Celebrity Realtor Josh Altman Says Half Of Palisades Residents Won't Move Back After Fire

As the Los Angeles County Palisades Fire remains largely uncontained, a well-known real estate figure in the city speculated about Pacific Palisades’ real estate future.

Celebrity realtor Josh Altman told TMZ on Thursday that he expects around half of Palisades residents to move elsewhere in the coming years. Altman says former residents “seeking normalcy” will move to Brentwood, Santa Monica and Beverly Hills. Santa Monica was also evacuated due to the fires.

Altman said his clients are interested in moving either south to Orange County or out of the state entirely.

The Million Dollar Listing star says real estate activity has picked up from homeowners seeking to sell their land.

“I’m negotiating almost a dozen deals right now on land in the Palisades,” Altman said. “People are already trying to sell their dirt, knowing that they’re not going to go back there, to homebuilders that will then build their house and either keep it or sell it.”

As a prominent real estate agent, Altman directly profits from real estate transactions. That includes the sale of properties in areas affected by the fire. His statements about the future of the Pacific Palisades market and the motivations of homeowners to sell could influence market perceptions and drive behavior that benefits his business.

Some Palisades residents told ABC News that they plan to rebuild their homes. They estimate that it’ll be a year before they’re able to move back. But Altman estimated that rebuilding efforts could take up to four or five years.

As of Friday, the Palisades fire is 31% contained. Nearly 24,000 acres were burned, according to the Los Angeles Times.

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