Highland Park is getting a lot more attention from flippers these days. Attracted by the large number of foreclosures and low prices, investors are turning less to pricier communities like Echo Park and Silver Lake, and more toward areas like Highland Park in Los Angeles for a good deal. Highland Park is experiencing a second wave in the housing boom, or what some would call a “gentrification” – the working class and low-income population of the neighborhood are moving on. In the first wave during the housing boom it was a choice to sell and reap the rewards. This time around it's not by choice, and is often due to foreclosure. Similar to the first time around, what has come are cool, hipster storefronts and residents.
The flipped homes in these communities are more affordable than the nearby neighborhoods, and the inventory is good. LA Weekly dubbed Highland Park the place to go “for those who are ‘over Echo Park.”
The LA Times, citing data from DataQuick, indicated 29.1% of the homes sold in Highland Park in recent months are absentee buyers, outnumbering nearby areas like Eagle Rock and Glassell Park. January saw two in five homes sold were bought by investors.
The median prices of Highland Park homes, according to city-data.com, median prices are staying pretty low at around $260,000. The great thing about Northeast Los Angeles housing inventory is that its diverse in property size, type, age, amenities and neighborhoods. Although there has been price increases in the last 10 years there is still a lot of opportunity for upside in the right location and type of property. This is why there is still so much interest in investing in Northeast Los Angeles even in a down market.
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Whether or not you’re a flipper, an investor, a first time home buyer, Highland Park might be the right place for you. There’s an up-and-coming commercial strip along York Avenue with desirable restaurants, bars, and shop. Add in access to bike paths, the metro, and even plenty of parking, it’s definitely a attractive community in Northeast Los Angeles.