Rebecca Picciotto, writing for the Wall Street Journal on March 3, highlighted real estate activity in the communities ravaged by the recent fire. Here are some key takeaways:
- More than 80 new listings of scorched plots in Pacific Palisades and Altadena have hit the market since mid February.
- In Altadena, the first four lot sales closed at an average of $69 a square foot, well above the $22 average from 2023-2024. A recent parcel sale is closing at $99 a square foot.
- In Pacific Palisades, lots in escrow appear to have appreciated by more than 10% since the fires.
- One lot sale in the Palisades had 60 inquiries within 8 days of the house burning down. An investor paid $1.2 million, topping the asking price of $999,000.
- In Altadena, realtors see mom and pop builders looking at the land as an opportunity to grow their business.
I can’t help you sell a home or buy a lot, but I can give you pricing options for your note. Email me at dennystanz@verizon.net if you need help.