The property remains uncleared and will require a lengthy permitting and review process before any redevelopment
A fire-ravaged retail lot in Pacific Palisades has sold for $1.5 million, marking the first commercial property transaction since January’s wildfires scorched large swaths of the wealthy Los Angeles enclave, according to CoStar.
The 0.09-acre parcel at 15326 Antioch St., formerly home to a UPS store, salon, fine art gallery, and boutique, was acquired by Santa Monica-based BH Properties. The sale, equating to roughly $17 million per acre, suggests investor confidence in the long-term prospects of the area despite ongoing uncertainty.
CoStar reported that the lot was listed just over six weeks ago and had been held by the Lee Family Trust for more than 30 years. The property remains uncleared and will require a lengthy permitting and review process before any redevelopment can begin.
The sale comes amid an influx of fire-damaged residential lots hitting the market. According to a recent report from Anthony Marguleas, founder of Amalfi Estates, more than 160 burned-down parcels have been listed since the fires, with only 18% in escrow or sold. Marguleas projects that as many as 1,300 such properties could come to market over the next 8 to 12 months.
Price reductions have also accelerated in recent weeks, rising nearly 50%, according to Marguleas. Still, some well-located and competitively priced lots are seeing bidding wars. One lot listed at $999,000 ultimately sold for $1.65 million.
“Homeowners looking to sell may want to act sooner to preserve equity, as the anticipated flood of new inventory could drive prices down,” Marguleas said in an email update.
