There was a time when Melrose was considered questionable at best and look at it 20 years later.
One has to see the Trends which direction is becoming "trendy" and if you are willing to take advantage of being a "trend setter" then you buy ahead of the curve.
If your tolerance level is not as open, then you wait and pay a premium for those areas that "become and are trendy".... There was a time when South of Olympic was questionable too to potentially confused people
On a side note Fred Sands Realtors, one of the boutique real estate companies of 15-20 years ago had an office on Sunset Blvd the "cool, hip, trendy sunset strip" and next door was a strip club and hundreds of million dollars worth of sales took place from the office. I remember Ben Affleck stoping in and looking at listings on the computer in the office
And let's not forget that all this development simply means more revenue for the city. So there is encouragement as well as a need from both sides.
Plant your roots soon as the pricing as well as interest rates are very appealing right now!
Collen & Ivan
Hollywood Real Estate Agents
The trend is for gentrification eastward in Los Angeles. We are running out of affordable housing and as you know...the closer to the ocean you get, the more expensive it is.
Since I work with developers in the Commercial side of Real Estate, I can tell you that interest is high. The only thing that is keeping more projects from being built right now is the current economy.
Nobody has a crystal ball, but this one's kind of a no-brainer. Yes, absolutely, don't think twice.
I think that there are a number of great Metro L.A. neighborhoods that are in a great position for appreciation over the next 10 or 20 years. The L.A. Basin will probably continue to go high rent from the beach to Downtown between the Hollywood Hills and the LAX glide path.
To the east, the areas around USC will keep developing, Koreatown will continue its spectacular growth, and investors and young familys will take advantage of good deals on investment properties and homes from the east end of Hollywood to Downtown along the 101 Freeway.
To the south, Baldwin Hills and Crenshaw probably offer the best opportunity for beautiful single family homes in suburban neigborhood at half the price of Cheviot Hills and West L.A.. The neighborhoods just south and east of Picfair (Pico & Fairfax) aslo offer a a number of opportunities along these lines.
Finally, Mar Vista & Palms offer some surprisingly good deals for homes on the Westside right now.
West Hollywood... you're probably paying too much already. If you can get a deal, take it.
I wrote a blog last year that talks more about some of these other neighborhoods. The link is posted below. You can also check out hundreds of properties for sale in these areas on my website. Best of Luck.
I think that's a great area to buy a property. I don't know yet what the plans are for the TJ's but with the West Hollywood Gateway I think I think it's an excellent place to consider. If I were you I would attend the West Hollywood board meetings as they discuss many of the developments seeking approval in West Hollywood. If you want more info regarding those meetings, please let me know. The area again is only going to get better and if you can't afford West of Fairfax East of Fairfax is a great option. For the moment if you can swing West of La Brea I would focus on that area more so, however they are planning the Hollywood Media Area in that area too with more developements and prices are lower East of La Brea. I give it 3 years. They have already opened spas West of Fairfax and you have the Whole Foods already there. It's culturally rich and that is part of the attraction as opposed to West of Fairfax.
The Carrabba Group
Keller Williams Hollywood Hills