Josh Altman is predicting at least half the people who lost their homes in the Pacific Palisades won't rebuild there ... but they won't be moving far.
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00:00What's the vibe like, obviously you've said you've lost, you've had friends that have
00:05lost homes in the Palisades.
00:06What's the vibe like, do they want to move back to the Palisades?
00:10Are they considering moving elsewhere?
00:13Do they?
00:14Yeah, so that's a great question.
00:16Look, this is hard to say, I strongly believe that 50% of the people who lived in the Palisades
00:22are not going to be moving back to the Palisades.
00:25Why?
00:26Yeah.
00:27I don't know if it was as big last week in my mind, but after the phone calls that I've
00:32been getting, people who are moving to Brentwood, Santa Monica, Bel Air, Beverly Hills, those
00:38are going to be the markets that are going to go up because people want to be as close
00:42to normalcy as possible.
00:44And those are those towns right around the Palisades.
00:47Those are going to go up, that market, that's where they're going to move.
00:51It's going to be too long.
00:52You got to realize the Palisades is the all American town, right?
00:55The families are running around.
00:57It's like what you picture towns in movies that we used to watch.
01:01These kids that are five years old right now that live in the Palisades and go to school,
01:05there's a chance that if things don't move fast, it could be four to five years before
01:08they're back there.
01:09These kids are now 10, they're going to different schools, different lives now, you know?
01:13So it's tough because picture you living on a street, you're the first house finished
01:20and every other house on the street is in construction.
01:23Think about that.
01:24You don't want to do that.
01:25You don't want to wake up every single morning and be reminded of that.
01:28Right, it's traumatic.
01:29I'm negotiating almost a dozen deals right now on land in the Palisades, much faster
01:35than I ever thought I would be doing.
01:37People are already trying to sell their dirt knowing that they're not going to go back
01:42there to home builders that will then build their house and either keep it or sell it.
01:47So who's, because obviously some people with the Woosley fire, this could be their second
01:52time rebuilding with Malibu and stuff like that.
01:55Who's going to move to the Palisades or are we going to see that city kind of end?
01:59The calls that I've got have been across the board of, I'm 70 years old, I just evacuated
02:06for my last time, I'm out.
02:08I'm never going back.
02:09Where are they going?
02:10Okay, that was the Palisades.
02:11So they're either going locally or because of, you know, they're fed up with the regulations
02:15and government, they're out.
02:17California.
02:18California.
02:19And if they're not and they're out of LA, they're going out to Newport Beach.
02:21Oh, interesting.
02:22We're getting a huge amount of calls from people who want to move down to Orange County.
02:25Really?
02:26Yeah.
02:27Majority of the people, unfortunately, because I've been on the phone with my insurance agent
02:31for hours every day, majority of the people were heavily uninsured and that's an issue.
02:38And that's why they're not going to go back to the Palisades because in order to recreate
02:42the house that they lived in, their dream house, they're not going to be able to afford
02:47it.
02:48And that's just the horrible thing.