It turns out that one person's fiery rubble and personal tragedy is another's treasure...
That seems to be the case now that one home destroyed in the Pacific Palisades fire has received more than 60 offers.
The home has been reduced to rubble except for two chimneys and a few brick columns and hit the market for $999,000 just 10 days after last month’s blaze, according to Bloomberg.
Now, after receiving over 60 offers, it's now in escrow for well over $1 million, the listing agent said.
Richard Schulman, the listing agent, commented: “I can just tell you, generally, that people selling are going to take a huge financial hit.”
Bloomberg writes that the sale highlights tough choices for fire victims. Seller Terri Bromberg is accepting far less than her home’s pre-fire value instead of waiting to rebuild after 20 years of ownership.
Most homeowners affected by January’s Palisades and Eaton fires, which killed 29 people and destroyed over 11,000 homes, are still weighing their options. Cleanup has just begun, and reconstruction could take years.
The burned home, built in 1976, last sold for $1.54 million in 2005 and was once valued at $2.7 million. In contrast, Pacific Palisades’ median home price was $3.97 million at the end of last year.
The listing described the property as “a blank canvas for visionary buyers.” Investors offered as little as $600,000, while the top bidder plans to rebuild and sell for at least $3.2 million, according to agent Schulman.
“We thought there was an advantage to be one of the first to market,” Schulman said. “It was intentionally a teaser asking price.”
Seller Terri Bromberg, a widow nearing 70, said she hasn’t “crunched the numbers” but most of her insurance payout will cover the $656,000 mortgage. The fire destroyed everything—“turned to dust,” she said—including her artwork, her late husband’s Grammy awards, and her wedding ring.
An artist specializing in glassware, Bromberg is buying a smaller home in Santa Monica to live and work with her daughter and son-in-law, who narrowly escaped the fire.
“My daughter said she doesn’t want to go back and live in the hills. It was too scary,” Bromberg said. “It used to be paradise. Eventually it will return.”
