Real estate trends in Los Angeles are like fashion: One day something's out of style, and the next day it's the best thing since sliced bread. For example, skinny jeans.
Los Angeles is an ever-evolving city with tons to offer, yet you need to know where to look. Whether you're interested in relocating to Los Angeles or you already live in the city and simply want a change, there are a few hot neighborhoods to keep your eyes on:
What was once a somewhat undesirable area with relatively inexpensive homes has turned into a hotspot, and is only going to grow. Downtown Culver City is flourishing with tons of new restaurants, bars and stores that attract people from all over Los Angeles. In fact, many of the restaurants in Culver City, such as Akasha Restaurant and Ford's Filling Station, are known throughout the country.
One of the best things about Culver City is that it's becoming, and will surely be, a major hub for public transportation in Los Angeles. The Expo Line opened its Culver City stop last month, which makes traveling to Downtown a breeze. By 2015, the Expo Line will snake through Culver City and go all the way to Santa Monica.
Miracle Mile spans a very small distance, and what makes the area appealing is not only what's inside the borders, but what's a few steps away. Miracle Mile was once an uneventful, old school neighborhood, yet it has made a 180 degree turn in the past fifteen years. After living in the area for 25 years, I've seen the transition firsthand.
The iconic May Co. building on the corner of Fairfax and Wilshire is now the Los Angeles County Museum of Art (LACMA), the huge open lot between the Farmers Market and Pan Pacific Park has become The Grove, and the Park La Brea apartment complex now draws a much younger crowd.
As far as the food scene goes, living in the Miracle Mile means you'll have access to more restaurants than you can imagine. 3rd Street between La Cienega and Fairfax is filled with restaurants ranging from my go-to breakfast and lunch spot, Toast, to A.O.C. Wine Bar and Restaurant. Whatever you're craving, you'll find it.
Home values in the Miracle Mile have skyrocketed, especially in the past seven to ten years, and will continue rise. There are still some smaller homes for sale, though many are being renovated. In fact, a plethora of older homes from the early 1900s have been knocked down and replaced with large two-story homes sporting over 3,500-square-feet.
Why move to the Miracle Mile? The area is safe, centrally located and exciting.
Located in a hilly area of Los Angeles east of Hollywood and northwest of Downtown, Silver Lake contains a wide variety of ethnic and socioeconomic groups. In recent years Silver Lake has become very popular due to gentrification, with people moving from all over Los Angeles to live in the area.
People are drawn to Silver Lake because of its artistic, eclectic vibe and excellent night life. Stop by The CheeseStore of Silver Lake for a quick nibble, pop into Cha Cha Lounge for some drinks and music, then finish the night with a hearty meal at The Red Lion Tavern.
When it comes to real estate, some parts of Silver Lake resemble the Hollywood Hills, just more eclectic and less lavish. And now that the neighborhood is popular, prices are going through the roof. In the past year, the median sales price increased by 15.5 percent and, according to Trulia, “The median sales price of $595,000 for Silver Lake is 85.94% higher than the median sales price for Los Angeles, CA.”
Homebuyers and real estate investors should keep their eyes on Culver City, the Miracle Mile and Silver Lake as demand shows no sign of letting up. With demand high and home values increasing, investments in these areas will flourish.
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