaced residents have an opportunity to return. Whereas he is aware of how weak many survivors are within the aftermath of making an attempt to rebuild, he encourages householders to think about promoting to a different household or particular person quite than a company entity.
“It’s not about ‘Hey, you possibly can’t promote your lot.’ It’s about being considerate in the event you promote your lot,” Vordtriede mentioned. “When you see [one of these companies] making an attempt to purchase your property, possibly work together with your agent to see if another person can match that worth, somebody who’s a person, household, belief, or partnership.”
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