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Vacant lot listings that have hit the market in the past few weeks are often receiving dozens of inquiries. As of Monday, about two dozen lots had been listed, an analysis of Zillow listings indicates.
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Several land listings have hit the market in wildfire-wounded Palisades this month, raising hope the community will be rebuilt.
As of Friday, 19 land listings were active, Amalfi Estates owner Anthony Marguleas told The Real Deal. By Monday, a handful of additional lots had been listed, a search on Zillow showed.
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Anthony Marguleas | Amalfi Estates
Marguleas, who specializes in the Palisades, said many of those land listings had already received dozens of inquiries. Marguleas said he expects about 500 to 750 land parcels to be listed over the next few years. If that comes to pass, that figure will represent 10 percent of plots that burned in the Palisades.
Earlier this month, the brokerage leader said during a community meeting that land values in the neighborhood are expected to decrease by about 25 percent to 30 percent compared to what they were pre-fires.
One land sale has closed in the area thus far for $1.2 million. The 10,000-square-foot lot on Avenida De La Herradura sold for about 19 percent more than asking within about a month of listing. Richard Schulman of KW Advisors represented the listing and Meran Solamany and Niloofar Farzadmehr of Keller Williams Realty Westside repped the buyer.
Another 7,700-square-foot parcel on Mc Kendree Avenue that was asking $2.9 million also recent went under contract after being on the market for about one week.
Prices for land lots have hovered between about $750,000 to just under $4 million, depending on size and location.
Since prices have not yet exceeded the $5 million threshold for LA County’s so-called “mansion tax” enacted by Measure ULA in the spring of 2023, no homesellers with burned lots have had to grapple with the added 4 percent tax on sales above $5 million and 5.5 percent tax on those sales above $10 million.
A group of high-profile LA brokers penned a letter to city and state officials shortly after the fires broke out asking that wildfire victims be exempt from the ULA tax. The group helmed by Oppenheim Group founder Jason Oppenheim and Ben Belack Group at The Agency founder Ben Belack also implored the government to increase California FAIR Plan insurance coverage, loosen building policies and codes, pause property taxes and more as the community rebuilds.
The city has not publicly addressed whether or not it would be willing to pause the ULA tax in the wake of the fires.
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