Value of homes impacted by Palisades fire totaled almost $52 billion
Value of homes impacted by Palisades fire totaled almost $52 billion
Pacific Palisades homes impacted by the January wildfire had a total value of $51.7 billion before the blaze devoured the westside Los Angeles neighborhood, according to a recent Redfin report.
Almost 100 of those homes were worth more than $20 million each, the online real estate broker said.
The Redfin estimate doesn’t represent actual fire losses. Many homes included in its report survived.
Nor does it include commercial properties or any impacted homes outside the city of Los Angeles, such as those in the Malibu area, Altadena or Pasadena.
See also: Mercury to seek new home insurance rates using California’s risk modeling system
The Palisades and Eaton fires erupted Jan. 7, and over the next 3 1/2 weeks, burned more than 43,000 acres, destroyed more than 16,000 structures and caused 31 deaths.
Redfin matched pre-fire home value estimates with almost 11,000 affected properties identified by the city of L.A.’s Building and Safety Department.
Redfin didn’t say how many of those affected homes were destroyed. A separate report from the L.A. County Assessor’s Office determined that just over half were destroyed, while the rest survived with varying degrees of damage.
Actual damage claims could be less than the combined value of affected properties.
An early damage estimate by the data firm Cotality (formerly CoreLogic) put insured losses from both the Palisades and Eaton fires at $35 billion to $45 billion.
See also: LA County adopts fire maps that leave out much of Altadena’s burn area
As of May, insurance companies had paid $17.1 billion to cover all or part of 35,200 fire claims, according to the California Insurance Department’s wildfire claims tracker.
In April, global reinsurance broker Gallagher Re estimated that economic losses (including lost business) totaled $65 billion. Press reports quoted AccuWeather as saying economic losses could exceed $250 billion.
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