Searching for deals in Pacoima – Flippers still out in force and loans made during the last bubble still cause distress today.
Some people think that all parts of Los Angeles are created equal. Areas with poor performing schools and hundreds of crap shacks suddenly become the next gentrification hub. Most professionals and especially those with young children are not in the mood to send their kids to poor performing schools. But somehow, every area of Los Angeles is now a safe haven with no crime, top notch schools, and fantastic housing opportunities. Whenever you hear this you rarely get a glimpse of what is happening on the ground. When we pulled data for an entire block in Torrance, people suddenly realized that most of the stucco boxes were bought for low prices pre-mania days. When a house does hit the market, we get this new narrative although we are in the midst of a big jump in the stock market, very favorable interest rates, and an economy that is plugging forward. Things ebb and flow and California is boom and bust central. 2.3 million adult “kids†live at home with their parents. People are doubling or tripling up into units to cover rent. So maybe you want to buy your first single family home? Let us look at some deals in Pacoima.
Pacoima flip and distressed property
Pacoima isn’t exactly the safest area in L.A. County. But you are looking for deals and eventually, every city is going to be the next Pasadena. Sure your kids are going to have a tough go at school here but who cares right? You are building equity baby! They’ll thank you when you property ladder your way up into a glorious mansion. They’ll appreciate the current sacrifice when they move back in with you as adults and you can talk about how awesome the home is.
Today we’ll look at two homes in Pacoima that are on the market and ready for you to buy. For those outside of California, it’ll give you a nice peak into what is going on here.
Let us first look at the crime map for the last week:
In the last week 4 violent crimes and 25 property crimes occurred. If you look at the last year, the stats aren’t all that great. But we’re searching for deals here!
10077 Telfair Ave, Pacoima, CA 91331
2 beds 1 bath 714 sqft
Flip time! Someone is trying to make some dough on this flip. The house is small at 714 square feet. Let us look at the price history here:
The home last sold for $222,500 in late November. Now they are listing it for $325,000 (a nice markup of $100,000+). Do you think they actually put in $100,000+ worth of value into this place?
Let us look at our next house:
13131 Garber St, Pacoima, CA 91331
3 beds 2 baths 1,088 square feet
“Great investment property, features 3 bedrooms and 2 baths, Lot size over 9k Sq ft, parking space for many cars, property in need of some TLC.â€
I love the picture used by the Realtor. Peering through the spiked fence and capturing the “beware of Rottweiler†sign. If you have a Rott, no need to buy another sign! This agent also understands the market with the “parking space for many cars†line. Subtle.
This home is a legacy of the home equity party of the last bubble:
It looks like someone is $43,096 past due on this place. The current list price is $315,000. The original owners tried getting out in September but no suckers bit:
And they say there are no deals in L.A. County!
Did You Enjoy The Post? Subscribe to Dr. Housing Bubble’s Blog to get updated housing commentary, analysis, and information
Did You Enjoy The Post? Subscribe to Dr. Housing Bubble’s Blog to get updated housing commentary, analysis, and information.
Subscribe to feed
77 Responses to “Searching for deals in Pacoima – Flippers still out in force and loans made during the last bubble still cause distress today.”
Pacoima….For you folks unfamiliar how to pronounce the name don’t bother, let’s say this, stay away from this location at all cost,
pah coy ma
The natives pronounce it paaaa COYE” maaaaa esse!
This place is Mexican, all of SoCal will be like this. Get use to it. Yes, it is a different culture than what the Anglos may be use to , but for Mexicans, it is not bad, considering everything.
Just a follow up, remember the movie Lampoon Vaction when they stop in East St Louis for directions and on the passenger side they sre stealing the hub caps, welcome to Pacoima.
‘This agent also understands the market with the “parking space for many cars†line’
that’s what stuck out for me as well…..some one will buy this and then 3 families will move in, I’ve been there and saw this happen in the mid 90’s crash (i was upside down for 9 years) and the front yard will look like a used car lot.
