A surge of Pacific Palisades land listings has captivated buyers, with 19 properties recently hitting the market, and seven new listings within just 24 hours. Broker Anthony Marguleas believes this reflects buyer confidence in the area's rebuilding process. He estimates 500 to 750 land parcels will become available in the coming years, representing about 10% of the land lost in recent fires. Despite projected declines in land values by 25% to 30%, early sales, including one at $1.2 million above listing price, exhibit a resilient market.
In the past 24 hours alone, seven properties have been listed, indicating strong buyer interest and confidence amidst the upcoming rebuild process in Pacific Palisades.
Marguleas estimated that 500 to 750 parcels of land will be brought to the market over the next couple of years, which could represent 10% of what was burned.
Current projections suggest that land values in the Palisades could decline by 25% to 30% compared to pre-fire prices; however, initial sales show promising buyer activity.
One land sale closed for $1.2 million, representing around 19% above the listing price, suggesting potential resilience in property demand despite projected value declines.
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