I spent last summer working in Pasadena, and as many of you are probably aware it is a very walkable community. I did not drive up there to work; I took the Amtrak to and from downtown LA on Mondays and Fridays, and used the Gold Line metro-rail to get to and from Pasadena. Everything was within walking distance from the hotel. Food, entertainment, shopping, whatever. (I used the bus to get to my customer’s site since it was a bit further, only a 10-minute ride).
This is basically a dream community for me; very walkable, very little need for a car. Quite the contrast from living at the end of a cul-de-sac and being hopelessly car dependent to do anything. I’ve long held a contrarian notion that maybe in the future these dense, walkable communities will fare quite well. The condo glut in downtown San Diego and elsewhere may seem bad now, but our energy and transportation woes will intensify and the personal motor-coach will transition from a convenience to a liability.
I can’t speak for the specific property mentioned above; it does look like a pathetic flip attempt. But future price strength in these communities will not surprise me.
