A wildfire-damaged plot of land in Pacific Palisades, having lost its previous home to fire, sold for $1.18 million, nearly $200,000 over its listing price. This sale hints at a broader trend as over a dozen other burned properties are now on the market, some priced as high as $4 million. Local investors are snapping up these lots, indicating a shift in real estate dynamics as homeowners choose not to rebuild. Similar trends are seen in other fire-affected areas like Altadena, where many owners opt to sell instead of enduring lengthy reconstruction.
"For her, it's an easy decision, and this made the most sense for her. She was absolutely clear she was not going to rebuild. She's staying nearby."
"The sale will likely be the first of many, with at least a dozen charred properties currently on the market - some with price tags soaring up to nearly $4 million."
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