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n the aftermath of the devastating Palisades fire, a charred lot in Pacific Palisades has become an unlikely hot commodity. The property, which was once valued at $2.7 million, is now in escrow for over $1 million after receiving more than 60 offers - all despite being listed for just $999,000.

    The seller, a widow nearing 70, made the difficult decision to sell rather than rebuild, citing insurance limitations and rising construction costs as major factors. "She has no interest in rebuilding or moving back," said listing agent Richard Schulman. "I can tell you that people selling are going to take a huge financial hit."

    The Palisades fire, which killed at least 29 people and destroyed over 12,000 homes, has left many residents reeling. With cleanup efforts underway, homeowners are scrambling to figure out their next moves - and some are taking a gamble on the devastated real estate market.

    A listing for another burned-out lot in Altadena described it as "a blank canvas for visionary buyers ready to reimagine its potential." The pitch worked, with one bidder expecting to build a luxury home and flip it for at least $3.2 million - despite some offers coming in as low as $600,000.

    Rebuilding costs are steep, thanks to stricter regulations, a contractor shortage, and high borrowing rates. Insurance coverage often falls short, leaving many homeowners underinsured. "Almost everyone in the Palisades is underinsured," said real estate agent Anthony Marguleas, who lost his own home in the fire.

    For those considering rebuilding, the road ahead is daunting - but for some, it's a chance to start anew. Jethro Rothe-Kushel, whose Altadena property burned down, has already purchased another home and is weighing whether to rebuild. "It's a crazy market," he said. "It was about finding certainty where there is none."

    Even as the dust settles, demand in the area remains sky-high. Schulman recently sold a home near the evacuation zone for $4.4 million - a staggering $1.1 million above asking price. "It's like TV show stuff, not real life," he said.