Ghetto Real Estate Goldmine
Friday, March 24, 2006, by Cary Kadlecek
Usually people are not jumping at the chance to invest in real estate in Watts. For some reason, people tend to associate “Watts” and “riots,” but we’re not sure why. As it turns out, investing in Watts real estate could be a very lucrative move for the savvy investor. According to MSNBC, Watts has seen home values rise at a faster pace than everyone’s favorite overpriced Westside and hillside haunts.
One might think that the bulk of that appreciation came in wealthy and well-known enclaves like Beverly Hills or Bel-Air. But according to a Forbes.com ZIP code analysis, within the Watts ZIP of 90059, home prices rose 91.9%; more than any other ZIP in Los Angeles. Meanwhile, had you sunk your funds into the upscale neighborhood of Holmby Hills, you would have the least amount of appreciation in the city — under 9% from 2003 through 2005.Take that you snobs with $20 million + estates! Not that any of them even know where Watts is.
· Best and Worst Neighborhoods to Buy a Home [MSNBC]
Photo courtesy of Terra Galleria.
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From the studio lots to the downtown lofts. From the beachfront bungalows to the canyon views. From the south bay to the valley, from the westside to the eastside—Curbed LA covers our sense of place, and the neighborhoods we call home. Read more about Curbed LA...
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