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

To Live And Buy in South LA: Why Are Home Prices So High?

The Times is running a long piece today detailing the troubles faced by South Los Angeles 15 years after the riots: poverty, unemployment, wages failing to keep pace with the rest of the city.  So here's a question: what explains why the median home price, as measured by recent sales, in such a troubled place, is $457,250?  That may sound like a bargain in Los Angeles, but it is more than double the national median price.  Why are homes so expensive in South LA?  Your thoughts?  Comments?