Should I Buy Near A Stadium?

Question

Hi All. Brand new to BiggerPockets, and also real estate investment.

We live in Los Angeles and are starting to look for our first buy and hold investment. With the new Los Angeles Stadium at Hollywood Park coming to Inglewood in 2020, we thought the surrounding area might be a good place to explore - considering it is still a relatively achievable investment for us compared to other Los Angeles areas.

Anyone have horror stories or amazing success to share with being near a big expansion like this?

Cory Robinson · Answer

Many cities across the county have tried to do the same as Atlanta but the fact is a stadium typically doesn't make a community come together and is usually a burden on the surrounding homes with massive weekend crowds and large parking lots.  Wrigleyville in Chicago comes to mind as an outlier, and I'm sure there are others, and even then those who own in the neighborhood don't enjoy the games.  Just my two cents...

Tyler Kastelberg · Answer

Ben - Before you buy, take a look at the City's plan with regards to the land surrounding the stadium. Atlanta tried to clean up a disadvantaged part of town by building the Brave's stadium, and it didn't help they failed to allocate enough funds to clean up the surrounding neighborhoods.

Logan Allec · Answer

@Ben Van der Fluit Yes it is a common strategy I am seeing...price points are still (relatively) low out there...good luck.

Nico Rosmarin · Answer

I specialize in multifamily sales in Inglewood and believe the area is an excellent location to invest in.  In addition to the stadium, the development also brings retail, hotels and around 3,000 new residential units to Inglewood.  The new Crenshaw line that's being developed is also helping the area tremendously.

That being said, most of the country knows about the stadium coming into Inglewood, so the hype has already led to prices skyrocketing.  If you plan on holding the property long-term, there is a lot more upside in prices.  Feel free to PM me if you want to talk about investing in the area.

Jimmy Ou · Answer

@Ben Van der Fluit I’m also located here in Los Angeles and looking at properties in Inglewood by the new stadium.  Something to consider for that area would be a buy and hold used for short term rentals/Air BnB as the economics of the “surge pricing” during games might make more sense than a long term rental.

Lumi Ispas · Answer

@Ben Van der Fluit , it can't hurt. That stadium will bring jobs and some of those new employees are going to look at buying and renting in the area. Plus there will be a bit of excitement over it.

Look at other factors too, make sure there are public transportation and other job sources.

Good luck to you!

Should I Buy Near A Stadium?

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