Celebrity Realtor Josh Altman Predicts Many Pacific Palisades Residents May Not Come Back After Fires

January 18, 2025 TruthUSA

The real estate specialist points to underinsurance and elevated rebuilding costs as significant influences on residents’ choices about whether to remain in the fire-stricken region.

Real estate agent and television personality Josh Altman has made a concerning forecast about the future of Pacific Palisades following the catastrophic wildfires that started on January 7.

In an interview with Fox News, the star of “Million Dollar Listing Los Angeles” suggested that a considerable number of residents might not return to the area, highlighting underinsurance and rebuilding challenges as primary reasons.

“I believe that 65 to 70 percent of the residents will not return to the Palisades or Malibu,” Altman remarked. “From the numerous calls I’ve received, people are asking me for listings and inquiring about different neighborhoods.”

Altman also observed that some homeowners are opting to entirely abandon fire-prone regions after experiencing multiple wildfires in the last few years. “I’ve been contacted by many individuals who simply do not wish to reside in fire areas any longer,” he stated. “We must recognize that there have been multiple fires … Will lightning strike twice? It’s bound to happen again.”

The wildfires have caused widespread destruction of homes and displaced thousands in the wealthy Pacific Palisades community. Altman pointed out that a significant obstacle to rebuilding is the fact that many homeowners are “severely underinsured”—a fact that, according to his insurance agent, applies to at least 90 percent of residents in the area.

In a conversation with TMZ, Altman forecasted that instead of coming back to the Palisades, residents are likely to move to nearby regions such as Santa Monica, Brentwood, Beverly Hills, and Bel Air.

“Individuals are relocating to Brentwood, Santa Monica, Bel Air, and Beverly Hills. Those markets are expected to rise because people seek to get as close to normalcy as possible,” he explained. “That’s where they’ll be heading.”

Altman mentioned that the process of rebuilding the neighborhoods affected by the fires will be lengthy.

“It’s challenging because, imagine living on a street where you are the only house completed, and every other house is still under construction,” he commented. “That’s not an ideal situation.”

“People are actively trying to sell their land, knowing they won’t be returning, to home builders who will then construct their homes, which they may either occupy or sell,” he added.

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