South LA is getting love from flippers, investors

Median sales price reached $550,000 in Jefferson Park and Adams West

TRD LOS ANGELES /
Sep.September 19, 2016 09:30 AM

The South L.A. neighborhoods of Jefferson Park and adjacent West Adams have become a draw for commercial investment, the Los Angeles Times reported.

The median sales price for single-family homes in these two neighborhoods reached $550,000 in the second quarter of 2016, marking a 17.6 percent year-to-year increase, CoreLogic data shows. Flip rates are among the highest in the county, with 15 percent homes selling twice in 12 months last year.

“It’s one of the best neighborhoods left,” developer David Pourbaba told the Times.

Pourbaba is planning a mixed-used complex on Adams Boulevard, where land prices are more than six times cheaper than Downtown.

Andrea Dunlop of Sotheby’s told the Times that at least 60 people attended one of her recent viewings of a $849,000 listing that sold for $360,000 just last year. Her homes south of Adams can go for more than $700,000 if they’re remodeled.

But South L.A. natives say the gentrification has left some longtime residents displaced.

“The people that have lived here the longest can’t afford to live here,” Sandra Pruitt, who represents Jefferson Park on the neighborhood council, told the paper. “It’s interesting, once the color of the people changes, [the developers] want to start investing.”

Among one of South L.A.’s most controversial projects is Carmel Partners’ 1,218-unit, multi-structural Cumulus Transit Oriented Project. The San Francisco developer recently bought the site for $111 million, The Real Deal reported last week. [LAT]Cathaleen Chen


Related Articles

arrow_forward_ios

Plans filed for 88-unit apartment complex in South L.A.

Luzzatto to convert South LA warehouse to creative offices

Affordable housing developer wants to be the first to benefit from new transit oriented development incentives

Owner lists controversial $1.2B development project in South Central

Steven Spielberg — not that one — plans affordable housing development in South LA

Is a massive condo complex coming to South Central LA?

Today in microfilings: Condos planned for Ktown, Fairfax … & more

Seven-acre affordable housing project finally underway in South LA

arrow_forward_ios