The development of the $2.7B City of Champions Stadium in Inglewood has real-estate investors excited about the prospect for a mini-boom in this famous LA suburb. Not since my beloved showtime Lakers graced the presence of the Great Western Forum has Inglewood been in any serious conversations about prime time sports and real-estate.
So, for me, as an LA native, sports fan and real-estate investor, it's great news to see Inglewood get back on the map. Set to open in 2019 and host both the newly moved NFL teams -- the Chargers and Rams -- the stadium has already brought new real-estate money into the community.
Developer Sandy Sigal has committed $15M to renovate a 1960's era and currently run down shopping center on Crenshaw. Sigal, who is president of NewMark Merrill Cos. of Woodland Hills, explains, "Once the Rams announced, it made a bunch of those retailers who didn’t know where Inglewood was, or had a preconceived notion about it, think...It pushed a lot of guys over the edge."
It'll be interesting to see how the market changes moving forward and how it will certainly gentrify. Inglewood's median home prices stand at $389K, well below the LA average. Could this be an opportunity to buy low and sell high?
One thing's for sure, we're already seeing activity. Homes in Inglewood are already selling much faster in recent months, than the LA average, according to Redfin.
Are you thinking of selling your home? Want to know what this means for you? Reach out and let's have a conversation.