Real estate mogul Barbara Corcoran has expressed confidence that residents of Pacific Palisades will return to rebuild after the recent California wildfires. During an appearance on Fox Business, Corcoran dismissed claims by celebrity real estate agent Josh Altman that up to 70% of residents would not return. “I’m hearing 100% are coming back,” she stated.
Corcoran, who lost her own $1 million trailer home in the fires, acknowledged the high costs associated with rebuilding. “They aren’t quite realistic about what the construction costs are going to be, which will be much, much higher,” she noted. She warned of a potential “reality check” for homeowners when they receive their rebuilding estimates.
Despite these challenges, Corcoran believes Los Angeles residents will proceed with reconstruction efforts. She praised California Governor Gavin Newsom for his executive order easing regulatory hurdles and noted support from President Trump: “Everybody’s working toward the same effort.”
Corcoran has not disclosed plans to rebuild her own property but emphasized community support through a GoFundMe campaign she initiated.
A study by UCLA economists estimated up to $164 billion in losses from the fires, which destroyed over 16,200 homes and businesses. The full cost of rebuilding remains uncertain but is expected to be substantial.
