(NewsNation) — As Los Angeles residents recover from wildfires, house-hunting in many of the communities affected by the fires is reportedly surging.
Dozens of listings in Pacific Palisades and Altadena for scorched plots of land, have hit the market and are selling above expectations, The Wall Street Journal reported.
"All of a sudden, the floodgates are opening,” Anthony Marguleas, founder of the Palisades real estate agency Amalfi Estates, told the Journal.
At first, some listings sold at slight discounts to their pre-fire valuations, according to the report. However, land sellers are now asking for roughly the same value, or higher than, their land's estimated pre-fire price.
According to the WSJ, brokers estimate that plot of land is worth 40% to 60% of a property’s overall value in Los Angeles, though the precise estimate varies based on the location and size of the parcel.