Whether or not Los Angeles is home to the Olympics in 2024, those who call the Westside home may not recognize their hood by then.
Starting at the South end of the Silicon Beach area, LAX is undergoing a $5 billion renovation that will make the tech community very happy. Getting in and out of the 2nd busiest airport in the US and 5th in the world should be a dream compared to the nightmare of today. Centralized rental car facilities, rail transit connections, and a new concept for dropping and picking up travelers are just some of the features that will transform the iconic transportation hub. Slated to be finished in 2023.
With the Los Angeles Rams returning to the city, there can be no doubt that West Inglewood will likely become a fully participating member of the Silicon Beach community. Already real estate agents are pointing to the neighborhoods on the East side of La Cienega as the natural path for those priced out of Culver City, Westchester, and El Segundo. Will these neighborhoods follow Mar Vista and Venice to greater prosperity? Seems a likely bet.
Getting from Downtown to Santa Monica will be a totally new experience starting in 2016. The Expo Line may finally find its audience. The tech crowd arriving from Northern California is used to using public transportation and those who prefer to live downtown will now have an easy way to get to work in West LA. There are also those going the other way to jobs in the financial districts in downtown.
But the revolution in Westside transportation is more far reaching. See an in depth article here. http://financialnews-losangeles.com/2015/09/11/transportation-revolution-will-change-the-way-we-live-in-los-angeles/
The transportation changes will bring about changes in housing, retail, and service, both locations and styles. Even now the Santa Monica Promenade and 4th Street areas, the Playa Vista development, and many parts of Hollywood look more like Boston than LA with mixed-use buildings dominating the area. This is likely to be the emerging pattern throughout the area.
Well under way is the transformation of apartment buildings into condos. Expect this trend to continue. Also look for the 1500 square foot and under single family dwelling to disappear. Flippers and speculators are already moving throughout the Westside doing major remodelings or complete tear-downs of smaller housing units to make way for luxury homes and McMansions.
Culver City, which has already been undergoing a rapid transformation over the last 20 years from a sleepy bedroom community to a trendy neighborhood is also likely to see the trend accelerate. Perfectly located to take advantage of freeways, entertainment, universities, the airport, and the new transit lines, Culver City is the collision spot as Mar Vista, Venice, and Westwood prices push folks East and South.
Expect to see high rises dominating the entire Westside, as commercial rents make lower profile buildings to expensive for office and retail space. Local city governments and residences may fight these efforts, but eventually there will be no option. Boarded up buildings do not improve neighborhoods.
When you use a sophisticated mortgage counselor like Bill Rayman, he can help guide you to wise decisions based on your plans and your personal risk characteristics. Call Bill Rayman today to discuss your mortgage needs: 424.354.5325