Rhea-AI Impact
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Rhea-AI Summary
The Palisades and Eaton fires in Los Angeles have caused significant damage to residential properties, destroying or damaging 14% of homes within the fire perimeters, totaling 6,354 homes. Of these, 5,449 (86%) were destroyed and 905 (14%) were damaged. Single-family homes represented 89% of affected properties, with 11% being multi-family units.
The impact has created intense competition in the rental market, with one property being bid up from $16,000 to $30,000 monthly. The fires have disrupted real estate transactions, with some buyers canceling deals and sellers opting to rent their properties to affected residents instead. The destruction exceeds Los Angeles County’s annual single-family permit issuance of roughly 6,000, potentially exacerbating the region’s existing housing shortage.
Incendi delle Palisades e di Eaton a Los Angeles hanno causato danni significativi alle proprietà residenziali, distruggendo o danneggiando il 14% delle abitazioni all’interno dei perimetri incendiari, per un totale di 6.354 abitazioni. Di queste, 5.449 (86%) sono state distrutte e 905 (14%) sono state danneggiate. Le case unifamiliari hanno rappresentato il 89% delle proprietà colpite, mentre l’11% erano unità multifamiliari.
L’impatto ha creato una forte competizione nel mercato degli affitti, con una proprietà che è stata rilanciata da 16.000 a 30.000 dollari al mese. Gli incendi hanno interrotto le transazioni immobiliari, con alcuni acquirenti che annullano accordi e venditori che scelgono di affittare le loro proprietà agli residenti colpiti. La distruzione supera l’emissione annuale di permessi per abitazioni unifamiliari della contea di Los Angeles, che è di circa 6.000, potenzialmente aggravando la carenza abitativa esistente nella regione.
Los incendios de Palisades y Eaton en Los Ángeles han causado daños significativos a las propiedades residenciales, destruyendo o dañando el 14% de las casas dentro de los perímetros del incendio, totalizando 6,354 casas. De estas, 5,449 (86%) fueron destruidas y 905 (14%) fueron dañadas. Las casas unifamiliares representaron el 89% de las propiedades afectadas, siendo el 11% unidades multifamiliares.
El impacto ha creado una intensa competencia en el mercado de alquileres, con una propiedad que se ha ofertado desde $16,000 hasta $30,000 mensuales. Los incendios han interrumpido las transacciones inmobiliarias, con algunos compradores cancelando acuerdos y vendedores optando por alquilar sus propiedades a residentes afectados. La destrucción supera la emisión anual de permisos de casas unifamiliares del condado de Los Ángeles de aproximadamente 6,000, potencialmente agravando la escasez de vivienda existente en la región.
팔리세이드와 이튼 화재는 로스앤젤레스에서 주거용 부동산에 상당한 피해를 주었으며, 화재 범위 내에서 14%의 주택가 파괴되거나 손상되었습니다. 총 6,354개의 주택이 피해를 입었습니다. 이 중 5,449채(86%)는 완전히 파괴되었고, 905채(14%)는 손상되었습니다. 단독 주택은 피해를 입은 재산의 89%를 차지했고, 11%는 다가구 주택이었습니다.
이러한 영향은 임대 시장에서 치열한 경쟁을 초래하였으며, 한 주택은 월 $16,000에서 $30,000로 입찰가가 상승했습니다. 화재는 부동산 거래를 방해하였으며, 일부 구매자는 계약을 취소하고 판매자는 피해를 입은 주민들에게 자신의 재산을 임대하기로 선택하고 있습니다. 파괴된 주택의 수는 로스앤젤레스 카운티의 연간 단독 주택 허가 발급 수인 약 6,000을 초과하여, 해당 지역의 이미 악화된 주택 부족 문제를 더욱 심화시킬 가능성이 있습니다.
Les incendies de Palisades et d’Eaton à Los Angeles ont causé des dommages considérables aux propriétés résidentielles, détruisant ou endommageant 14% des maisons dans les périmètres des incendies, totalisant 6 354 maisons. Parmi celles-ci, 5 449 (86%) ont été détruites et 905 (14%) ont été endommagées. Les maisons unifamiliales représentaient 89% des propriétés touchées, 11% étant des unités multifamiliales.
L’impact a créé une concurrence intense sur le marché locatif, avec une propriété dont le prix a grimpé de 16 000 $ à 30 000 $ par mois. Les incendies ont perturbé les transactions immobilières, certains acheteurs annulant des accords et des vendeurs choisissant plutôt de louer leurs biens à des résidents touchés. La destruction dépasse le nombre annuel de permis de maisons unifamiliales délivrés par le comté de Los Angeles, qui est d’environ 6 000, ce qui pourrait aggraver la pénurie de logements déjà existante dans la région.
Die Palisades- und Eaton-Brände in Los Angeles haben erhebliche Schäden an Wohnimmobilien verursacht, indem 14% der Häuser innerhalb der Brandperimeter zerstört oder beschädigt wurden, was insgesamt 6.354 Häuser entspricht. Davon wurden 5.449 (86%) zerstört und 905 (14%) beschädigt. Einfamilienhäuser machten 89% der betroffenen Immobilien aus, während 11% Mehrfamilieneinheiten waren.
Die Auswirkungen haben einen intensiven Wettbewerb auf dem Mietmarkt geschaffen, wobei eine Immobilie von 16.000 USD auf 30.000 USD monatlich geboten wurde. Die Brände haben Immobilientransaktionen gestört, sodass einige Käufer Deals abgesagt haben und Verkäufer entschieden haben, ihre Immobilien stattdessen an die betroffenen Bewohner zu vermieten. Die Zerstörung übersteigt die jährliche Erteilung von Einfamilienhausgenehmigungen im Los Angeles County von ca. 6.000, was die bestehende Wohnungsnot in der Region möglicherweise verschärft.
