Everyone is talking about Boyle Heights. It's time to dig in and see what's going on.
Two years ago, I wrote about the Great Hipster Movement of L.A. and how the hipsters were crossing the Arroyo into El Sereno.
Well today, that's old news. Everyone knows about El Sereno.
In fact, homeowners who bought their home for $500,000 in 2015 when I wrote that article, could turn around and sell for around $650,000 today.
That's a $150,000 increase in value in two years.
While there are still plenty of opportunities in neighborhoods like El Sereno, Highland Park, Montecito Heights, etc., today we're going to talk about what's next.
Boyle Heights is next neighborhood to make headlines in real estate.
If you're a first time home buyer in Los Angeles, this area will be the most affordable, with the most promise for watching your home value soar in the years to come.
Two big reasons:
- Architecture & History
This goes without saying, that if you live in an area where you can walk to a cafe or somewhere to get a drink or shop on the weekend, you've got it made.
This is one thing that Boyle Heights has over many other up-and-coming neighborhoods.
For example, even though El Sereno is beginning to open new restaurants, there isn't a whole bunch to do there. In fact, many residents go to Downtown, Silver Lake, Highland Park, Pasadena, etc. for a night out... really anywhere but El Sereno.
Fortunately, Boyle Heights has plenty to offer. There's Mariachi Plaza on 1st Street between the 101 and 10 freeways, and Ceasar Chavez Ave just east of the 10 which stretches for almost a mile.
Don't forget the fact there are two Gold Line stops in the area: one stop at Mariachi Plaza, and one at 1st & Soto.
Anything within walking distance is prime real estate.
Architecture & History
If there's one thing Angelenos value, it's living in a work of art.
Boyle Heights has this in common with neighborhoods like Silver Lake and Highland Park. There are lots of old craftsmans and Spanish homes in the neighborhood.
For comparison, let's look at the percentage of older homes sold by neighborhood (built before 1940):
- Boyle Heights: 66%
- El Sereno: 50%
- Highland Park: 75%
- Silver Lake: 70%
Disclaimer: Not all of these old homes were architectural masterpieces. This just shows that the neighborhood is as old as some of the other hot areas of Los Angeles.
The point is, home buyers might be able to find a nice 1911 craftsman home, or a 1920s Spanish revival, for around $400,000 or so. In fact, the odds are better in Boyle Heights than they are in El Sereno--not to mention, cheaper.
Hot Tip for First Time Home Buyers
If we learned anything from the super hot neighborhoods like Highland Park, Eagle Rock, the "Lincoln Corridor" neighborhood in Pasadena and Altadena, these homes won't be this affordable forever.
If you’re on the fence, this is the time to explore and learn more about the buying process and the neighborhood.
To All the "Negative Nancys" Out There
It's simple... if you buy something now, odds are good, in 10-15 years you will be a millionaire.
Let me elaborate:
This is not some get rich quick scheme. This is watching history repeat itself over and over.
Building Real Wealth in Boyle Heights
The values in Boyle Heights today are where Silver Lake values were 15 years ago--lower actually. And even though a GIANT recession, home values kept climbing.
With every new neighborhood on the chopping block, this trend catches on faster. Highland Park, El Sereno. Each one faster than the last.
As close as Boyle Heights is to DTLA and the Arts District, the number of older homes, walkability, shops, retail, and restaurants... it has the potential to be as big as Silver Lake.
To all my readers out there regardless of social or economic status...
Do you want to own a million dollar home? Will Rogers said it best:
Don't wait to buy real estate... buy real estate and wait.