The Pacific Palisades and Malibu neighborhoods, known for their luxury homes and stunning views, are facing a significant transformation in the wake of devastating wildfires. Celebrity realtor and Million Dollar Listing star Josh Altman recently shared his insights on the long-term impact of the disaster, predicting that more than half of the displaced residents may not return to their fire-prone communities.
Most Residents May Not Return to Palisades
In an interview with Fox News, Josh Altman revealed his belief that “65-70% of the people do not go back to the Palisades or Malibu.” The primary reason for this exodus, he explained, is the financial burden faced by many residents. “90-plus percent of these people are heavily underinsured,” Altman stated, highlighting the challenges of rebuilding homes and lives in areas that are prone to such disasters.
Altman has been receiving calls from displaced residents seeking alternative housing options. “I’ve gotten calls from many people who just don’t want to be in fire areas anymore,” he said, underscoring the growing reluctance to risk living in regions susceptible to wildfires.
Emotional and Practical Challenges in Rebuilding of Palisades
For many residents, the idea of starting over is overwhelming. Altman noted that the repeated nature of these disasters plays a significant role in their decisions. “You have to realize there have been multiple fires. … Is lightning going to strike twice? It’s going to happen again,” he remarked.
He added that for most people, the thought of navigating the lengthy and complex process of rebuilding is daunting. “Most people just don’t have the bandwidth to go through a build process. That’s going to be a more determining factor,” Altman explained.
A Changing Demographic in Pacific Palisades
While Altman predicts that many of the original residents will not return, he is confident that the Pacific Palisades will remain a desirable area. “The Palisades is and will continue to be one of the hottest areas in real estate, one of the safest long-term investments, one of the greatest places to live,” he said.
Despite the challenges posed by wildfires, Altman believes the neighborhood’s prime location near the beach and its strong community appeal will attract new residents. “It will all come back. It’s just going to be a totally new crowd, in my opinion,” he added.
Altman emphasized that, despite the devastation, the Pacific Palisades remains a coveted real estate market. He referred to it as “one of the safest long-term investments” in Los Angeles. The allure of living near the ocean, combined with the area’s amenities and prestige, ensures that the neighborhood will bounce back, albeit with a different demographic.