Celebrity real estate agent Josh Altman reveals a surge in inquiries from displaced Pacific Palisades residents seeking homes in Santa Monica, Brentwood, Beverly Hills, Lower Bel-Air, Newport Beach, Scottsdale, and Las Vegas. Altman predicts 70% of residents will not return, leading to a new market dynamic.
Celebrity real estate agent Josh Altman is witnessing a significant surge in inquiries from residents displaced by the devastating Pacific Palisades fire last month. In an interview with FOX Business, Altman revealed that he receives numerous daily calls from families seeking relocation to specific areas. Altman pinpointed seven primary destinations for these displaced residents: Santa Monica, Brentwood, Beverly Hills, Lower Bel-Air, Newport Beach, Scottsdale, and Las Vegas.
He emphasized that these aren't speculative trends but substantiated by closed deals. Santa Monica and Brentwood top the list, with constant requests flooding his office every day for the past month. The market surge, he explained, surpasses even the post-COVID boom and the frenzy witnessed when interest rates hovered at 2%. Altman further highlighted the dramatic shift in real estate dynamics. Traditional comparative market analyses (CMAs) are rendered obsolete, as recent sales dictate current valuations. He noted that families are prioritizing stability for their children, with some even considering permanent moves. Altman cited an anecdote about a Newport Beach public school receiving 76 applications from displaced Los Angeles families in just ten days. While the long-term impact of these moves remains uncertain, he stressed the paramount importance of schools for families making these decisions. The realtor also believes that 70% of Palisades residents will not return after the fires, leading to a new market dynamic. He posed several questions regarding the valuation of land not intended for rebuilding and the impact of the sales moratorium on the overall market. Altman concluded by acknowledging the potential for lower-than-anticipated sales prices in the affected area. Cal Fire reported that the Palisades Fire was 95% contained as of February 5th, having scorched 23,448 acres, destroyed 6,831 structures, and tragically claimed 12 lives with four injuries
PACIFIC PALISADES FIRE REAL ESTATE DISPLACED RESIDENTS JOSH ALTMAN HOUSES FOR SALE CALIFORNIA WILDFIRE HOUSING MARKET
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