Real estate agent and TV personality Josh Altman has shared a stark projection about the future of the Pacific Palisades following the devastating wildfires that began on Jan. 7.
“I think 65 to 70 percent of the people do not go back to the Palisades or Malibu,” Altman said. “I can just tell you from gauging all these calls that I’m getting, where people are asking me to send them listings and talk to them about different neighborhoods.”
Altman also noted that some residents are choosing to leave fire-prone areas entirely after enduring multiple wildfires in recent years. “I’ve gotten calls from many people who just don’t want to be in fire areas anymore,” he continued. “You have to realize there have been multiple fires … Is lightning going to strike twice? It’s going to happen again.”
The fires have destroyed homes and displaced thousands of residents in the affluent Pacific Palisades area. According to Altman, a significant barrier to rebuilding is that many homeowners are “heavily underinsured”—a reality that his insurance agent said applies to at least 90 percent of residents in the area.
“People who are moving to Brentwood, Santa Monica, Bel Air, Beverly Hills. Those are going to be the markets that are going to go up because people want to be as close to normalcy as possible,” he said. “That’s where they’re going to move.”
Altman said rebuilding the entire neighborhoods that were devastated by the fires will be a lengthy process.
“It’s tough because, picture, you’re living on a street, you’re the first house finished, and every other house on the street is in construction,” he said. “You don’t want to do that.
“People are already trying to sell their dirt knowing that they’re not going to go back there to home builders that will then build their house and either keep it or sell it,” he continued.
