Not long ago, Silver Lake and following in its footsteps, Echo Park, were the up-and-coming neighborhoods of Los Angeles. Once established the focus moved to Highland Park and then Glassell Park. Now these areas are also starting to become more expensive with low inventory. Highland Park is already well into the phase of the resale of remodeled homes.
The median price for single family homes in Highland Park in 2013 was around $444K and it is now around $725K. The median price in Glassell Park, which started its gentrification a little after Highland Park, was around $545K in 2014, and it is now $764K.
El Sereno is another area which has seen revitalization over the past few years. The median price in 2014 was $380K, it is now $536K.
So where should we look next? Areas near Downtown L.A. are still benefitting from the continuing development taking place in the area with the proposed L.A. River Project which only adds to the attraction of surrounding neighborhoods. Right now eyes are on Cypress Park. It is at the foot of Mount Washington, and close to surrounding trendy areas. The median price is $649, however there is currently very little inventory.
City Terrace is another area to watch. Still under developed City Terrace does not have the trendy restaurants and shops but it is close to El Sereno and is a hillside neighborhood offering great views. The median price is $505K but, like Cypress Park, there is very little inventory.
One other area to consider is the City of Inglewood. Home of the new $2 billion NFL stadium which includes a shopping and entertainment development it is almost sure to attract buyers who are priced out of the high-priced Westside areas. Inglewood is close to freeways and main thoroughfares providing easy access to the Westside, and it is close to Los Angeles international airport. The Crenshaw/LAX metro line due to be completed in 2019 will make for an easy commute to the north and east. However, don’t count on the new stadium boosting home sales immediately. Read this Trulia study on the subject. Buying in Inglewood would be more of a long term investment opportunity. The reason to consider Inglewood is its affordability factor compared with the Westside. The median price is currently $556K.
One other area about which there has been gentrification talk, although there is a lot of push-back from local residents, is Boyle Heights, just east of Downtown, home of the famous Mariachi Plaza. Home prices are starting to rise here, a sign of what is to come. The median price in Boyle Heights is $403K.
Don’t wait to look to check these areas out. You need to buy while home prices are still reasonable.
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