BTW i really thought that the crash of 2007 would follow the path of the crash of the mid 90’s but never in my wildest dreams did i think that people would be able to stay in their homes for up to 48 months payment free……i should have bought a $1,000,000 home 🙁
Yeah, no one thought that but hey, if money has no real value, which it doesn’t if you can create it out of thin air, then why not do what it takes to make all those who made the wrong choices whole.
However, now that the FED has outlined our future going forward, rewarding mass stupidity, it is going to get very interesting in the years and decades to come.
Going forward, will it be more prudent to be irresponsible economically or responsible? That is the question.
I spent a week in Pacoima one night.
Yes think how fair it is for those that rent or actually pay our mortgages. We get to 0% interest income on our savings and increased taxes due to illusionary property values. Its a miracle anyone does the right thing any more.
Buy gold (silver) and farm land. Always pays off in the long run.
Not when there’s a drought!
don’t buy in desert…
Don’t buy farmland in parched California. For the second year in a row, most growers in the Central Valley are told not to expect any federal water.
Oh Mr Sleepless.. what has ZeroHedge done to you? I remember when you were just an angry “guy in Seattle” complaining about how you couldn’t afford a nice house in the nicest areas of Seattle….
Then you started reading online, apparently mainly ZeroH.. more and more and MOAR you read! Then you started posting your new knowledge here under your new name.. moar and moar and MOAR you post!!
But Mr Seattle, be warned from the last housing bubble… because ZeroH was wrong on SO much!
The articles and posters and comments at Zero are BITTER and for good reason!
They thought Bubble 1.0 would pop logically, according to historical norms, and without government interference. And those who bought gold and metals – and waited patiently by the sidelines – would be able to enter the market and buy nice houses in prime areas with their hard saved cash and liquid assets…
So beware what you read online. Think about who is posting it and what their motivations are before you accept it as your shrillitude.
You come here and espouse the baseline talking shill from Zero as if they are FACTS…. but Mr Seattle, we all see right through YOU.
Perhaps we should have given you more advice when you first posted here with your angry frustrations after you first realized you couldn’t afford to live like the wealthier class in the Pac NW…..
So Sleepless/Mr Seattle, here’s the best advice I can give.
1) Read financial and economic news from multiple sources & as many viewpoints as you can possibly find.
2) Think hard before you adopt any particular financial mantra as your own personal belief system. Be hungry – don’t ever stop researching and analyzing financial information and systems. And don’t try to push your beliefs onto others until you’ve seriously considered – then vetted and approved – them, because otherwise you’re just another voice in the sea of problems.
3) Buy low. Sell high. Diversify.
4) Don’t spend your life obsessing over how unfair the financial system is to you or anyone else. Enjoy the time you have. If you can’t afford to buy, then rent something decent. Enjoy your friends, your family. Be content with what you have. BE HAPPY.
Pacoima, Sun Valley, and Tujunga, are all next in line for gentrification. This is not surprising news.
Yes, Pacoima is a sh*thole. We can all agree on that. But I can’t believe they are asking over $450 per sq. ft. for the 1st crapshack.
I worked at a company located on San Fernando Road near Hubbard (officially in Sylmar) in the 90’s. Myself and many co-workers had our cars stolen from the company parking lot… and lots of gangbangers working on the factory floor – most of whom resided in Pacoima and Sylmar (home of the 1971 quake).
We are at an inflection point. I am not sure if I used the word inflection correctly, but I like how that sounded.
I am not sure, Jim, if you missed the last fomc meeting as well as the mr Janet felon testimony, but let remind you that the fed will remain “patient” on the rates hikes. No rate hikes, no housing tank hard.
@ Jim Taylor – The other guy was right, sleepless is a troll bot twit.
What’s funny is he touts all the ZH talking points ACCEPT the ones predicting the swift demise of Housing Bubble 2.0. In fact most on ZH acknowledge it’s already begun. He’s not really worth engaging…
As for your use of the word “inflection” the definition as you used it is:
A change of curvature from convex to concave at a particular point on a curve.
