Palisades Fire-ravaged residential property sells, for over $1 million

The first publicly listed home in the Palisades Fire-torn area has sold for "well" over $1 million.

The Pacific Palisades property's listing agent said not all property owners in the area want to stay and rebuild after the fire, some need the money to move on, or just don't want to deal with rebuilding.

Records show that the homeowners of the four-bedroom, three-bathroom home in the Palisades Highlands area bought it in 2005 for $1.54 million. The 10,000-square-foot lot was listed on Jan. 16 for $999,000.

"We got a pretty good number for her (the seller) despite all things considered," Richard Schulman, of Schulman Team/KW Advisors said.

Schulman said he got nearly 80 inquiries regarding the property, with six serious offers, ultimately selling to a local investor.

He said the typical buyer for difficult properties, such as those destroyed by fire, would be a professional investor. Schulman's best advice to property owners looking to sell is, "Definitely do not sell off market." He said to talk to an agent and sell publicly to avoid getting lowballed.

The 23,448-acre Palisades Fire exploded in the Pacific Palisades neighborhood on Jan.7. By the end of the day, the wildfire had decimated several neighborhoods.

In all, 6,051 structures were destroyed and 788 structures were damaged. Property details for 17126 Avenida De La Herradura state, "While the land has been impacted by the recent Palisades fire, it presents a blank canvas for visionary buyers ready to reimagine its potential."

Los Angeles Mayor Karen Bass appointed Los Angeles businessman and civic leader Steve Soboroff to lead rebuilding efforts in the devastated Palisades community.

California Gov. Gavin Newsom issued an executive order to streamline the rebuilding of homes and businesses destroyed in the fires.

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