Those looking to become homeowners this year would be wise to look into Downtown Long Beach. Zilllow’s research team looked for places with quickly rising home values, low unemployment rates and strong income growth, and DTLB earned a spot on LA Metro’s Hottest Neighborhoods for 2017 with 5% home value growth predicted for the year.
DTLB ranked 5th for LA Metro and was the only neighborhood outside of Los Angeles to earn a place on the list, while LA’s Cypress Park earned the top spot with an 8% predicted home value growth for 2017.
The demand for residential development Downtown has been met with tangible progress as major real estate developments, the 17-story Current tower at Ocean and Alamitos, The Edison, Pacific Court Lofts and the Lofts at 6th all came online this year. With The Current now offering new homes to residents, the development team has moved on to the project’s second phase—a 35-story tower with for-sale units. Not only will offer residents new permanent housing, it will also mark our skyline’s highest building upon completion.
You can expect more in the near future too with projects like Oceanaire fully under construction. Oceanaire has broken ground the unkempt space just west of the famed Ocean Center Building that sits on the southwest corner of the intersection. The intersection holds a massive amount of history within city, as during its peak, it had thousands of people pass by hourly; which prompted the construction of the now-shuttered Jergins Tunnel to help alleviate pedestrian congestion. This development will increase foot traffic and better connect our downtown core to the waterfront.
More opportunities will arise with the highly anticipated Broadway Block development slated to move into Broadway and Long Beach Blvd. Broadway Block has partnered with Cal State Long Beach’s graduate school of fine arts and will provide affordable housing for students and teachers, as well as creative office space, and an adjacent “academia court” for student galleries, performing arts, receptions and other university-related activities.
Excitement for Downtown continues to grow as developers broke ground several projects equating to 786 units this year, and 1,893 entitled units are in the pipeline. In total, Downtown is posed to see approximately 2,600 units come online over the next five years. These recent investments are a further testimony to Downtown’s proposition as a value-add location within the region, and are signs that opportunities will only continue to improve for existing and future residents who enjoy the unique lifestyle that only Downtown Long Beach can offer.