Shereen Hearing is making a mad dash against major developers to buy the Altadena section of Lake Avenue, a part of the unincorporated town that she believes is important to the community’s identity.
Hearing, who ran Two Dragons Martial Arts Studio on Lake Avenue for 18 years, made a bid to buy the property after the Eaton Fire destroyed the studio in January. Bids were received by the landowner this week and Ms Hearing notified the community that they needed to raise $600,000 by November 25 to secure the land.
“We want to maintain the sense of community that we once had,” Hearing said. ”Last week, a major company tried to buy it. I said, “No, I have to do something for the community.” We want to go back to how things were before. ”
Mr. Hearing’s case is one of the few, and perhaps the only, example of an Altadena small business owner attempting to purchase property that had previously been leased to a campaign. When she learned the property was for sale, she realized a developer had made an offer. Now, she hopes the community will support her efforts to stay in Altadena, as many residents fear the culture and structure will change as more families move out.
The Eaton Fire destroyed approximately 9,000 structures across Altadena. That included the Two Dragons Martial Arts Studio, which one of Mr Hearing’s family members photographed as it went up in flames. Currently, the site has been cleared of debris and is a vacant lot. One of many lost in the fire.
The site at 2490 N. Lake Ave. housed Hearing’s martial arts studio, nail salon and other businesses. Until then, the building was the Altadena Sheriff’s Station and a local landmark.
Hearing, who grew up in Altadena, also lost her rented home and had to move from hotel to hotel until she found stable housing in Arcadia. As soon as she could, she began teaching classes outside in parks to maintain a sense of normalcy until she secured a teaching space in Altadena. The effort, with the help of a fundraising campaign, has allowed the company to continue operating during the pandemic by paying its staff and paying off its loans.
Investors are rushing to buy up real estate in Altadena. Melissa Michaelson, co-founder and organizer of the Altadena Not For Sale Movement, tracks what’s listed, what’s being bought and sold, and what’s being sold. Of the 289 properties sold so far, 93 were purchased by individuals, while 168 were purchased by limited liability investors or private equity firms, he said.
“Vultures are swarming around,” Michelson said of developers and investors looking to profit from the devastating damage. “They’re not going away.”
Some of the more prominent buyers are those who won the $2 billion Powerball lottery jackpot in 2022 and bought the vacant land under Black Lion Properties LLC, spending $10 million on 15 lots, according to . Castro told the Journal he wants to lead Altadena’s rebuilding efforts and plans to sell to families.
Michelson’s group began selling and donating “Altadena Not For Sale” yard signs, which are now dotted around the city on vacant lots, built homes and storefronts. The group also launched a petition asking the state Legislature to strengthen protections against companies coming into disaster-stricken areas and buying up real estate. The petition has so far gathered around 1,500 signatures. Another group formed to keep local eateries afloat as the city’s foot traffic dwindled.
Michaelson said he is excited to see the community use Hearing’s studio to support small business owners against real estate speculators. The homeowners who make up Altadena Not for Sale also have a strong desire to remain in the area.
“It’s really unprecedented for the community to come together like this,” she said.
As of Friday, Hearing had raised about $73,000 online, but that’s far from the amount needed to purchase the property. But she said there is hope. In addition to her own studio, she envisions a space where nonprofit organizations and youth can gather.
“If we don’t capture the fort, we can’t go back,” Hearing said.
