Following the devastating wildfire in Pacific Palisades, LA real estate agent Josh Altman reports a surge in interest from displaced residents seeking homes in specific areas, including Santa Monica, Brentwood, Beverly Hills, and others. He details the unprecedented market conditions and the challenges of navigating this new landscape.
LA real estate agent Josh Altman is observing a significant surge in interest from displaced Pacific Palisades residents looking to relocate to seven specific areas following the devastating wildfire last month. During an interview with FOX Business, Altman revealed that he receives numerous daily calls from families seeking new homes in Santa Monica, Brentwood, Beverly Hills, Lower Bel-Air, Newport Beach, Scottsdale, and Las Vegas.
Altman emphasized that these are not just hypothetical locations but places where deals are actively closing. He highlighted the remarkable increase in property values, surpassing even the post-COVID real estate boom and the period of low interest rates. Altman also noted a shift in the real estate landscape, where comparable properties (comps) are no longer reliable indicators of value due to the unprecedented market conditions. He pinpointed Santa Monica and Brentwood as the top destinations, followed by Beverly Hills, Lower Bel-Air, Newport Beach, Scottsdale, and Las Vegas.Altman shared a story about a Newport Beach public school receiving 76 new applications from Los Angeles families displaced by the fire. While it remains unclear if these moves are permanent, Altman stressed that families are prioritizing stability, particularly for their children's education. He acknowledged the emotional attachment to the Pacific Palisades, describing it as a special place, and highlighted the challenges of navigating this new real estate market. Questions remain about the value of land for those who choose not to rebuild, the timing of sales closures, and the potential impact on overall property prices in the area
Pacific Palisades Fire Real Estate Relocation Market Trends Josh Altman Los Angeles
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