So what’s happening in your neighborhood with new construction? Like it? Hate it? Hmmmm? Or don’t want to think about it?
There has been a rush of new construction going on in the Palisades Riviera… for that matter new construction is appearing in every neighborhood on almost every street.
In 2011, Metropolitan Los Angeles ranked 5th of the major metropolitan areas for the most new construction permits issued (Houston was number one). In my Riviera Palisades neighborhood alone of the almost 600 homes, I have counted more than 15 new construction projects, all high-end homes being started or slated for the wrecking ball. When finished, these homes will range from $6,000,000 to $10,000,000+, a market value of more than $150,000,000.
The last time I saw anywhere near this fervor was around 2005-2006. The new construction rush, many of them spec homes, signals more confidence in real estate as well as about the economy in general. Redevelopment brings improved home values.and improved community infrastructure, The price ceiling of higher end homes is raised as well as the low priced entry level homes.
With new construction, however, neighbors must endure the congestion and the disruption to the once serene idyllic lives: Not to mention community (demographic) make-up and those generational and lifestyle changes.
The disruption in the short term are well worth the long term values.