We'd treat those lots as a real opportunity, with two costs fully priced in before you commit. The land sits in an established, desirable location, and building exactly the home you want is an upside that's hard to find anywhere else. If we lived in that area or wanted to, we'd be looking. Go in with your eyes open on two numbers: - Fire insurance going forward. In fire-affected areas, coverage can be expensive and harder to secure. Get real quotes early, before you commit, because the premium affects your carrying cost now and your resale later. Altadena appears to carry somewhat lower fire risk than some neighboring high-risk areas, and you still want written quotes rather than ballpark estimates. - The rebuild standard. You'll typically be required to build to newer, more fire-resistant codes than the original homes met. That raises construction cost and produces a more resilient house. Budget for the current code, and never the old one. One open question worth watching: whether these streets rebuild in a visually consistent way, as the original tract-built blocks often were, or become a mix of styles and sizes. That mix can affect long-run values and character, and it will only become clear as rebuilding progresses. None of this argues against buying. It's the homework to do first.