There's been much talk about the development of Ktown, from kick ass new hot spots, cool restaurants and all sorts of neighborhood revivals along the Wilshire Corridor. On the surface this bodes well for the long-run property values in the area, but under the hood, K-town's crime rates are still among the highest in Greater LA.
As a residential real estate investor, these are major considerations I often discuss with clients looking to buy or sell. On one hand, we're amid a major wave of development. Among them will be 30+ new buildings that alone, will change Ktown's skyline completely. From mixed use properties to high rise condos and the like, we'll definitely see a spike in commercial activity and new tenants flooding the half dozen zip codes of the area, bringing new sources of wealth.
On the other hand, there's the stark reality of consistently high crime rates. And I'm not talking smash and grabs, but actual violent crime. The LA times has an awesome crime mapping site; check it out and see for yourself. K-town still ranks among the top 20% in violent crime and the top 50% in property crime. It will be interesting to see how further development of Ktown will impact (hopefully reduce) crime rates.
What does this mean for real estate today in Koreatown? Reach out and we can talk strategy.