So basically the point where a curve becomes flat before changing trajectory. 2014 was the inflection point as far as prices because we aren’t flat anymore. If you exclude the luxury market the median is definitely down YOY for January 2015. As for Sleepless’ ZH patented “the FED can never raise” sentiment, I’ve counter argued that fallacy enough here and on ZH. Not that the FED keeping rates at zero can do anything for Housing Bubble 2.0. The upward momentum is dead and the downward cycle has begun. It’s the way it works. The way it’s always worked in speculative markets since forever. Realist and sleepless are the QE of DrHB trolls, there vociferousness accomplishes nothing except enriching their own egos.
“he touts all the ZH talking points ACCEPT the ones predicting the swift”
It’s “except” and not “accept.”
Except – to exclude something; an exception. “I’ll consider any house in Santa Monica except those near the freeway.”
Accept – to take something offered or given. “The seller accepted the buyer’s price.”
@son of the grammar police.
I know what both words mean. I’m an IT contract worker who most blogs from my mobile in my spare time. Predictive input from software keyboards does strange things…
@son of the grammar police
On second thought that may have been while I was at the gym. Never blog while lightheaded from exercise, it can only enhance grammar mistakes LOL!
BTW where did your father use the policing power of the state to enforce his property rights on the proletariat? 😉 Here in SoCal right? What were cap rates back in the day?
Blert, on the other post today you made some comments which were very good. You stated the obvious for people who understand how the real economy works but it was good to educate others, too.
I disagree with you on only 2 insignificat statements:
1. In regard to Obama’s religion I think he worships ONLY himself and his pupet masters from Wall Street and CFR/globalists/neocons. I don’t believe he is christian or muslim although ocasionaly he lied on both.
2. I don’t think that those evil minds from Wall Street or London need to learn from a blog like this. They are the authors of all these evil schemes. They are inteligent plenty for themselves but evil at the same time. I think that sometimes they look dumb because the people in US assume that they are there for our good. Based on that assumption they look dumb but based on their evil plans they play hard and inteligently. I also make a diference between inteligent and wise.
They are not wise because sooner or later everything will blow in their face the same way it happened when they played with Hitler. They are no longer happy to get the golden eggs. Since they are psychopaths they will kiill the goose, too.
It is sad, because you can see so many people suffering. Something hits them and they don’t even know what. There are so many uneducated masses and more to come thanks to Obama, who vote against their own interests, and for their enemies without having a clue.
Do you think these globalists want one central bank with one world taxing system? At that point they have TOTAL control like they have now in US, regardless of the local leaders. That would be the biggest empire ever created.
For that, soon enough they will crash the dollar completely, willingly. I believe that when things will start precipitating they will move fast based on plans already in place.
“the fundamentals of capitalism are poor at best”
robert, what you see is not capitalism; it is called crony capitalism or central planning or manipulated economy which is typical of a communist country. What you see makes many people think that capitalism or free market is bad. It is not.
In a free market capitalist system, the TBTF banks would have been let go – bankrupt. All the imbalances in the economy are cleared before they become excessive. The FED is just exacerbating the imbalances through the interference in the market – exactly the oposite of the stated purpose for existing in the first place.
In the economy we have today there is no moral hazard, except for the middle class and poor.
Therefore, chose your words more careful in the future. Otherwise someone may think that capitalism is bad and socialism is good. I agree that socialism is good if you are on the receiving end of the economy till the government runs out of other people’s money.
Flyover I agree with your assessment in principal, but you can never have a true capitalist country or free enterprise, utitities for example are controlled and that is socialism? True the Fed is not needed and bail out in a free interprize system should not happen, on the other hand we shouldn’t have to pay income taxes in a free entrrprise system, taxes are collected and then retaxed over and over again. We either have a true capitalist society, or a we will make it up as it goes along and make it work for ones agenda.
Capitalism is not bad you are right, but in the purest form it can’ t work, because without variance in the system it would pancake the middle class over the long run and in Americas short history as a country it is holding true in the 21 st century, the missile class is going away? Take care
This one AGAIN?
“Flyover I agree with your assessment in principal,”
It’s “principle” and not “principal.”
