Glassell Park: An Up and Coming Real Estate Market
Tracy King Realty
Houses, Investment Homes, Real Esate Listings
Glassell Park is a charming community sandwiched in the middle of Northeast Los Angeles between several other neighborhoods that have been developed through gentrification. These include the always-hot neighborhoods of Highland Park and Mt. Washington, both that have seen the values of homes skyrocket. Now, Glassell Park real estate is becoming more in demand.
The Los Angeles River borders the west side of Glassell Park with Glendale, Eagle Rock, and Mount Washington surrounding the other edges. As these three cities continue to flourish and grow, their prosperity has begun to bleed through the borders of Glassell Park resulting in an increase of both price and home value. The rolling hills and breathtaking views of Downtown Los Angeles are just two perks that upper middle class families and young professionals are discovering about this neighborhood.
Glassell Park is one of the largest areas of Northeast Los Angeles with a cornucopia of micro communities that vary from block to block. Many professionals and hipsters from Los Feliz and Silver Lake are yearning to settle here in lieu of the classic Craftsman style homes, the open space and the reasonable prices. The most impressive homes with views can be found in the high-end pockets of the neighborhood. The convenient roads and freeways that run through Glassell Park allow the residents to quickly access many parts of LA like Downtown, Pasadena, the Burbank Airport and Universal Studios.
Currently, the average price for a home in Glassell Park is $642,600.Over the past year the values of homes increased over 9.4% and is expected to raise another 2.6% by the end of 2016.The surrounding neighborhoods have the following median home prices: Atwater Village, $761,500; Eagle Rock, $706,700; and Mount Washington, $693,900. It is expected that Glassell Park’s homes will continue to grow in value to match the areas directly attached to it. The average rent in Glassell Park is $2,662 a month, which is similar to the Los Angeles average of $2,655 a month.
Because an increasing well-to-do population is calling Glassell Park their home, the property values of all other homes are also increasing. The fortunate people who have bought their buildings or homes in Glassell Park will benefit from the increase in property value in case they ever decide to sell. Glassell Park is evidence that the hottest neighborhoods aren’t always the ones with the nicest reputations. Neighborhoods that suffered from the economic crash are starting to become revisited as the wealthy population yearns to buy fixer-uppers and remodel them into the homes of their dreams. Glassell Park has joined its surrounding neighbors and will contribute to the beautification and re-branding of North East Los Angeles into a community of prosperity.
Purchasing a home in a neighborhood such as Glassell Park, undergoing the process of gentrification, can be confusing and tricky. It is vital, therefore, to do your research and to hire an experienced Glassell Park real estate agent who specializes specifically in that area. Only an experienced agent can properly guide you through the twists and turns in the road towards making a home in Glassell Park your very own.
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