LA Gets Football Team – What Does That Mean For Inglewood?
Los Angeles finally signed on its first professional football team, the LA Rams!
The Rams are not expected to play for 3 more years, but there has already been an increasing interest in developments in the vicinity of the stadium. Trulia warns that Inglewood will not see tremendous growth, however, Ethan Moradifar, our development expert says that in fact, the exact opposite will occur.
“LA Live is proof as to why the market prices will increase,” Ethan explains. “New condos near LA Live are now going for a million dollars, and 10 years ago nobody even thought about paying that price. The condos are not only priced in the million-dollar range, but they’re selling at over asking.”
With a higher end, enormous mixed-use project equipped with office spaces, shopping, and residential opportunities, Inglewood is sure to grow as well continue to develop. Generally, people tend to want to live near their jobs, especially in Los Angeles where commuting is difficult due to traffic.
The football players and their families will also want to live close to the stadium, increasing demand for housing in the area.
While the Trulia study claims that many housing markets near NFL stadiums have actually decreased in value, “it’s almost guaranteed that will not happen in LA,” says Ethan. “You can’t compare the Dallas housing market to Los Angeles.”