Highland Park Real Estate – Silver Lake’s Alternative
The Highland Park real estate market is one of the county’s, and country’s, most rapidly growing markets. In fact, in 2013 real estate website Redfin named Highland Park as the hottest market in the country. It has presented itself as a desirable alternative to those who are now unable to afford property in Silver Lake, and as a result is experiencing growth similar to what Silver Lake experienced several years ago. As a result, what was once considered by many as a run-down area with little to offer has evolved into a “hip” area with attractive restaurants, bars, and art galleries.
Overview of Highland Park Real Estate
Highland Park is a historic neighborhood in Northeast Los Angeles. It is bordered roughly by the 110 freeway on the east, Eagle Rock on the northwest, Pasadena on the northeast, and Glassell Park on the west. According to the Los Angeles Times Mapping Los Angeles project, the area is extremely dense with a population of 16,835 people per square mile, moderately diverse with a 72.4% Latino population, is young with an average age of 28, and has a high proportion of residents with less than a high school diploma.
Highland Park has recently experienced a surge in popularity, caused largely by the development and re-invigoration of York Boulevard, a main artery running east-west through Highland Park’s center. The area previously housed auto-body shops and marijuana dispensaries, but has recently transformed into a more “hip” area, boasting coffee shops, boutique furniture stores, music shops, art galleries, restaurants, and bars.
Highland Park Real Estate Trends
Over the past three years, the median sale price of residential properties in Highland Park has increased 56.98%, beating out Los Angeles County’s increase of 43.22%. Notably, in 2011 and early 2012 the median sale price of residential properties in Highland Park was less than in Los Angeles County generally. That has changed, and the gap will likely continue to grow as Highland Park’s development continues.
* Data Source – theMLS
As with many “developing” areas in which there is a large minority population, there are gentrification concerns surrounding Highland Park. Some critics of the recent development take the position that it is destroying Highland Park’s culture, while others take the position that the area’s improvement has benefited the residents there. Takepart.com recently published a detailed article exploring the issue in-depth and presenting both sides of the coin. However, regardless of one’s opinions regarding gentrification, what is clear is that the Highland Park real estate market is booming, and will likely continue to do so.
If you would like to further discuss how Esquire Real Estate Brokerage, Inc. can help you in the Los Angeles and Highland Park real estate markets, feel free to give us a call at 213-973-9439 or send us an email at email@example.com