In the last housing mania, people drank multiple rounds of the Kool-Aid and lost all perspective. That is to be expected when we live in the land of Hollywood and living in a world of make believe is pretty much par for the course. In fact, faking it until you make it is now a legitimate way to make a living. Doctored up photos with so many filters you would think you are purifying water to drink out of the L. A. River. SoCal is the land of rental Armageddon and delusional Taco Tuesday baby boomers who run around with their ugly looking dogs in ‘baby’ strollers and think their crap shacks are worth one million dollars. So in the last mania, areas that were legitimately tough somehow carried ridiculous price tags. The pitch was that an area was going to gentrify because ‘no more land is being made!’ or that it was in the county. We are now seeing some outrageous prices in areas that still have legitimate struggles. Today we go back to Compton.
SoCal living and the slow pace of gentrification
I was browsing through my weekly feed of properties. I like looking at espresso happy areas like Santa Monica and also places like Compton. Unlike most house humpers that enjoy staying in their tiny confined zip code echo chamber bubbles, I like venturing out to the ultra-wealthy enclaves and to areas that are less desirable, at least to the Taco Tuesday crowd.
This post was published at Doctor Housing Bubble on January 31st, 2017.
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