1776Reporting
The Pacific Palisades, a picturesque community in Los Angeles, may face a dramatic shift in its population after the recent devastating fires. According to Josh Altman, a real estate expert and star of “Million Dollar Listing,” the area might never look the same again.
In an interview with Fox News Digital, Altman shared a bleak outlook for the recovery process. “I think 65-70% 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 noted that repeated fires and insurance struggles are pushing families to move elsewhere. Many are unwilling to face the stress of rebuilding in a high-risk fire zone. “You have to realize there have been multiple fires,” he explained. “Is lightning going to strike twice? It’s going to happen again. … Most people just don’t have the bandwidth to go through a build process.”
Insurance Woes Add to the Problem
One of the most significant hurdles for residents is the challenge of insurance. Altman revealed that “90-plus percent of these people are heavily underinsured.” For homeowners affected by the fires, rebuilding their properties could be an impossible task. “How are you going to rebuild a house at $1,000 a foot when you’re heavily underinsured?” Altman asked. “It’s not happening. So, you’re going to end up selling your land, getting your insurance company check, and trying to move on with your life.”
Compounding the issue is a moratorium on insurance policies for homes within a 35-mile radius of the fire line. This restriction leaves many properties uninsured, while premiums for homes outside these zones are skyrocketing. “People are fed up,” Altman said. “The drama with the insurance policies is pushing them to look at other areas, like Orange County.”
A Long and Costly Recovery
For the determined few who stay, the road to recovery will be long and expensive. Altman predicted it could take years to rebuild the area. “Most people haven’t built homes in their lives, so they probably assume it’s a lot easier and quicker than it is,” he said. “It’s a very difficult process, especially in a place like California. … There’s no quick way to do it.”
He estimates that it could take a year just to clean up the damage and months to fast-track the permitting process. Even with accelerated permits, the actual construction process could take two more years. “You have to assume it’s going to be four to five years,” Altman added. “That’s the realistic timeline on this.”
A Changing Community
While the Pacific Palisades and Malibu remain desirable areas near the beach with vibrant communities, Altman believes the fires will attract a new wave of residents. “I see a whole new crowd without question,” he said. “The Palisades will continue to be one of the hottest areas in real estate, one of the safest long-term investments, but it’s going to be a totally new crowd, in my opinion.”
As of Friday, the Palisades Fire was 31% contained, having burned over 23,000 acres. Tragically, ten lives were lost, and more than 3,500 buildings were damaged or destroyed.
The Emotional Toll
For many, the emotional toll of staying outweighs the cost of leaving. “I’ve gotten calls from many people who just don’t want to be in fire areas anymore,” Altman said. While rebuilding might seem like an option, the psychological and financial burdens are prompting many to seek a fresh start in safer communities.
The future of the Pacific Palisades remains uncertain, but one thing is clear: recovery will take time, effort, and resilience. Whether or not families return, the area’s charm and allure will likely endure, even as it transforms into something new.
GIPHY App Key not set. Please check settings