According to Los Angeles Times, residents are 82% Latino, 5% White, 11% Asian. Most of them have less than high school education, and only 8.4% of 25 years old or older residents have 4 year college education. Median household income in 2008 was about $42,000/year.
North East Los Angeles has been steadily gentrified.
Silverlake became “swanky”a long time ago, then Echo park followed the suits. The wave of gentrification jumped over Los Angeles River about 6-7 years ago at the height of the real estate boom. Mount Washington and Eagle rock became “upscale”, Glassel Park became “almost upscale” and even once notorious Highland Park became “hipsters’ central.”
We saw countless bank owned heavy fixers transformed to “completely remodeled stylish bungalows” “artists’ retreats” or “mid-century modern.” People started jogging in the neighborhood and now galleries are everywhere.
Among all the craze, Cypress Park seemed to stay the same. Cypress Park is actually closer to Los Feliz and Silver lake than Highland Park and Eagle Rock , yet the neighborhood looked the same as 10 years ago. I thought Cypress Park is somehow untouchable. At least until about a year ago.
I first noticed the change when a house on Future Street was listed on June 10, 2011. To me, it was the first noticeable “flip” in Cypress Park. The run-down fixer upper was transformed into a stylish smoky blue home completed with a deck and a hobby room in the yard. I was amazed to see many young professional looking people coming to its open house. The property was sold at $320,000, well above the normal sold price for a 846 SQFT house in the neighborhood.
It was quiet for a while, but then I notice more flips just recently. Completely remodeled house on Merced was listed at $389,000 and the status changed to “backup offer only” on April 27, 2012. “Super sweet craftsman bungalow” 1159 Isabel is listed at $349,000 (there were several flips on Isabel before this property since Isabel is the border line between Mt Washington and Cypress Park), 3343 Seymour, or “another fine renovation by a local builder” is now listed at $314,500. Above $300k houses are shooting up like bamboo shoots after rain!
I drove around the neighborhood for a while last week. I saw more than several houses are being renovated. I am sure they are coming up soon.
Will Cypress Park be finally gentrified like Highland Park around York and become another hipster central or will it defend its own hardcore character?
What do you think?
Just let you know that a gallery has already opened on Elm at Cypress (New Puppy Gallery).
P.S. Are you interested in buying in Cypress Park? Just let me know!