Before I get into all the benefits of purchasing in Inglewood, Ca, allow me to address your burning questions about those insane appreciation rates! Yes, despite a nationwide downturn in the housing market, Inglewood appreciation rates are among the highest at 7.81%. That is higher than 85% of US cities and towns. Why? Location and the fact that neighborhoods are near shopping, green spaces and social event activities are among the most stable in which to settle. That is not Inglewood today, I know, but it is coming.
The Los Angeles Stadium at Hollywood Park, new home of the LA Rams (set for completion by the 2019-2020 season) promises an infusion of investment in nearby retail and residential activity. The likelihood that Metro will add an extension to the light rail system, providing stadium access, is great. Existing plans to further reduce congestion and increase walkability are strong indicators of transition.
Inglewood has its cultural challenges, but smart buyers and savvy investors understand the value of purchasing the worst house on the block.
Very much like compact east coast cities, housing here is ideal for creating mixed-use living space with bustling business, arts and entertainment centers. The expansive apartment complexes and large apartment buildings support an organic evolution of green-living in the area. Single-family homes are reasonable in size and price, averaging in the mid - $400s. Development of the nearby City of Champions neighborhood is appealing to the influx of trendy urbanites already showing up—spill over from the burgeoning “Silicon South” tech boon. Easier access, via transportation, to destinations like LAX, DTLA, WeHo and Hollywood is another draw for this group. Coupled with the sustained appreciation in surrounding areas like Playa Vista, Westchester, Baldwin Hills and Ladera Heights, the future City of Inglewood will finally complete the regional transformation in South LA.
Spend a day in Leimert Park. You will see something unique, hear something rhythmic, smell some sensational, feel something rich…you will fall in love. Consider the incredible transit and commercial activity on the horizon, and you will look seriously at the housing inventory. Its famously passionate home owners are vigilant about preserving the history and charm of their South LA community. The lawns are manicured and meticulously landscaped. The streets lined with magnolia, palm, eucalyptus, maple and pine trees provides suburban comfort for anyone seeking it. The Spanish colonial homes built in the 1920s & 1930s have great character and bones as well as the Art Deco apartment buildings scattered about—everything you want in a planned community equal distance from Beverly Hills and the beach.
Looking beyond the beauty and nostalgia, Leimert Park is an emerging hotspot today due to the imminent groundswell of commercial and pedestrian activity. When the Leimert Park Village station opens in 2019, one of 12 stops connecting the Metro Expo Line at Crenshaw and Exposition Boulevards to the Metro Green Line near Interstate 105; travel between LAX, Downtown, Hollywood and other areas throughout will make this now beloved location even more desirable. Planned community improvements such as adding bike paths and connecting walkable spaces will transform the neighborhood further, as housing prices increase. Joint development built on Metro-owned properties with mixed-use residential and retail space will impact comparables and drive turnover.
Now, as your expert in all Real Estate matters related to emerging locations, let us revisit the theme of Buying smart in LA.
A neighborhood like this with traditionally low housing inventory, proximity to prime locations, on the brink of a long awaited, operational public transit system, is definitely one to watch. If you are actively in the market to purchase a home, then I strongly encourage you to take a closer look. Spend the day in Leimert Park. Visit the local Farmers’ Market on Saturdays, watch Capoeira practice in front of the Vision Theater, appreciate the murals, support the vendors, take in the public art…be moved by the Sunday morning drum circles.
We’ve all heard the saying work smarter, not harder. Well in an explosive real estate market like Los Angeles, the process is hard no matter how smart you are. When purchasing a home or investment property, timing is everything. New development, planned projects and real estate cycles impact home prices in dynamic ways. To gain a clearer perspective, I’ve recently knocked on few doors in some of LA’s newest emerging markets. Below is a snapshot on the next wave of neighborhoods trending toward major revitalization in Los Angeles.
For your family, a home with character, walkability and affordability is surely ideal. Or you may be seeking a quick return on an investment property. Call me today! I am here to help make smart real estate decisions a bit easier for you.
East Los Angeles is the embodiment of rich culture and among the nation’s most historic, thriving immigrant communities. Predominantly Mexican-American, this insulated nook in the heart of the City has maintained low rents and housing prices have remained comparatively low for decades. But the nearby LA River Revitalization project buttressed by the DTLA development sprawl forecasts changes ahead and opportunity for discerning prospects.
Switching locations and cultural gears to Hollywood, here you will find the properties more eclectic and unique. Depending upon your lifestyle, this may or may not be the location of your dream home. The traffic and high-volume of renters tends to turn off most single-family home buyers, but think of the access and connectivity at least for now. Investors, this is a great location to purchase a small commercial property for long-term residuals. Finally, you may get a break on paying the higher Silver Lake prices for a similar lot.
Today, the Metro Expo Line takes passengers from USC to Santa Monica. Angeleos anxiously anticipate expansion. Real Estate breadcrumbs lead cost-conscious buyers priced out of the adjacent areas to Jefferson Park and West Adams. This area works for many busy professionals who frequently travel between Downtown and the Westside. Once the driving and congestion is streamlined, even better.
Moving further west to South LA /Crenshaw, we find an area that is equally desirable because of location and on the brink of major revitalization. The excitement of construction on the Crenshaw/LAX Line, which is projected to be completed by 2019, brings massive development to the neighborhood. The line will transport riders from just below Leimert Park Village to LAX and other areas including Downtown to West Hollywood. Home prices are still relatively low but steadily rising.
Inglewood will be home of the new 80,000 spectator NFL football stadium set to host both the Los Angeles Rams and Los Angeles Chargers by the 2019-2020 season. The stadium design incorporates mixed-use commercial & entertainment space as well as a housing development named City of Champions. The expansion of the Metro light railway to this area further supports a high-transit population as does proximity to the 405 and 105 freeways. Homes prices in the area are currently below the city average but changes are occurring rapidly.
This is just a snapshot, but hopefully a useful guide on your real estate journey.
Crissi Avila will teach you how to buy smart. We’ll look at location, development, and turnover so you can spot opportunities long before most even start considering them.