An LA home reduced to rubble in the fires drew more than 60 offers and stands to sell for over $1M

A Los Angeles home that was reduced to rubble in the January Palisades fire has become one of the hottest properties on the market, drawing more than 60 offers and entering escrow for well over $1 million — despite being listed for just $999,000.

The once four-bedroom wood-and-stucco house in Pacific Palisades was worth an estimated $2.7 million before flames tore through the area.

Now, it’s little more than a scorched lot with two standing chimneys.

But that didn’t stop a flood of investors eager to cash in on a rebuild.

(Once valued at $2.7 million, it is now in escrow for over $1 million, highlighting the demand for fire-ravaged properties despite ongoing risks.Google Maps)

(The seller, a widow nearing 70, took a significant financial loss rather than rebuild, a choice many homeowners face as they navigate insurance limitations and rising construction costs.Bloomberg)

“She has no interest in rebuilding or moving back,” listing agent Richard Schulman, who noted that many homeowners in the area face a similar dilemma.

The Palisades fire, along with the Eaton fire to the east, killed at least 29 people and destroyed more than 12,000 homes, racking up an estimated $164 billion in damages.

(More than 12,000 homes have been destroyed in the Los Angeles wildfires.Barbara Davidson/ The New York Post)

(The fires, which killed 29 people and caused $164 billion in losses, have left many residents uncertain about their future.Google Maps)

(In Los Angeles’ Pacific Palisades, a home destroyed in the January Palisades Fire received over 60 offers after being listed for $999,000 just 10 days after the disaster.Bloomberg)

Ref: An LA home reduced to rubble in the fires drew more than 60 offers and stands to sell for over $1M

Photo Credit- Bloomberg, Barbara Davidson, Google Maps