Home prices soared 60% over 5 years in some parts of LA – Inglewood leading the way
|Inglewood Stadium Rendering|
A surge in in commercial development, the Westside’s tech industry growth, major international investment and a seven-year run of very low interest rates have led to a significant rise in median sale prices over the past five years.
The median sale price in Inglewood climbed 63% from the high $200K range in 2014 to $485K last year, according to PropertyShark. Inglewood is seeing a massive surge in investment thanks to the 300-acre L.A. stadium and Entertainment district that will house the Rams and Chargers beginning next year and the Clippers franchise proposing a new stadium.
Culver City saw the second biggest increase in median prices at 60% from $800K to $1.2M. All but three of the 67 markets PropertyShark analyzed in Southern California saw the price of homes grow and half of those appreciated more than 20%.
Source: The Real Deal
Builder buys 18 acres near Rams Stadium, announces plans for 228 homes
Harridge Development group says it will build 228 detached condos in a gated community on the site at 333 North Prairie Avenue, just south of Florence Avenue. The new tract of homes which will be called Grace Park, supposedly will be move-in ready by the time the stadium is scheduled to open in 2019. Harridge is betting the new homes would appeal to, “Los Angeles County’s highly educated tech workers”.
Source- LA Curbed