The wildfire that ravaged Los Angeles in January caused $51.7 billion in damage to residential properties within the city, according to a new report from real estate brokerage Redfin. <\/p>\n
The report focused on homes inside the city limits and does not include damage from the Eaton fire<\/a> in Altadena. The majority of the properties analyzed by Redfin were affected by the Palisades fire, a 23,000-acre blaze that killed at least 12 people.<\/p>\n Redfin identified roughly 11,000 residential parcels<\/a> that were inspected by the city\u2019s Department of Building and Safety after the fires. Most were single-family homes, and many were destroyed. The average value of a home prior to the fires was $3.7 million.<\/p>\n The Palisades fire destroyed swaths of Pacific Palisades, a wealthy neighborhood that attracted celebrities and high-value development. Among the properties analyzed by Redfin, nearly 100 had a prefire value of more than $20 million.<\/p>\n More than 30,000 residents were forced to evacuate<\/a> when the Palisades fire ignited Jan. 7. Fleeing families found themselves stuck in gridlock as flamed licked the side of the road; some abandoned their cars in desperation. <\/p>\n The California Department of Forestry and Fire Protection estimated the Palisades fire<\/a> to be the third-most destructive in state history. Combined, the Palisades and Eaton fires were the second deadliest in state history, killing at least 31 people<\/a> and burning more than 37,000 acres.<\/p>\n An early estimate<\/a> from weather forecasting service Accuweather put the total expected damage and economic loss from the fires between $250 billion and $275 billion. That includes the costs of damage, loss of life, healthcare, business disruptions and other economic effects within Los Angeles and beyond. <\/p>\n Redfin\u2019s report did not include commercial properties or city facilities. According to a January report<\/a>, the wildfires damaged or destroyed about $350 million in public infrastructure, including streetlights, recreation centers and a library that burned down.<\/p>\n In February, the UCLA Anderson Forecast estimated that the Eaton and Palisades fires could have collectively caused property and capital losses<\/a> between $95 billion and $164 billion, with insured losses estimated at $75 billion.<\/p>\n