What Does the New Football Team Mean for Inglewood Real Estate?
With the move finally approved by the NFL, Rams owner Stan Kroenke announced that the St. Louis team would be relocating Inglewood. The relocation of the football team and the creation of a very large (the NFL’s biggest yet) stadium will have a significant impact on commercial and residential real estate. The stadium is projected to be ready by 2019 and property values are already on the rise. Following the news, sales prices rose 12.5% in just one week. It seems obvious that the Inglewood real estate market is heating up, but what exactly can we expect from it in the coming months and years?
Increase in Home Values
While this may seem like a no-brainer, the relationship between property value and sports facilities is a bit more complicated that you may think. The opening of a new sports stadium often results in more restaurants, bars, and shopping. Some evidence suggests that property values do increase as a result of willingness to be near facilities as well as new community amenities. Prices may end up decreasing if there are issues with traffic and crime as a result of the sports facility, but proper planning can mitigate many of these issues.
Inglewood Real Estate Affects Transit and Parking
Luckily for Inglewood residents, plans are already in place to expand light rail to downtown Inglewood, which would alleviate many traffic and parking issues. The Metro Board of Directors are also now considering a whole new light rail line that would bring fans even closer to the new stadium.
In addition to the expansion of light rail, the stadium is located in an ideal spot for parking. The development manager for Hollywood Park Land Co. has described the location as “the most parking rich location in the Los Angeles basin,” so parking should not be a major issue for visitors or residents.
Hollywood Park Redevelopment
While new community amenities will surely be added in the coming months and years, one project is already in the works. The Rams’ stadium will be located adjacent to a 238 acre mixed use community that will feature a casino, shopping center, hotel, park, single family homes, and townhouses. The casino is already open and will remain operational throughout the construction process. This redevelopment project and others like it will almost certainly have a positive effect on property values.
Regardless of how much property values will rise, it’s a safe bet to say they will go up. If you are a homeowner who is considering selling your home, it is probably best to wait it out until Inglewood real estate prices become stable. If you are thinking about buying, then it’s time to move now, before you get priced out of this up-and-coming area.
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