What a difference 23 years can make. After laying fallow as the result of the 1992 Los Angeles Riots, a plot of land at Vermont Avenue and Manchester Boulevard in south Los Angeles is slated to get a vibrant revitalization with the construction of a new shopping center. The timing of the announced development plans could not be more poignant. As the city of Baltimore is recovering from its own bought of widely-publicized unrest, south Los Angeles stands as a phoenix-like role model, proving that good things can arise from the ashes of mayhem.
Twenty-three years to the day after the verdict on the Rodney King beating case that triggered the Los Angeles riots was delivered, ground was broken on the retail center with a ceremony attended by City Councilman Bernard Parks. Plans for the project, which is expected to cost approximately $200 million, include 190,000 square feet of entertainment and retail space. Over 40,000 square feet of the space will be dedicated to an open air promenade, which will also include sitting areas, fountains, kiosks and space for entertainment and family events.
The project, which is currently being called the Vermont Entertainment Village, will cover more than two city blocks. These blocks were formerly home to a swap meet and some retail spaces, however those buildings were famously burned to the ground in the 1992 uprising. The area has sat vacant since the riots and as the neighborhood around it begins to develop, residents are looking forward to seeing the eyesore become something beautiful and positive for the city.
Los Angeles Home Inventory Trends Upward
With so many exciting new projects coming to the various neighborhoods of Los Angeles, the city is becoming more desirable for home owners all the time. The local housing market is also doing what it can to attract more buyers to city limits. After experiencing painfully low inventory for much of the last year, it looks as though inventory is looking up, according to California-based real estate analytics company Altos Research.
Altos reports that with the onset of the spring selling season, more properties have been coming to the market. There are currently about 1,733 homes on the market in Los Angeles, which is a slight increase over the last few weeks.
Home sellers are still having a little trouble keeping up with busy buyers. Altos’ unique indicator, the Market Action Index, indicates with an over-neutral value of 46.01 that buyers vastly outnumber available properties helping to drive home values up.
The median single-family home value in Los Angeles is currently $569,992. The seven-day average, which shows home values in more real time compared with the weighted 90-day average, is showing a much stronger value north of $600,000. As inventory grows, it may be possible that prices will regulate somewhat, but given the high desirability of Los Angeles homes prices might be apt to continue their upward trend.
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