Principle – an abstract concept or ideal. The principles of success.
Principal – primary; first in position. The principal of a school. “The film starts principal photography in March.”
“Buying a house is my principal goal for 2015, because home ownership is a fundamental principle of the American Dream.”
Sorry son of landlord, remember, I drop out of college, was a athlete so am behind the eight ball in grammar, I type to fast (thoughts way ahead), I was in the principal’s office a lot as a kid, my wife and I do have principles in our life.
So I will try to use spell check more, think before I submit comment, oh what the heck that is more stress, I post here and read comments because we all have a take I like this site, if it annoys folks so be it, I never profess to be a PHI BETA KAPPA guy? take care
Robert, a spell check won’t help, because both words are correctly spelled. It’s just that you chose the wrong word.
This is an all too common problem with writing today, as people have come to rely on spell checks. Similarly, many adults no longer know their multiplication tables, because they’ve come to rely on calculators.
BTW…
robert: “I type to fast”
It’s “too” and not “to.”
Son of Landlord.. I understand and yes you are right computers, pads, spell check, what ever has made us lazy, but I can assure you I know my math, that is why I invested well in life. Thanks for the grammar lessen, like my HS school English teacher told me many times, Robert you are more worried about studying playbooks then English, it will serve you better in life to speak and write proper grammar.
Oh know I did it again my wife just said, it is lesson not lessen? When will I ever learn?
Hey SOL, Go suck it with your grammer (just messing with you) lessons and leave little (r)obert alone. He’s OUR realtard shill, and we’ll torture him as we see fit.
As my guru Steve Sailer likes to point out, in 20 years blacks will wonder how their ancestors could ever have afforded to live in the center of big cities like LA and NY and DC. “Inner city” as a euphemism for poor and minority is an anachronism of the 20th century and increasingly a thing of the past. US cities will increasinbly begin to look like Paris, with the slums out in the suburbs. Looking at a map of LA, Pacoima is right above Santa Monica and next door to Burbank. Sounds like prime real estate to me. Sooner or later the gentrifiers will be right, even about Pacoima.
Pacoima is far from Santa Monica, at least in LA terms. It is the suburbs that you speak of.
Most people would have afforded to live in 1970s Bowery, in the middle of the NY. Not so many wanted to.
Even if it’s changing now the slum will just move somewhere else. Happens in Paris too.
Where are the slums moving to now? Will there be a Studio 54?
I saw the same piece about $68,000 for renting a modest apartment. You wouldn’t get a closet in Santa Monica. But in other areas you can get a decent 1 bedroom for about $1650. So I think you guys are on the same page. I.e. People can barely afford to rent.
The 1st crapshack in Pacoima built in 1947 listed for 325K at $455+ per sq ft went pending on 2/25/15. Seems like there is no shortage of buyers. Even for overpriced shoeboxes in Pacoima. It’s not even updated. Check out the horrible tile floors.
https://www.redfin.com/CA/Pacoima/10077-Telfair-Ave-91331/home/5608740
No garbage bins in the photos. Definitely some gentrifornication going on here. Granite and stainless in the kitchen, I’m in.
Just watched an affordable housing special on our local Socal Fox morning show. Latest data showed a family must make $68,000/year to afford a modest apartment in Los Angeles. Also, stated that companies located here are having a hard time finding qualified young professionals. Since they can’t afford a home even on a decent salary they are moving elsewhere. So, who is buying all these overpriced homes. Are foreign investors driving people out-of-the state? It seems that unless you make over $150K/year or you bought a home 20 years ago you are out of luck.
I live up in Bay just outside Oakland…just meet with my tax prep guy yesterday. Between, my regular job and side consulting I pulled in 73K last year and can barely afford rent…let alone a condo and even less so house…well anywhere outside of deepest ghetto of East Oakland. Those of use in our mid-30’s with average income and even light college debt are totally screwed.
Those numbers seem like they are made up by the media.
