Where there is demand, people will find a way to make sure there is an adequate supply. Mixed-use developments are a trend, and it's also a good time to sell real estate.
Los Angeles, CA (PRWEB) August 22, 2016
The Los Angeles City Council has given Caruso Affiliated the final stamp of approval for its Palisades Village project, bringing a sense of urban life and vitality to an L.A. suburb.
Located in Pacific Palisades, Rick Caruso's project is set to transform the coastal neighborhood's sleepy Main Street into a walk-able and upscale town center. Palisades Village will cover approximately 16,000 square feet of downtown Pacific Palisades, with one- and two-story buildings designed for retail spaces and restaurants. A movie theater, a supermarket, and a park will also be part of the project. Demolition works have already begun, with the project scheduled for completion in 2018.
For local Realtor Lawrence Klein of Klein Real Estate, Caruso Affiliated's project is a sign of good things to come, not just in Pacific Palisades, but in the whole Los Angeles area.
"We suffered real losses during the housing crisis about six years ago, and it's a great relief we are recovering," says Klein. "With new residents arriving in Los Angeles, there is a drive for urban redevelopment to accommodate new needs. There is a renewed focus on the development of public transit for accessibility, as well as the creation of mixed-use buildings to increase residential densities and retail growth."
According to Klein, most people are congregating in urban areas, thereby outpacing the population growth in suburban communities. In particular, the millenial generation are drawn to central cities where they can actively pursue an urban lifestyle. That's why development projects such as Caruso Affiliated's Palisades Village will be extremely helpful to the whole Los Angeles real estate, one of the largest in the country.
"Through such projects, a semblance of urban lifestyle will be more achievable to residents living in the suburbs. This will also draw new residents to these communities, making areas such as downtown Los Angeles less congested and the market more balanced," says Klein. "There is more to Los Angeles real estate and it's always worth exploring."
Aside from new developments, low mortgage rates are enticing more home buyers to invest in real estate. Record-low inventory, however, is proving to be a foil to such plans. With new commercial developments currently in the works throughout Los Angeles, real estate developers are also expected to follow suit to meet rising housing demands.
"It only makes sense," says Laura Klein, one of Klein Real Estate's experienced Realtors. "Where there is demand, people will find a way to make sure there is an adequate supply. Mixed-use developments are a trend, and it's also a good time to sell real estate."
Larry Klein advises home sellers, however, to prepare well before putting their home on the market.
“Just because it’s the ripe time doesn’t mean you immediately join in the party. Success is easily achieved by a home seller who did his or her homework,” Klein says.
For more information about Klein Real Estate and the Los Angeles real estate market, including buyer and seller resources, log on to http://kleinlistings.com.