Home buyers are keeping an eye on one of the cities in Los Angeles, Inglewood. With a National Football League Stadium under way in the city, more potential home buyers are being looked at as the start of gentrification.
According to LA Weekly, the plan of building the NFL stadium that will cost nearly $2 billion which includes other entertainment facilities is scheduled to be finished in 2018. It is expected to attract more homebuyers from various places. This growth has been envisioned 10 years ago, with locals from Venice and Del Rey moving to Inglewood. Now it is a very realistic assumption that the same people will be interested in calling Inglewood home.
However, a new study has shown that homes located near old and well-known stadiums have a higher selling price than those near in the newly built ones. This means older but more familiar sports facilities can increase the value of homes. In addition, homes that are close to stadiums have higher values than those not in the stadium area.
Savvy bargain hunters think that Inglewood could be a perfect place to buy cheaper houses because in the long run the houses in this place would have a higher value. The median home price of the city is $389,100, while in Los Angeles the median price can reach $562,800. Experts predict that home values in Inglewood will increase by 1 percent next year. On the other hand, homes in Inglewood have been selling faster than those in the greater Los Angeles area in the past months.
Meanwhile, in a report by The San Diego Union-Tribune, major projects like stadiums and other buildings are seen to create anxiety issues to home buyers because they can cause congestion to the area. Congestion often leads to traffic and disorder which can make any place inconvenient to live in. It has also been affirmed that houses built closer to stadiums do not give either positive or negative impact on the property.
