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.