A terrible, months-long leak at the Aliso Canyon gas storage facility, believed to be the worst methane gas leak in U.S. history, finally stopped last spring. The leak temporarily drove thousands of people from their homes in nearby Porter Ranch—but didn’t affect real estate prices in the affluent San Fernando Valley neighborhood.
That seems to be holding true today, KPCC reports, as buyers are scooping up luxurious new homes in a large new Porter Ranch development located about 1 mile from the gas leak site.
"I told my wife we were going to buy this house even if we had to wear a gas mask," buyer Gabriel Barajas told KPCC.
The planned community, developed by Toll Brothers, will have a total of 3,400 condos and single-family homes, built over the next decade or so.
The “most basic” houses are selling for just shy of $1 million, but four houses have sold this year—all at over $2 million—and four more sales are expected to close soon, says KPCC.
Toll Brothers executive Frank Su told KPCC that his company tries to be straightforward with potential buyers about the leak and the Aliso Canyon site. He has lived in Porter Ranch with his family for three years. "Porter Ranch is still a great place. It’s not a horrible place," he told KPCC.