The recent wildfires in Los Angeles destroyed over 16,000 structures, prompting a notable increase in listings for burned land in Pacific Palisades and Altadena. Many homeowners are faced with decisions on whether to rebuild with insurance money or sell the scorched land, which is being listed at pre-fire valuations. Despite a recent uptick in the market, only a limited number of properties have been sold, with a significant interest from buyers. Experts predict a sizable number of homes will eventually come onto the market as residents reassess their living situations.
Since mid-February, over 80 listings for burned lots in Pacific Palisades and Altadena have appeared on the market following the devastating Los Angeles wildfires that took place in January.
Marguleas believes that based on the approximate 6,000 Palisades structures that burned, somewhere around 500 to 800 homes will be coming on the market.
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