With fires in Southern California becoming an increasingly frequent occurrence, what happens to the real-estate market in a high-risk neighborhood like Crestwood Hills after it has been hit? “For those who lost their homes, it will be a challenging and difficult couple of years to rebuild,” says Tregg Rustad, estates director with Rodeo Realty who has worked in the area for 15 years. “But Crestwood Hills is such a small, desirable community, I don’t expect the fire will have any negative impact on values beyond the short term. The biggest challenge is fire insurance.”