Photo via Flickr
It has been over 20 years since a NFL team has called Los Angeles home, and the hype over the new Rams Stadium in Inglewood is creating a development boom.
The large parcel of land that was once Hollywood Park will soon be the home to a new football stadium, 620,000 square feet of retail space, 3,000 residents, a luxury hotel, and the new Hollywood Casino.
The 238-acre property was acquired by developers back in 2005, but construction didn't break ground until 2014, due to the downturn in the housing market. The project is now moving right along, with “City of Champions Stadium” slated to open in 2019.
For years while Silicon Beach was booming, Inglewood was quiet on the real estate front. That is until early 2016 when it was announced the Inglewood would indeed be the LA Rams new home. In the following weeks developers started buying more and more real estate and seeing what exactly they could do to revamp the area before the Rams arrived.
Today, real estate prices have already soared. In December of 2015, you could buy a single-family home for an average of $388,000. Just 10 months later, the medium home price is 438,000.
Single-family homes are not the only real estate rising in price; commercial property is also rising exponentially. With the flood of new visitors in the future, investors a getting a head start on building restaurants, shops and hotels.
To top off the real estate boom, wealthy athletes are also looking to Realtor’s to find them a place to live near by the temporary practice fields.
“We expect a boost in home prices in Calabasas due to its plethora of gated communities desirable to high-profile professional athletes,” John Boyd, the principal of location consultancy The Boyd Company told Realtor.com.
Regardless of whether the real estate boom comes from the players or from the developers, the LA Rams are making a splash in the real estate market. With 3 more years before the Stadium at Hollywood Park opens, it will be interesting to see how the market continues to rise.