INGLEWOOD, Calif. – The tide is turning as Inglewood homeowners are lowering prices on their homes as fears of a recession widen.
Prior to the COVID-19 pandemic it was truly a “sellers” market as homeowners commanded top prices for their homes as inventory became scarce.
Now with rising interest rates, coupled with higher fuel costs and a looming recession, homeowners have no choice but to reduce the asking price for their homes.
Here are two we found in the 90305 zip code, which is the Morningside Park area of Inglewood, Calif.
9009 S Calvin Way, Inglewood, CA 90305
Two months ago this home located in the Renaissance, which is a stones throw from SoFi Stadium, hit the market with an asking price of $1.35 million.
Residents in the gated community balked at our assessment they were “fleeing” the community due to the noise and traffic congestion generated by the multi-billion dollar stadium being dropped into the City next door to them.
When the housing development was built there were no public discussions of the NFL heading to the ‘city of champions’ but here we are.
The price has now been reduced to $1,150,000
8716 S 10th Ave, Los Angeles, CA 90305
This single-family home hit the market in early August with an asking price of $907,000. The home is located North of SoFi Stadium and is within walking distance to both entertainment venues.
The home is now listed at the reduced price of $865,000.
Residents on this residential area are required to participate in the citywide permit parking program and pay $100 for annual permits to park in front of their home. There is additional costs for guest parking permits.
Residents living in the immediate area of the stadium and Kia Forum regularly complain during city council meetings that the City is failing to clean up trash and debris generated from attendees at the venues.
There aren’t enough trash receptacles and the City doesn’t power wash the sidewalks to remove the stench of urine, vomit, and at times feces from the public right of way.
Public Works Director/Assistant City Manager Luis Atwell ended the contract with the vendor tasked with performing clean up after the events citing “costs” that equate to roughly $10,000 per event.
He is instead using the public works staff which have their hands full with limited staff and resources.
Residents are concerned that the lip service being provided by city hall is there isn’t enough revenue being generated from the entertainment district to offset costs beyond barely covering emergency services (law enforcement and fire).
Residents are subsidizing the cost.
According to the City’s 2021-2022 budget both venues only brought in $400,000 in admissions tax revenue despite Super Bowl 56 being in the City earlier this year.
As local elections loom over the council, residents are confused as to why they continue to support the current members and if they should cast their vote for someone else.
2 Comments
Smoke and mirrors or another cute “find the pea under the shell” game?Please go back to read the Sept 22 budget story notice the photo of the revenue page presented in the budget where it shows a grand total of “admission tax – Forum” as $400,000,00. Yes there are other Words in the budget not factored in for the numbers which appear as part of Total Revenue . But whatever pie in the sky they want to say is just pie in the sky if the numbers are not included in the total revenue compared to the total expenses.
Perhaps the words are in reference to the anticipated dollars of “designated reimbursement ” which is a anticipated the for “additional security” specifically for the Stadium events. If so, the offset dollars also should have been included right under admission tax Forum with a corresponding entry in the expenses total described as “Stadium security reimbursable” was . If the wording is to suggest those 16 million dollars represent the contract services Inglewood has made with other agencies that still leaves residents not being reimbursed for our own officers being used specifically for event services rather than resident service. It becomes a wash- when we get billed by agencies, we are responsible to make payment and we hope Kroenke and company reimburse us. There is no benefit in these dollars for Inglewood residents ..
Think of it as if you some of your friends decide to go “Dutch treat” to a Fancy restaurant and when the bill comes they pay what was the menu price for their meal without adding the additional dollars for the appetizer or bottle of wine no one remembers ordering but most ate and drank. They also fail to throw in the dollars to cover taxes, tip, parking/valet fees or gas after all your SUV was already full of gas when you picked them up. Yes we have all seen that happen and the one stuck with the Bill gets to hear the array of excuses but ends up paying the entire cost of appetizer, wine, tax, tip, valet and yes gas even if they ordered the least costly entree And then they get to listen to all the others suggest it was such great fun it should become a regular event since “Dutch treat” outings are so much fun for everyone !
Time to clue in people! The NFL (a tax free entity) expects Inglewood residents to pick up the dinner tab and the BUTTEAM thinks we should be thrilled to see the team bus pass by as we sit stuck-in-traffic just trying to get home. This inconsiderate consumer in our midst is eating us out of house and home at the BUTTEAM invitation while we pay the bill for the inconvenience, the pollution both air and signage, lack of access to the hospital in case of emergency and we are to happily absorb the cost of parking permits and the “Transit Connector” also!
Aren’t you tired of hearing about that pie in the sky?
FYI to Kroenke Co the Jerseys for the girls was a nice jester, but seriously we’d rather you pay taxes, hire your own landscape maintenance crews, pay fair market value for property, relocation and goodwill to each business owner your transit project will displace with your own dollars and yes ask Ballmer to help you pay for the monorail out of your own billions.!
After all the construction, headaches, gentrification, displacement, high taxes, permits, etc.. the city only received $400,000 in revenue from that stadium??
Ridiculous!
Voters you know what to do. Vote Butts out on November 8th. If you want change, that’s your only solution.