December 17, 2015
The Gentrification of Inglewood Could Be on the Way
Inglewood as a Destination
If you were to ask most residents of the LA basin to give an opinion about Inglewood, the response would not be a favorable one. But for a host of reasons, that may be about to change.
Westchester home market is hot and there isn’t much room left
As Silicone Beach, that area of West LA from Santa Monica to Manhattan Beach, pushes East, there are very few affordable places left. The high tech crowd is moving in, and they have the money to pay for the expensive property West of the 405.
Playa Vista is almost fully built out. Culver City is expensive. Westchester to the West of Sepulveda is prime. Westchester East of Sepulveda is seeing 1500 square foot homes turning into McMansions. Ladera Heights is very expensive. For those priced out of all of these areas, the next most likely place to gentrify is Inglewood and the La Brea corridor.
The area along Fairview and West of LaBrea is already nice and getting nicer. The push is likely to go South and East where there are plenty of older homes and apartments just ripe for facelifts and remodels to condos.
The Airport expansion could affect the south section of Inglewood
By 2023, the airport will have expanded out to the 405 freeway along Century and adjoining east/west roads. This should create a demand for hotels and other travel friendly businesses to set up across the 405 to the other side of Century. Manchester could also get spillover.
The Rams effect
The biggest local news of 2016 is the return of the Rams to LA. The facility being created at Century and Prairie was chosen because Rams owner Kroenke saw gentrification happening in the neighborhood. Target, Costco, Starbucks and others have come to town. The Forum has enjoyed a complete overhaul, and is now the largest venue of its kind in California.
Studies on the effect of stadiums coming to town are all over the place. However, this project is about way more than a stadium. The project will include restaurants, mixed-use buildings and more. There seems to be little question that there will be demand for some additional hotels, restaurants and other facilities in the area.
Twenty years ago no one predicted gang ridden Mar Vista and the wasteland called Venice would revive. The reasons for Inglewood are the same. No more room for the folks who have the money for million dollar homes.
If you would be interested in purchasing property in one of these areas or anywhere on the Westside, contact an experienced professional realtor like Belle Tsai. She can help you locate the perfect property and then negotiate the best possible deal. Call Belle today at 310.738.7118