Following the devastating Pacific Palisades fire last month, renowned real estate agent Josh Altman has observed a surge in relocation inquiries from affected homeowners. Many displaced families are actively seeking new residences in seven key areas: Santa Monica, Brentwood, Beverly Hills, Lower Bel-Air, Newport Beach, Scottsdale, and Las Vegas.
In a recent interview with FOX Business, Altman revealed that he receives multiple calls daily from homeowners looking to secure properties in these locations. He emphasized that the demand for Santa Monica and Brentwood, in particular, has skyrocketed over the past month.
“It’s not just speculation—these are the deals that are actively closing. Santa Monica and Brentwood are the top choices, and I’ve been receiving consistent requests for properties in those areas all day, every day,” Altman stated.
Rising Real Estate Values and a Shifting Market
Altman noted that property values in these high-demand locations have seen an aggressive uptick, surpassing even the rapid growth observed during the post-COVID real estate boom. He described the market as entering uncharted territory, where traditional property comparisons (comps) are becoming obsolete.
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“Forget about comps—they don’t exist anymore unless they’re from this year. We’re in a completely new market, navigating a shift in real estate trends,” he explained.
Beyond Santa Monica and Brentwood, Altman highlighted Beverly Hills, Lower Bel-Air, Newport Beach, Scottsdale, and Las Vegas as additional hotspots attracting displaced Palisades residents. Newport Beach, in particular, has experienced a notable influx, with one public school reporting 76 new student applications from Los Angeles families within just 10 days.
Uncertainty Surrounding Permanent Relocations
While many homeowners are exploring these relocation options, Altman indicated that it remains uncertain whether these moves will be permanent. However, the desire for stability, particularly concerning children’s education, is a key factor driving families to establish themselves in new communities.
“When you have kids, you want stability. School locations are a top priority for parents. With uncertainty surrounding local school rebuilding efforts, many families are making long-term decisions for their children’s education,” Altman said.
Long-Term Impact on Pacific Palisades Real Estate
Altman predicts that a significant portion of the affected homeowners may never return. He estimates that around 70% of Palisades residents will relocate permanently, creating a new landscape for the local real estate market.
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“Pacific Palisades remains one of the most special places in the country, but we’re looking at a whole new market. Homeowners who choose not to rebuild will need to determine the value of their land and navigate offers once the current sale moratorium is lifted,” he added. “It’s still unclear how this will impact overall property values in the area, but initial expectations suggest they may be lower than anticipated.”
Palisades Fire Update
According to Cal Fire, the Pacific Palisades fire is now 95% contained as of February 5. The wildfire burned through 23,448 acres, destroying 6,831 structures and homes. Tragically, 12 people lost their lives, and four others sustained injuries.
As recovery efforts continue, the real estate market is adjusting to the long-term effects of the disaster, with many families seeking stability and new beginnings in neighboring cities.
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