Here are the bullet points:
- There are 131 listings today, December 4, in zip code 90042, and 98 of them are asking less than $499,000.
- Highland Park has a long and honorable history in the development of Los Angeles.
- Highland Park has the first and largest HPOZ in Los Angeles with many contributing structures that could qualify for Mills Act Property Tax Relief and also help to ensure that your neighborhood doesn'tend up being ruined by unbridled development.
- There is a vibrant, unique, growing artistic element that adds style and character to the town.
- There are lots of shops, galleries, restaurants and bars within easy access.
1. As in many somewhat economically lower end neighborhoods, HP was hit hard by the recent downturn and experienced probably three times as many shortsales and foreclosures than its neighbor, Eagle Rock, which today has 56 total listings with 23 less than $500k. So you can now find decent 2-3 bedroom, 1-2 bath homes in decent neighborhoods for anywhere from $300,000 to $450,000. Many need work and therein lies even more opportunity. Read about FHA loan opportunities in a soon-to-be published blog of mine and come shopping with me!
2. Highland Park, one of the oldest suburbs in Los Angeles, began as a lushly verdant area studded with sycamores and oaks that attracted artists, writers, and academics. Large Victorian, then Arts and Crafts-style homes lined the main thoroughfares and hillsides. Several universities began in Highland Park including the Los Angeles College of Fine Arts and Architecture, USC, what is now Azusa Pacific University, Whittier, Loyola Marymount, and Occidental College.
Known as a very highly rated liberal arts college, formerly attended by President-elect Obama, Occidental is still located in Eagle Rock, its third location in Northeast Los Angeles. Check out http://www.nelanet.org/reportsmaps/hphistory/ for a detailed history of Highland Park.
3.The decline of the area happened gradually when the early movie industry moved more towards Hollywood, businesses moved to the mid-Wilshire area, the middle class moved out to the suburbs, and the immigrant population came in as the real estate prices fell. A sad period ensued where grand old homes were destroyed, cut up into apartments, their wood siding was stuccoed and windows were barred. A preservation movement began in the early 80s, which resulted in the first HPOZ (Historic Preservation Overlay Zone)
in Los Angeles being established in Highland Park. The Highland Park Heritage Trust
has done great work to preserve the heritage of Victorian and Arts & Crafts era homes that remain. One advantage to HPOZ homes is that qualifying for Mills Act Property Tax Relief
is much easier. I've sold several homes which have benefitted from this which has saved the owners up to half their original property tax bill.
4. A number of artists, writers and academics remained in Highland Park and are increasing in number as higher prices have driven them out of Echo Park, Silverlake and Los Feliz. The Arroyo Arts Collective just had its 16th tour, featuring about 100 artists in studios and homes all over Northeast Los Angeles, but concentrated mostly in Highland Park. Many of these artists have lived in the area for decades, through all the changes, the economies going up and down, the concrete going in, the bars and fences going up. There is also an upward looking commercial environment including restaurants, bars, art studios, and a variety of all the regular businesses that serve a community. Also, NELAart sponsors the Second Saturday Gallery Night where you can wander through the various galleries and see what's happening or join the Bike Tour sponsored by BikeOven and "go green."
5. Check out Folliero's, a neighborhood Italian restaurant since 1968, serving great pizza with thin crust still made by the founder, Tony Folliero. His daughter, Titina, now runs the place and you will love the staff, the food, and the convenient location at 5566 Figueroa St. Another great restaurant just across the street is the more recently established Cinnamon Vegetarianat 5511 Figueroa. Hipsters priced out of Hollywood are edging into a growing club scene that includes hangouts like The Little Caveand Mr. T's on Figueroa. A York Blvd scene near Avenue 51 is growing with The York PubJohnny's, and Marty's Bar (with valet parking, no less) all within a block of each other. You can check all these out on my Restaurant Guide, which you can have emailed or mailed to you for free if you contact me and ask for it.