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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00:00to the wildfires here and the recovery.
00:04And how will LA recover?
00:06What will it look like?
00:07What will the future Pacific Palisades look like?
00:10And who's going to live there?
00:11And Altadena, exactly.
00:12Who are going to be living in these communities?
00:14Will it be the same people who are there now?
00:17Or will it be a new influx of people?
00:19Because we've talked about this since last week.
00:24If you were so unfortunate to lose
00:26your house in these wildfires, do you
00:29want to go back to that same place?
00:32It is a decision that thousands of families
00:34are having to make right now.
00:36And it is a big decision for their realtors, who
00:39are going to be the ones who have
00:41to find either a new place for them
00:42or help them sell their property that was destroyed.
00:47And we got Josh Altman out.
00:49And he said that he has actually spoken
00:51to a lot of clients who've already made this decision.
00:55Here's what he told us.
00:56This is hard to say.
00:58I strongly believe that 50% of the people who
01:01lived in the Palisades are not going
01:03to be moving back to the Palisades.
01:04Why?
01:04Yeah.
01:05And honestly, that number wasn't as big last week in my mind.
01:10But after the phone calls that I've been getting,
01:12people who are moving to Brentwood, Santa Monica,
01:16Bel Air, Beverly Hills, those are
01:18going to be the markets that are going to go up,
01:20because people want to be as close to normalcy as possible.
01:24It's tough, because picture you living on a street.
01:27You're the first house finished.
01:28And every other house on the street is in construction.
01:31Yeah.
01:31Think about that.
01:32You don't want to do that.
01:33You want to wake up every single morning
01:35and be reminded of that?
01:36Right.
01:37I don't agree with him, because number one, maybe
01:40that person sells their house.
01:42But what about all the others that are rebuilding?
01:44Somebody is going to live in them.
01:45Why won't it be the people whose houses burned down?
01:49And the reason I think it will be for the most part
01:51is we have an experience here.
01:54Laguna Beach and Malibu both burned down in 1996.
01:58And it did rebuild.
02:00And a lot of those people were people who lost their homes
02:04and did it again.
02:05So I think it's way too early to assume
02:08that all these people are just going to sell
02:10the land and be done with it.
02:14There really is a sense of community,
02:16both in Pacific Palisades and Altadena, particularly.
02:20So I think it's just too early to know.
02:23But there is experience here.
02:25And the experiences, I think people have rebuilt.
02:27I think the experiences they've rebuilt,
02:29I think the wild card here is going
02:30to be the insurance companies.
02:32That is the wild card, absolutely.
02:35Yeah.
02:35Yeah.