An LA home reduced to rubble in the fires drew more than 60 offers and stands to sell for over $1M

A Los Angeles home that was reduced to rubble in the January Palisades fire has become one of the hottest properties on the market, drawing more than 60 offers and entering escrow for well over $1 million — despite being listed for just $999,000. The once four-bedroom wood-and-stucco house in Pacific Palisades was worth an estimated $2.7 million before flames tore through the area. Now, it’s little more than a scorched lot with two standing chimneys.But that didn’t stop a flood of investors eager to cash in on a rebuild. The seller, a widow nearing 70, decided not to endure the long and costly reconstruction process, opting instead to offload the property at a massive loss.“She has no interest in rebuilding or moving back,” listing agent Richard Schulman, who noted that many homeowners in the area face a similar dilemma, told Bloomberg, which first reported on the sale. “I can just tell you, generally, that people selling are going to take a huge financial hit.” The Palisades fire, along with the Eaton fire to the east, killed at least 29 people and destroyed more than 12,000 homes, racking up an estimated $164 billion in damages. Now, homeowners are scrambling to figure out their next moves as cleanup efforts begin. Some are taking a gamble on a devastated real estate market. The listing for the Palisades property described it as “a blank canvas for visionary buyers ready to reimagine its potential.” That pitch worked — despite some offers coming in as low as $600,000, the top bidder expects to build a luxury home and flip it for at least $3.2 million. “We thought there was an advantage to be one of the first to market,” Schulman said of the listing’s aggressive pricing strategy. “It was intentionally a teaser asking price.” Similar burned-out lots are hitting the market across the region. In Altadena, a 9,100-square-foot parcel was listed at $449,000 — less than half of what it last sold for in 2023. Another nearby lo...