Southwest LA is Happening: Neighborhood Experiences High Housing Demand and Commercial Investmentsby Lorin Ruttenberg on July 19, 2012
I have recently listed and sold within a week a remodeled property in Leimert Park neighborhood, located in Southwest Los Angeles. The neighborhoods that comprise Southwest L.A. are Baldwin Hills, Leimert Park, View Park, Windsor Hills and Ladera Heights. Alls of these areas have their own individual flair. The commonality is that these neighborhoods are all on fire. Whenever we list something in the area it sells within mere weeks. Often when we sell something to a buyer it goes in multiple offers.
Why are these neighborhoods so in-demand? First, they’re a lot more affordable than the Westside and in terms of location they’re right in the middle of the city, close to all. Second, there is a lot of pristine architecture in these spots ranging from 1930’s Spanish and Tudor homes to the classic 1960’s Mid-Century Modern. Third, there is a lot of money pouring in and development going on in Southwest L.A. on a large commercial scale and also on the level of individual homes being rehabbed and sold.
On the commercial level there is a huge area just West of Crenshaw off of King Boulevard that will be the new home of a Kaiser facility and an open-air shopping plaza. One of the hottest restaurants in town, Post & Beam opened up right in the area recently. The food is delicious, the atmosphere is laid back chic and the place is always packed, which speaks to the demand in the area.
In terms of residential real estate when comparing the fist half of 2012 with the first half of 2011 sales volume has increased by 25% this year over last. In 2011 there were 7 homes that were sold that had been rehabbed and flipped with the express intention of doing just that. The prices ranged from the mid 500’s to the low 800’s. So far this year, which is only half over, 7 rehabbed properties have already been sold ranging from the mid 500’s to the mid 700’s. And, there more are in escrow that will close and more that will be coming on the market.
If you’re looking for a beautiful home that’s reasonably priced and centrally located, the cat’s out of the bag – Southwest LA is where it’s at.
What do you think of this neighborhood? Please share your thoughts and leave your comments below.