I always have first time home buyers ask me what neighborhood to buy in LA. Where the next hot neighborhood will be. I’d like to highlight Van Nuys as a good option in the Valley. It’s not what everyone is talking about right now but I see this area appreciating over the next 5 to 10 years. Did you know that the city is putting in a light rail through Van Nuys? The Metropolitan Transportation Authority voted unanimously to bring a light-rail line to this part of the Valley. The $1.3-billion rail line will run along Van Nuys Boulevard. Read more on that HERE !
What do I look for in an up and coming area?
When looking for an up and coming area there are so many factors in determining this. I first look for median sales prices that are currently at or below the median priced home for LA County and look for upward trends in sales prices. I look for neighborhoods that are surrounded or close to more expensive neighborhoods and analyze geographic sales trends. This gives me an idea of which area is appreciating. I also have to analyze the number of run down homes in the area to make sure there is room for improvement. Van Nuys has all of these factors in place and given the fact that affordability is truly being tested in LA, I see Van Nuys as a great investment!
Current stats show Median single family homes in Van Nuys to be $609k which is down 1.8% from last year.
More About Van Nuys
Approaching the century mark, Van Nuys is rich in history and home to a vibrant international scene filled with ethnic eateries, shops. First developed in 1911, it traces the evolution of early residential architecture in the growing San Fernando Valley, from early Craftsman homes to post-WWII ranch houses. Van Nuys is home to the vast Woodley Avenue Park, which contains the Sepulveda Wildlife Area, one of the Valley’s best-kept secrets.