'Million Dollar Listing' star predicts that over 70% of Palisades residents will not return after the devastating LA fires.

Josh Altman, star of "Million Dollar Listing," predicts that the Pacific Palisades will never be the same because he believes the majority of families will not return.

In a recent interview with Planet Chronicle Digital, Altman discussed the impact of the Los Angeles fires on the residents of Southern California and what the future holds.

His insurance agent informed him that over 90% of these individuals are significantly underinsured.

Altman stated that approximately 65-70% of individuals do not return to the Palisades or Malibu. Based on his observations from receiving numerous calls, he noted that people are requesting listings and seeking advice on various neighborhoods.

Numerous individuals have contacted me expressing their desire to leave fire-prone areas, and it's important to recognize that this is not an isolated incident. Lightning strikes have occurred in the past, and it's possible they may occur again. However, I believe the primary reason for people's reluctance to go through the construction process is their limited capacity to handle it.

"The Palisades will continue to be a popular real estate area, a safe long-term investment, and a great place to live, but it will attract a new crowd."

Various insurance policies have caused people to become "fed up" with the drama.

"A lot of people who are fed up with California's insurance policies are talking about Orange County," Altman said.

Currently, there is a moratorium on insurance for any house within a 35-mile radius of a fire line where the fire was. This means that no insurance is happening in those areas, resulting in zero coverage. Additionally, premiums for individuals not in those areas are expected to increase.

"Given that you're heavily underinsured, how do you plan to rebuild a house at $1,000 a foot?" he inquired. "Unfortunately, it's not feasible. Therefore, you'll have to sell your land, receive your insurance settlement, and attempt to move on with your life while trying to recover as much as possible."

If they decide to remain, Altman predicts that it will take years to rebuild and the cost will be astronomical.

He emphasized the complexity of the home building process, stating that many individuals underestimate the time and effort required due to their lack of experience.

I don't see these houses in places like the Palisades or Altadena, and I don't think it will happen for three years. I believe it will take a year for everything to be cleaned up, and then the permit process will be fast-forwarded. Instead of another year for permits, it might only take a couple more months, but there's no way around a build process of two years.

"If you want to live in a neighborhood where the perfect build is not common, you need to consider the fact that it may take four to five years to complete. This is a realistic timeline, and it can be a problem because it's a long time to wait."

Since its start on January 7th, the Palisades Fire has resulted in 10 fatalities and has destroyed or damaged over 3,500 buildings. As of Friday, the fire was 31% contained and had burned 23,713 acres.