In 2012 I put in offers to purchase my first house in these less desirable areas of LA (North Hollywood on the wrong side of the 170). Of course I was out bid. After experiencing this a few times I though long and hard. Did I really want to pay 60% of my income to live in a bad neighborhood just so I can own a house in “LA”? So I moved. I have a better job. 10% of my income goes towards housing. The quality of life is amazing. I don’t lock my doors. I walk everywhere. No noise. No pollution. Looking back, I’m glad I made the move and would recommend it to anyone struggling to make it in SoCal.
Where did you move?
Eastern Sierras, Mono County to be precise.
I’ll have to check it out. Thanks for the response!
I would agree with the Cali expats on here, that the quality of life is much higher outside of CA. It is nothing but a rich mans playground and for a working stiff, the prospects are better in the non coastal states.
This is the future of L.A., as it is the west coast center of the universe. In NYC, a bedroom goes for $750 and micro apts go for $2000 to $3000. In hot spots of L.A. you get a whole house for $3000, in the weather and entertainment capital of the world.
https://homes.yahoo.com/news/after-the-panic–how-one-new-yorker-lives-happily-in-90-square-feet-210257460.html
According to The Realist, LA is so grand that we should all do whatever it takes to live here whether that be making a deal with the devil or selling our 1st born child, because it’s worth it to live in New-Tijuana aka Los Angeles. Unfortunately this person is a complete moron who has never traveled outside of LA, therefore is unable to give a non-biased opinion. If he had he would know that the quality of life outside of LA is vastly improved as well as the affordability of real estate.
Hunan, I’ll have you know I’ve been to every single state except Maine, Alaska, and Hawaii. I’ve lived a very well traveled life from youth through today, and I’m almost 40. I don’t plan on stopping this either. While traveling is quite fun, there is no place like home. No city has impressed me that much yet, and I will never travel outside America. There is no reason to when we live in the greatest country on earth.
Hunan. Speaking in what I believe Realist is trying to come across, that Ca has the climate and natural beauty from end to end that many folks wish they had where they live or lived.
I was born in Chicago nice town for the most part, but it is skyline of man made buildings with Lake Michigan. If Illinois and Chicago had the physical beauty and climate of Ca. no need for me to move out West, it doesn’t and never will, wish it did.
The freedom and overall enjoyment of a summer and fall only climate with natural beauty of deserts ,mountains , ocean is tough to beat. If you can afford it and insulate yourself from the tough life of getting a foothold there and the politics of it all then CA. is still the dream for many (IF YOU HAVE THE MONEY I MIGHT ADD)
My wife and I left (AFTER 33 YEARS) because 37 million people for us became overwhelming and not enjoyable anymore. Trying to get a parking space for a hour at any popular place was crazy so we left. But CA. always tugs at your heart once you live there, and you always say to yourself, wish so many people didn’t discover it, now it is zoo like?
We fled SoCal and sold our 1950 era track house in Rolling Hills Estates for $1.1 million. We moved to a town called Cool in Northern California where we bought an updated 4 bedroom 3 bath home on four acres with a barn in a gated community for $465K. We like it here but plan on eventually leaving California in a few years after we retire. Taxes in California are too high!
I’m right behind you Calinomore. I already purchased a 3/3 on 1+ acre in semi-rural Northern San Diego county. I plan on moving and selling my 2/1 pre-WWII crapshack in LA in Spring after I’m done remodeling the new home. We just can’t take the traffic and congestion in LA anymore. Like another poster said, it can sometimes take an hour just to find a parking spot in LA, not even mentioning the traffic getting to and from your destination. LA has changed for the worse in the last 20 years, the quality of living has gone straight down the toilet. I’m looking forward to living somewhere were the air is clean and land is plentiful. I’m lucky though. I purchased my current LA home at a shortsale in early 2012. It was a steal. In 3 years it has almost doubled in value. Can’t wait to get out of this hellhole.
If that is the case Realist, based on your comments I can assume that you are absurdly wealthy and therefore have little in common with the majority. Therefore, your constant comments about how great LA is, is based on being in the top 1% and living the lifestyle afforded by such. I don’t believe the majority of this board or population in general can see your perspective. Of course people with great wealth can afford to purchase a fantastic lifestyle in LA or anywhere else for that matter.
