The recent devastating wildfires in Los Angeles County have sparked speculation that affected residents may flock to Orange County’s luxury housing market. According to NBC News, some real estate experts in OC report a surge in both short-term and long-term rental demand.
One example cited by the outlet highlights a five-bedroom home in the Port Streets neighborhood of Newport Beach. This property, listed at $19,500 per month since October last year, had received minimal interest until the Pacific Palisades wildfire broke out. Since the fire, inquiries and tour requests have surged, with the agent showing the property three to five times daily.
Many wildfire victims seeking housing are retirees aiming to settle temporarily or permanently in areas with similar living conditions. While these families prioritize proximity to their previous lifestyle, some are simply looking for a safe and comfortable place to regroup after losing everything in the fire.
Experts attribute this migration to victims wanting to stay close to relatives or friends. Families who lost their homes are prioritizing interim housing where they can recover emotionally and reassess their future plans. Alex Jang, branch manager at New Star Realty in Fullerton, noted that many displaced residents seek short-term leases near familiar faces to regain a sense of stability.
However, this influx of wildfire victims is expected to place additional strain on an already tight housing market. Some areas in Orange County are predicted to face intensified housing shortages as demand outpaces supply. With limited inventory, local markets may struggle to accommodate the surge in interest from displaced families.
Fortunately, reports indicate that Korean households have not been significantly affected by the wildfires, suggesting minimal changes in Korean-majority cities. Jin Hong, president of the Korean Real Estate Brokers Association of Southern California, stated that the wildfire’s impact on Korean real estate demand has been negligible so far. He added that Pacific Palisades victims are more likely to relocate north to areas like Porter Ranch and the Valley, or south to Newport Beach and Irvine.
As displaced residents navigate their options, the ripple effects of this disaster may continue to shape housing markets across Southern California.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
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