Negative
- 6,354 homes destroyed or damaged by fires (5,449 destroyed, 905 damaged)
- Real estate transactions disrupted with buyers canceling deals
- Rental market experiencing severe pressure with extreme price increases
- Destruction exceeds annual new housing permits in LA County
- Housing shortage situation worsening in the affected area
Insights
The destruction of 6,354 homes in Los Angeles, representing 14% of properties within the fire perimeters, creates significant market implications. The loss exceeds the annual new housing permits (~6,000) in LA County, effectively nullifying a year’s worth of housing supply growth. This compounds the existing housing shortage crisis, particularly impacting the rental market where we’re seeing unprecedented price escalation – exemplified by the rental property bid up from $16,000 to $30,000 monthly.
The conversion of for-sale properties to rentals by homeowners, coupled with transaction cancellations, indicates a fundamental market shift. This temporary supply-demand imbalance could lead to lasting effects on local real estate valuations and rental rates. The disproportionate impact on single-family homes (89% of affected properties) is particularly concerning given their significance in LA’s housing ecosystem.
The clustered destruction pattern, affecting 0.17% of LA County’s total housing stock but 14% within fire perimeters, reveals critical vulnerabilities in specific geographic zones. This concentrated impact pattern suggests potential long-term implications for insurance rates and property valuations in fire-prone areas. The high destruction-to-damage ratio (86% destroyed vs 14% damaged) indicates the fires’ exceptional intensity and raises concerns about future catastrophic risk exposure in similar zones.
The market’s immediate response – including multiple transaction cancellations and lease preference shifts – reflects heightened risk awareness among market participants. This could trigger a reassessment of property values in high-risk areas and influence future development patterns in LA County.
Single family homes accounted for 89% of homes destroyed or damaged by the fires
SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) — Roughly one of every seven (14%) homes within the perimeters of the Palisades and Eaton fires in the Los Angeles area have been destroyed or damaged. That’s a total of 6,354 homes; of those, 5,449 (86%) were destroyed, and 905 (14%) were damaged. This is according to a new analysis from Redfin (redfin.com), the technology-powered real estate brokerage.
Zooming out to all of Los Angeles County, 0.17% of all homes were destroyed or damaged by the Palisades or Eaton fires. While that’s a small fraction of overall housing in the Los Angeles area, Redfin agents report the destruction has created a ripple effect of people searching for housing in a region already struggling with a housing shortage.
“Tons of past clients are reaching out on behalf of friends, seeing if I know of any available rentals. There’s competition for nearly every rental, and it’s not just on price; a lot of people are taking on long leases to secure a place to live. A rental listed for $16,000 per month got bid up to $30,000, and the winners took on a two-year lease. On the buying and selling side, people are pulling back, waiting for the dust to settle. Two buyers have canceled deals because they don’t feel comfortable making such a big purchase with the catastrophe going on. Three clients have canceled their listings, with the homeowners opting to rent their homes out to people impacted by the fires instead.” – Gregory Eubanks, Redfin Premier agent
Of the 6,354 homes that have been destroyed or damaged, just over half of those (56%) were destroyed or damaged by the Eaton fire, and 44% by the Palisades fire.
Single-family homes account for the vast majority (89%; 5,636) of the homes that were destroyed or damaged. Another 11% (707) were units in multi-family properties, and less than 1% (11) were mobile homes.
Roughly 6,000 single-family permits are granted each year across all of Los Angeles County, according to a separate Redfin analysis of county permits from 2013 to 2023. That’s less than the number of homes that have been destroyed by the Palisades and Eaton fires.
“The fires are impacting a lot of deals. I have a $1.7 million home in Altadena that was supposed to close next week but the buyers pulled out, and now my sellers are fighting for the deposit. It’s a real mess. Rentals are a different story. My best advice to families looking for rentals is to move as quickly as possible; call a real estate agent and ask for help.” – Alin Glogovicean, Redfin Premier agent
Redfin’s analysis divided the number of housing units destroyed or damaged by the total number of housing units within the incident perimeters of each fire, as defined by Cal Fire. It does not include commercial structures.
For the latest analysis of the LA fires, as they relate to the housing market, please visit:
https://www.redfin.com/news/los-angeles-wildfires-housing-statistics
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country’s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view Redfin’s press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250117079537/en/
Contact Redfin
Redfin Journalist Services:
Kenneth Applewhaite
Source: Redfin
FAQ
How many homes were destroyed by the Palisades and Eaton fires in Los Angeles?
The fires destroyed 5,449 homes and damaged 905 homes, totaling 6,354 affected properties within the fire perimeters.
What percentage of homes within the LA fire perimeters were affected?
14% of homes within the Palisades and Eaton fire perimeters were either destroyed or damaged.
How are the LA fires affecting RDFN’s real estate market?
The fires are causing buyers to cancel deals, creating intense competition for rentals, and leading some sellers to convert their properties to rentals for displaced residents.
What type of homes were most affected by the LA fires?
Single-family homes accounted for 89% (5,636) of the affected properties, while 11% were multi-family units and less than 1% were mobile homes.
How do the LA fires’ destruction compare to new housing permits?
The number of homes destroyed or damaged (6,354) exceeds the annual single-family permits granted in Los Angeles County (approximately 6,000).
