‘Million Dollar Listing’ star says up to 70% of Palisades residents won’t return after devastating LA fires
“Million Dollar Listing” star. Josh Altman he predicts Pacific Palisades will never be the same because he doesn’t expect most families to return.
In a new interview with Fox News Digital, Altman explained how Fires in Los Angeles affected the residents of the Southern California town and what the future looks like.
He says his insurance agent told him “more than 90 percent of those people are severely underinsured.”
Altman added, “I think 65-70% of people don’t come back to the Palisades or Malibu. I can just tell you from all these calls that I get places where people ask me to send them lists and talk to them about different neighborhoods.
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“Millions Dollar Listing” star Josh Altman said 90% of the people who lost their homes in the Pacific Palisades fire were “severely underinsured.” (Gabe Ginsberg/Getty Images)
“I’ve gotten calls from a lot of people who just don’t want to be in fire areas anymore,” he continued. “You have to understand that there have been multiple fires. … Will lightning strike twice? It’s going to happen again. … So, you know, I think it’s more that most people just don’t have the bandwidth to go through the construction process is going to be more of a deciding factor.
“I just don’t see people coming back there. I see a whole new crowd without question. So don’t get me wrong. The Palisades is and will be one of the most sought-after areas in real estate, one of the safest long-term investments, one of the best places to live, in near the beach, near the water, but also, it’s all going to come back, it’s going to be a whole new crowd in my opinion.”
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Altman predicts that most families will not return to Pacific Palisades after the fire destroys LA. (David Hume Kennerly/Getty Images)
In addition, Altman said that people are “fed up” with the drama various insurance policies.
“The other thing that I see a lot … is a lot of people who are fed up with what’s going on with [insurance] policies that can’t leave California are talking about Orange County,” Altman said.
“Right now there’s a moratorium on insurance for any house within a 35-mile radius of the fire line where the fire started, so that’s a lot of houses. So there’s no insurance in those areas right now — zero. And then the rest of the people who aren’t in those areas, premiums will go up.
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As of Friday, the Pacific Palisades fire is 31% contained. 23,713 hectares were burned. (Tiffany Rose/Getty Images)
“That being said, how are you going to renovate a house for $1,000 a foot when you’re severely underinsured?” he continued. “That’s not happening. So you’re going to end up selling your land, you’re going to get a check from the insurance company and you’re going to try to get on with your life and try to pay back as much as you possibly can.”
For those who choose to stay, Altman predicts that rebuilding will take years and the cost will be astronomical.
“People need to understand the construction process,” he said. “Most people haven’t built homes in their lives, so they probably assume it’s a lot easier and a lot faster than it is. … It’s a very difficult process, especially in a place like California. There’s no cutting corners. There’s no quick way to do it. .
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Multiple deaths have been reported since the Palisades fire broke out on Jan. 7. (Jill Connelly/Bloomberg via Getty Images)
“I don’t see these houses in places like the Palisades or Altadena — I don’t see that happening for three years,” he continued. “I think it’s going to be a year until it’s all cleaned up. Then they’re going to speed up the permitting process from what I hear. So instead of another year for permits, it might take a few more months, but there’s no way around the two-year construction process .
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“And then you have to consider the fact that, do you want to live in a neighborhood where, if you built it perfectly, most people aren’t going to be that fast? So you have to assume it’s going to be four to five years,” he added. “That’s a realistic time frame for this. And that’s why it’s going to be a problem, because it’s a very long time.”
As of Friday, the Palisades Fire is 31% contained and has burned 23,713 acres. Ten deaths have been reported in the Palisades Fire since it ignited on January 7, with more than 3,500 buildings destroyed or damaged.
