Business Consultant

Gentrification

New Areas in LA

Dane Flanigan Gentrification.JPG
 

A friend asked me to check out a local, up and coming neighborhood here in Los Angeles. I was excited as I have heard a ton of speculation about the area so without hesitation I said yes. When look at any type of real estate deal I normally do it at night and I like to spend an hour just walking around absorbing the vibe.

My first house was in Silverlake and Silverlake today is not the same place it was back in 2003. There was crime, gangs and Sunset Blvd was not filled with all of the nice shops and eating places that it is now.  Moving from the West side of Los Angeles to the East was a culture shock but I needed the investment and my friends who had recently bought in Los Feliz assured me it would change.

Los Angeles has housing migration into other areas, as one pocket becomes popular prices escalate and people purchase in adjoining nearby areas. As Los Feliz became popular than so did Silverlake and shortly after Echo Park and then Downtown etc.….  As a city we have moved further East buying older properties, investing in commercial as well as residential real estate.

As I walked around this ‘hot’ new neighborhood I could see it had some ways to go. It was not until I traveled a couple miles did I see the nearby streets that were gentrifying. One reason why there is change in certain areas are jobs, I am sure that this area will have more jobs and that will bring in higher wage earners but that does not happen overnight.

What is your neighborhood gentrification story?

By Dane Flanigan