Monday Morning: New Condos in South L.A. -- Or Is it South Central?

Good Morning. "Hope Builds in South L.A.," says the headline in this morning's L.A. Times, on a story that raises some questions for us:

--Is there a market for 150 new condos at $340,000 to $380,000 in this part of town? The developer calls it a "rough area" where "We have had drive-by shootings in the past."

--Are we the last to know that Wall Street backs church projects like this one? The story says Morgan Stanley has already invested $5 million through "New Markets Tax Credits" and is likely to put in $6 million more.

--Lastly, do people say "South Los Angeles" or do they still say "South Central"? We know, we know, the name has been officially changed. Sometimes name changes work -- nobody says "Rhodesia" or "Persia" anymore. Sometimes they don't.

Your thoughts?
Photo: The Watts Towers, via I Build the Tower

Comments

Burma is so much catchier than Myanmar and I do miss Bombay.

[Mike]

Re "South LA" or "South Central".

In my experience, "South LA" has become the generic term for the greater region of LA south of the 10 freeway. "South Central" is reverting to its old, specific meaning as the neighborhood south of downtown centered along Central Avenue.

[Willie]

It does not matter how you slice this pie, it is South Central, no South Los Angeles. Is there a market for these condos? I don't think so, since there is a great percentage of people that only earn minimum wage, are on welfare or their sources of income are questionable. Further, the ongoing rent for the area is not even 1/3 of the required monthly payment one of those puppies. Gentrification anyone? Not likely to happen on my lifetime!

[toby]

They built two condos units (about 100 each) on the VERY edge of the 101 here in Hollywood. 2/3rd of all the apartments in both complexes view is of the ...101.

Starting at 500,000 dollars. I would assume that the 500,000 dollar 1 bedroom condo is the first floor facing the 101.

So 340,000 to 400,000 for South Central LA....makes prefect sense LOL.

You guys need to satrt calling this a bubble or you guys are going to start to lose credibility.

[jk]

Yeah, I never got the whole thing with expensive condos right on the freeway. The asthma isn't worth the nighttime views. South Central, however, can gentrify. The only question is where to move all the gangsters. Something tells me that, over time, 911 will stop being a joke, and the cops will actually show up to do their job... once the nonwhite people are living there... because that's how it seems to work in this country.