“Entertainment capital of the world”
Not really. Hollywood/LA is just where the sausage of the entertainment world is made. It does have pleasant weather, though.
Despite some nightmares, poll finds voters still California Dreamin’
When pollsters asked California voters whether they would rather live here or somewhere else, more than seven in 10 picked California.
http://www.latimes.com/local/politics/la-me-pol-poll-california-dream-20150301-story.html#page=1
Flippers get the better deals because they play with cash. I have witnessed the phenomenon because I have relatives currently working the San Diego area.
The formula is straightforward. Lowball a cash purchase offer on a fixer with a promise of less than 30 day escrow. The initial offer is always rejected. Weekly follow up calls even after the property goes into escrow are a must because if the property falls out of escrow that original offer begins to look good.
Once the property is secured put in carpet, granite, paint and sod.
The theory is two homes priced at $400k on the same street, the one with granite gets the sale.
As long as there are homeowners too stupid or too lazy to fix their place up for sale there will be those that are more than happy to claim the premium the opportunity presents.
Those homeowners who sell ‘as is’ may neither be stupid or lazy. In fact, they may be making a whole lot more money than the flipper and expending a lot less energy in the process … they may be far more efficient in how they spend their time earning money!!!!
I sold my condo as is except for a new paint job on the interior. Listed at 189,000 got lowball cash offer for 160,000 sold for 170,000 . Bought for less than 39,000 in ’96
Coastal deserts are mysterious…so appealing with water…without it, not so much….
I own a home in the SF neighborhood worry about water more than prices of homes selling near me or my equity etc..
without water, all home owners are holding a paddle without a creek. California is home to me but owning a home with a 10%-20% PTI range makes many other states and areas attractive. Finding yield with the additional savings will help in retirement
see some glaciers before their gone…
“Bad schools?” That’s why they make charters. So gentrifiers can cluster together.
Unless they borrow someone’s address so that they can get into a “good” (demographic) school.
The federally mandated “No Child Left Behind”Act a/k/a the “NCLB Law” allows parents to transfer their students from a non-performing school to a performing school within their assigned school district. Also, If all your assigned school district schools are all “academically non-performing”, or if they’re on “academic probation” by the Feds, then you can transfer out, into a better “performing” school district. (Maybe one that is closer to a parent’s workplace, or to a better / safer neighborhood.)
I easily transferred my son by first releasing him from our assigned school district, then transferred him into his current school district. He has attended K-5, and 6-8 in Blue Ribbon/California Distinguished Schools in Huntington Beach. I just have to reapply for the transfer yearly in February to hold his spot for the next school year. Our “home school” has been a habitual “non-performer” for YEARS. So, I’m not too stressed that it will all of a sudden “perform” LOL
So, just buy/rent in whatever neighborhood suits your family’s needs, like the upcoming coastal-close “Westside” of Costa Mesa (bargain beach-close properties) , and just invoke the NCLB Law to avoid “bad schools” and all that expensive private school tuition. Btw, all my son’s friends live in our neighborhood, but they all transferred out to the same HB schools. So now technically, our “home school” is located in HB instead of CM, but all the kids all play on the same local neighborhood sports teams in CM. Si Se Puede Putos……
How funny. If all the kids were from the neighborhood – then if they all went to their home schools, the schools would change overnight. Involved parents would see to it.
Ironic then that No Child Left Behind facilitates leaving all those kids behind. Oh well!
That’s probably a fun commute for you in the morning. I’m probably going to regret this but, if your kids were approaching kindergarten, why not just move to a better school district? Clearly in your own words it has been crap for YEARS. Your NCLB trick doesn’t work in my hood in LA. It’s such a tightly controlled and full charter, they would kick you down the road. They just don’t have the space.
I still get those “Property Alert” emails from Realty Trac, my old neighborhood -91354 Valencia- is finally having many bank owned and foreclosure alerts. My guess it is homes bought back around 2005?
