Josh Altman Predicts Majority of Pacific Palisades Residents Won’t Return After Wildfires

Josh Altman, a top real estate agent and star of Million Dollar Listing, weighed in on the future of Pacific Palisades after the recent devastating wildfires. Speaking to Fox News, Altman said he believes that more than half of the residents displaced by the fires will not return to the upscale Los Angeles neighborhood.

Wildfires Lead to Reluctance to Return

Altman believes that about 65-70% of the displaced residents will not return to their homes. He said that most of the homeowners in these areas are “heavily underinsured,” which makes it hard for them to rebuild after the fires. Altman has received many calls from affected residents asking for listings in safer neighborhoods, which indicates that a large number of people want to leave fire-prone areas for good.

Concerns Over Rebuilding and Future Fires

Altman described that for a lot of locals, the most significant concern about wildfire is the prospect of wildfires receding only to return. “You have to realize there have been multiple fires. Is lightning going to strike twice? It’s going to happen again,” he said, insisting that the psychological pressure of reconstruction after another catastrophe is too high for some residents to endure. He believes many residents simply do not have the “bandwidth” to go through the process of rebuilding their homes in an area that remains at risk of future fires.

New Crowd for Pacific Palisades

Whereas Altman predicts that many displaced residents will not return, he is optimistic about the future of Pacific Palisades in terms of real estate. He believes the neighborhood, still one of the most desirable in Los Angeles, will attract a new group of buyers. “The Palisades is and will continue to be one of the hottest areas in real estate,” Altman stated, pointing out that the neighborhood was located close to the beach, had a tight-knit community, and enjoyed stunning natural beauty.

While the prior residents may not come back, Altman thinks it will still be the area that best fits what homebuyers desire. “It’ll all come back. It’s just going to be a new crowd,” he added. However, the influx of newcomers could change the demographic makeup. Demand for homes in the Pacific Palisades should stay high, however.

Altman said that Palisades is also one of the safest long-term real estate investments in Los Angeles. Despite all the recent fires, the appeal of this location and the perks it offers remain an attractive alternative for a potential buyer seeking luxurious homes by the beach. Indeed, current residents would be displaced but Altman considers that the name of the place and its attraction as real estate will last a lifetime.

In conclusion, the recent wildfires may have interrupted many residents’ lives in Pacific Palisades, but Josh Altman remains positive about the neighborhood’s future. He believes that while many of them may not come back, soon enough, there will be a new crowd taking their place and keeping the area one of the most sought-after real estate markets in Los Angeles.