Having lived in North Park for 20 years, spent in various rentals, yes, the area has improved. I have had many friends also living in North Park, South Park, Golden Hill, Normal Heights, etc. There is quite a number of fru fru shi shi restaurants and it is not as ghetto as it once was. However, as the economy continues to tank, will people be able to afford these establishments?
BTW, back in the day, South Park was called Golden Hill, and the community renamed in South Park and jazzed it up. It still IS Golden Hill. Don’t be fooled by the those cute bicycle racks installed everywhere. Ever go to Alexanders on 30th? FABULOUS restaurant! Have dinner on the back patio and you can view the dumpy apartment behind it and its goings on. Alexanders is a NICE restaurant too.
I have lived in a rental for 10 years, on a fairly decent street, few apartments nearby. Just a few houses down, an elderly woman died, and the house was advertised for $399K, and it was in escrow in 2 weeks, closing at $415K. I wonder how the new owners will feel when they watch the skateboard man with his pit bull in tow, making his next drug deal? And, the cost vs rent, would still not pencil out. The house would easily rent for $1800, perhaps $2000, but with 20% down, the mortgage would be around $2500.
My gut feeling is that these areas are not going to stay “nice” for the next 20 years. It feels fun, eclectic, cool, green, fabulous, trendy to live here now….but what about later?