There should be a lot of 2005 REO’s & Foreclosures coming to market this year because the banks foreclosure “holding” time will expire. Unfortunately, the banksters changed the rules on foreclosures. They stopped the “mark to market” policy years ago in favor of holding them for five years, then if those banks want to, they can hold up to another five years, but are mandated to sell at the end of the 10th year. Which makes total “cents” why 2015 listings are up in your old area…. “Your under the gun, so you… Take It On The Run Baby….
I fucking love Pacoima! I would pay a million dollars for a shitshack there without blinking.
Cheapest meth in town…
Unless you have a ton of cash you need to hide somewhere, buying in Los Angeles right now seems startlingly unattractive.
“Pacoima” & “Moist” are two of the most annoying words in the LA vernacular, just sayin’
I’d add Cucamonga to the list!
“buying in Los Angeles right now seems startlingly unattractive.” It has been for around 2 years. I think prospective buyers should wait at least 2 years, possibly longer; depending how quickly prices drop.
I recall hearing about a residential house fire in Pacoima in January 2015…I believe there were three families living the home…9 adults, 12 children and a dog.
I feel bad for the people, and am glad no one was hurt…but 21 people in a house? Eek.
I feel so badly for SoCal buyers now. What a nightmare. I am so grateful I never have to look for or buy a house in SoCal ever again. Whew.
Doesn’t look like Pacoima has gentrified much in the 35 years since I lived in Southern California. Still cholo central ..
So much for great Texas weather: http://www.dailymail.co.uk/news/article-2973515/American-Airlines-flight-382-grounded-runway-nine-hours.html
Those who are hoping and living a fairy taile thinking prime areas in cali would be like the prices of twenty or ten years ago need to cut down on smoking that world famous cali weed,lol.you would get out bid by people who are sitting on a boatload of home equity,like me.also by all the other people with alot of cash,investors,heirs,etc.
I agree with the post from “The Realist”: “Pacoima, Sun Valley, and Tujunga, are all next in line for gentrification. This is not surprising news.”
Pacoima consist of mostly single family homes, condos and some large multifamily developments. The area is still haunted by the bad reputation of gangs from the 80’s and 90’s. There are pockets of single family homes in Pacoima that are completely different than the entire area. The area between Van Nuys Blvd, Osborne, Glenoaks Blvd and the 210 Fwy for example are mostly homeowners and are well kept.
The Hansen Hills community in Pacoima located at the corner of Glenoaks Blvd and Osborne is adjacent to the Hansen Dam Recreation area/park and Hansen Hills Golf Course. The area is located on the only hills in the Pacoima, Arleta area and consists of townhomes, condos and mostly large single family homes. Most of the people that live in this community are original African American homeowners, young Latino families and a mix of other folks moving into this area in the recent years. The community overlooks and is walking distance from the Hansen Dam recreational area. The community has approximately 2,000 homes, condos and only has two main entrances.
Most of the current sales surrounding the Hansen Hills are condominiums. The area is very stable and hardly any crimes in the Hansen Hills community. Of the few homes being sold over the last 2 years are in the $350Ks to $400ks. The last homes sold in this community:
$415K https://www.redfin.com/CA/Pacoima/10826-De-Haven-Ave-91331/home/5487954.
$410 https://www.redfin.com/CA/Pacoima/12716-Gain-St-91331/home/5485575.
$430 https://www.redfin.com/CA/Pacoima/12639-Remington-St-91331/home/5485604.
$434 https://www.redfin.com/CA/Pacoima/12675-Terra-Bella-St-91331/home/5485707.
There has been lots of investment in the surrounding areas and adjacent Hansen Recreation area. The Hansen Dam facilities, pool, walking trails and park have been renovated and the new Discovery Cube Science Center was opened last winter. METRO is currently in plans to add service to this area from the Gold Line to the Center of Pacoima via a Rapid Bus, Light Rail or Tram along Van Nuys Blvd. The East San Fernando Corridor http://www.metro.net/projects/east-sfv/. Change is happening in the area that can bring profit.
Leave a Reply