Occasionally I like to try to impart some “Real Estate Investment Wisdom” to my friends. As I am a diligent student of the market in my local area, I do have some insights to pass on from time to time that hopefully are useful. One such insight, or observation, if you will, has to do with the neighborhood known as Boyle Heights.
Boyle Heights is located just a bit east of downtown L.A,, and particularly the part of downtown -Art District, Toy District, Little Tokyo – that has enjoyed a tremendous rebirth and upgrade over recent years. Boyle Heights is one of the oldest communities in L.A., and a number of physical remnants of it’s history that are still standing. This, in itself, gives it both character and potential, particularly with the young, upwardly mobile, artistic people who are so heavily influencing the trend of Real Estate these days.
As discussed in previous blogs there is, in any metropolitan area, something known as a “path of progress.” This is a phenomenon whereby gentrification* can be observed to go in a particular geographical direction, or “path.” An astute investor can use this as a tool to know where to start planting their investment ‘seeds’ that will be ‘well fed and watered’ in the near future by nothing more than the movement of the market.
Boyle Hts, by all my observation, is such a location. Many factors in the market are pointing to the idea that if one purchases income property or development property in Boyle Hts today, they will be highly rewarded in the very near ‘tomorrow.’ Read the papers, look at the online news outlets. The L.A. River Project http://www.theriverproject.org (right next to Boyle Hts) is rapidly transitioning from an idea to an actuality; Northeast L.A. (H’land Pk, Glassell Pk, etc.) is continuing to go out the roof; The Art District is expanding out across the river. And right in the vortex of all this is, what ???? You guessed it… Boyle Heights.
Over the next few weeks you will start seeing opportunities emailed from me from this part of town, so I wanted to give you the heads-up as to why you should pay attention when you see them.
* the buying and renovation of houses and stores in deteriorated urban neighborhoods by upper- or middle-income families or individuals, thus improving property values but often displacing low-income families and small businesses.