The first land sale after the Pacific Palisades fires is priced at $999,000 and has received significant interest, with 80 inquiries and multiple offers. Despite the strong demand, local brokerage experts predict a decline in property values, with burned lands likely reducing by 30% to 50% and untouched properties losing between $1 million to $2 million. Market concerns arise over opportunistic lower offers. Community meetings aim to facilitate information sharing for rebuilding efforts in the wake of the fire.
Anthony Marguleas noted the significant property value drop post fire, suggesting burned properties might see a decline between 30% to 50%, aligning with previous market reactions in similar situations.
The first post-fire land sale in Pacific Palisades, priced nearly $1 million, garnered substantial interest with 80 inquiries and multiple offers, indicating resilient market activity.
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