Housing Development in Koreatown, Los Angeles

The city of Los Angeles is in flux. We are at the beginnings of shaking off our car culture ideals and trading it for walkable, bikeable and transit oriented neighborhoods. That's not to say every Angeleno is behind this change. Most Angelenos probably are not on board with this change. Shifting away from cars for every single trip is difficult. The vast majority of Southern California residents will find an argument against it, or an excuse that government agencies are going about this the wrong way. Many proponents of maintaining the status quo will argue that the government is trying to socially engineer our cities to take us out of our cars.

Photo from Curbed

Socially engineering our society out of cars and creating a walkable, bikeable and transit friendly city to me isn't necessarily a bad thing. There's no denying the amount of development occurring in Downtown Los Angeles, Koreatown, parts of Hollywood all near the Redline, Purpleline and Expo lines.

Like many cities before us, Transit Oriented Development (TOD) have slowly been coming here to Los Angeles. Outside of downtown, Koreatown probably has the second largest amount of TODs in the area. Koreatown already is very walkable, relatively flat and has 3 transit stations. It is ripe to take advantage of a car-free or car-light lifestyle. Much of Koreatown is rated at 90 and above on WalkScore.

According to Curbed , there are currently 46 projects planned or in development in Koreatown. Much of the development are within a 1/4 miles of a Metro station, which can be considered a TOD. And it's my guess, most of the apartments, and a few condos going up are going to be expensive. If past developments can predict the future, prices will be high for these new residential units. And prices will probably be higher the closer to you get to a subway or light rail station.

As of now, there seems to be no sign of a slowing real estate market. If you are in the position to purchase a small condo in the area, it may be a good opportunity to ride the wave of development in Koreatown. Eventually, the market will correct itself, but once the correction passes, and development continues again, your small condo will be much more than what you purchased it for.

#transitorienteddevelopment #TOD #losangelesrealestate #koreatownlarealestate #realestatesales #losangelescondos #urbanliving #walkscore #biking

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