Real Estate
LA Home Destroyed in Palisades Fire Draws More Than 60 Offers
- House was valued at $2.7 million until January Palisades Fire
- Owners face choice of rebuilding or selling at major losses
Homes destroyed by the Palisades Fire in the Pacific Palisades area of Los Angeles, on Jan. 23.
Photographer: Jill Connelly/BloombergThis article is for subscribers only.
On a cul-de-sac in Los Angeles’ Pacific Palisades, what was once a four-bedroom wood-and-stucco house is now a pile of rubble except for two chimneys and a few brick columns. The property went on the market 10 days after flames ripped through the community last month, with an asking price of $999,000.
More than five dozen offers later, it’s now in escrow for “a good chunk more” than $1 million, according to the agent who listed the property.