A charred file cabinet and blackened cans of paint are all that remains of a luxurious 2,500 square foot ranch house in the Pacific Palisades’ Highlands neighborhood. Despite the devastating fire, the property sold for $1.2 million to a wealthy investor who plans to rebuild on the lot.
The property, listed by Realtor Richard Schulman, was initially priced at $999,000, with Schulman estimating it could have sold for upwards of $2.5 million before the fires. However, with no comparable sales in the area due to the destruction caused by the fire, the price had to be adjusted.
Terri Bromberg, the seller and owner of the property for 20 years, was initially hesitant to sell due to her emotional attachment to the home. However, she eventually made the decision to relocate and is reportedly happy with the sale price.
The buyer, who declined to comment, plans to build a new house on the lot, taking advantage of the restricted access to the Palisades’ market. Despite concerns about post-fire price gouging, the sale sets a precedent for luxury properties in the area.
In related news, government documents show that all proceeds from sales will go into a new South Pasadena affordable housing fund, providing relief to those affected by the fire.
Source: https://laist.com/news/housing-homelessness/how-do-you-sell-a-home-thats-burned-down