UPDATE: Just sold $1,185,000 53% of Zillow AVM value or about 79% of pre fire land value. Another pending sale in the Palisades at 17126 Avenida de la Herradura. Zillow said it was worth $2.2M. It was just listed at $999,000 which is less than half. If it were worth $2.2M, land is about 60-70% total value in this area or $1,500,000. This means it was listed at 66% of land value or 34% reduction of just land value. This makes sense but let's first see if it closes at $999K. Anyone selling today should expect 20% reduction in price for all cash sale. No one can get a loan in this area today. There are also costs to fully demolish and remove debris. It will take maybe 12-18 months to get utilities, do soil toxicity tests and start to get permit approvals. There are no utilities to the area at the moment. Only developers can afford to buy these properties. They need to see 20% profit after all expenses including holding costs. Whoever eventually buys the finished home may have issues getting fire insurance and a mortgage. I'll be doing statistics on pre post fire values for Palisades and maybe Altadena.
From the current MLS ad. "This piece of land, located in the highly sought-after Palisades Highlands area, offers a rare opportunity to create your dream property. While the land has been impacted by the recent Palisades fire, it presents a blank canvas for visionary buyers ready to reimagine its potential. Seller is looking for serious offers only so they can move on with their lives. With its unparalleled location and proximity to natural beauty, this property is ideal for those with the foresight to invest in and restore a prized piece of Los Angeles real estate. Don't miss the chance to bring new life to this remarkable location. Serious inquiries only, please."
Previous listing from 2005
Zillow chart. It's meaningless but fun to look at. Zestimate uses old asking list price as determinations of value. Doesn't matter if it doesn't sell at that price. It uses it as a base and adds appreciation to that value. That's where Zillow got $2.2M. It could have been worth more. The Zestimate is down now because of the new list price not because Zillow changed the value or algorithm.
Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.
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