The Long Awaited Gentrification of NELA's Highland Park
Tracy King Realty
Washington Homes, Tracy King
"Gentrification" is defined as the process of renewal and rebuilding accompanying the influx of middle-class or affluent people into deteriorating areas that often displaces poorer residents. Some communities in Northeast Los Angeles, like Echo Park, Silver Lake, and Eagle Rock have recently been through periods of gentrification.
Highland Park has more recently begun its gentrification process so the properties found here are still less expensive than the other gentrified neighborhoods close by. Gentrified neighborhoods are very healthy because they have all wealth statuses represented. Many people on the lower end are not aware that their neighborhood is being gentrified. The middle class citizens that move into the neighborhood are sometimes not sure where or how to begin with rebuilding or restoring their new home.
When a neighborhood becomes gentrified the local businesses and sidewalk culture improves as well, bringing up the value of all the homes in the neighborhood including fixer uppers. Lower income residents benefit from gentrification because the value of their home increases just being present in the neighborhood. While not as high as neighboring Eagle Rock, Highland Park homes for sale have spiked in property value. Gentrified neighborhoods generally show an increase in the average family income and a decrease in the average family size. On the downside, the increase in property values may increase the rent or property taxes forcing the lower income residents to move out. Any empty industrial buildings are often bought out and remodeled as new residences or shops.
Neighborhoods that go through gentrification have a high volume of house flipping. House flipping is the process of buying a home at a very low cost and fixing it up with simple beautification techniques. House flippers will usually repaint the interior and exterior of the house, redo the flooring and fix up the yard. After a house is flipped the buyer will quickly turn around and sell the house for sometimes double the price they paid. Houses that are flipped are considerably cheaper than houses in established neighborhoods. This is a great technique for the middle class people who want to purchase a nice house at a cheap price. Real estate agents in Highland Park, CA are keeping busy based on the sheer number of homes being flipped in Highland Park.
Once the population of a gentrified neighborhood gains a significant amount of middle class people, they work together to fix up the business district, which will draw in more middle class people. In Highland Park there is a Metro Gold Line and well developed bike lanes that add to its charm and appeal. The sidewalk culture on York Boulevard has began to improve with unique shops and cafes where young people like to spend their evenings and weekends. Many yoga studios and Zumba classes have been sprouting over Highland Park, attracting more wealthy citizens. Once a neighborhood begins the process of gentrification, the businesses, homes, and culture flourish with an air of high quality development.
, Washington Homes