I've heard a lot about San Pedro recently. It has all of the ingredients to be the next highland park. (huge art and music scene, affordable rent, "authenticity" etc...) I've also seen that they are redevoloping their waterfront. So I took a 25 min drive down there from DTLA and was blown away at how nice it was. I mean tons of beautiful parks, 2 beaches, minutes to Palos Verdes. I was shocked at how relatively inexpensive the property was. I did notice some early 90's venice vibes in terms of crime but all in all seems like a solid investment. Anyone else thinking about jumping in the SFR of multifamily game down in San Pedro?
Investor · Manhattan Beach · Member since 2020 · 9 posts · 11 votes
6y
DUDES. Big ups to everyone here for acknowledging THE most under-appreciated real estate market in CA. Also happenned to hear from a little bird that Elon Musk is bringing back the shelved deal to bring SpaceX to San Pedro. This could be bigger than Highland Park. We might be looking at a Highland/Echo Park/Silverlake/Venice mash up baby. I should know. I bought in Venice in the 80's and everyone laughed at me. They didn't laugh when my house sold for over a mil.
Investor · Pasadena, CA · Member since 2015 · 269 posts · 189 votes
6y
Yup! We've been hunting for deals down in San Pedro. Already has a 63-unit mixed-use project in the works down there. All the writing is on the wall. If only the metro silver line gets upgraded. The public market along w/ QOZ will spur more interesting projects and make it an even more desirable place to live.
Investor · Manhattan Beach · Member since 2020 · 9 posts · 11 votes
6y
DUDES. Big ups to everyone here for acknowledging THE most under-appreciated real estate market in CA. Also happenned to hear from a little bird that Elon Musk is bringing back the shelved deal to bring SpaceX to San Pedro. This could be bigger than Highland Park. We might be looking at a Highland/Echo Park/Silverlake/Venice mash up baby. I should know. I bought in Venice in the 80's and everyone laughed at me. They didn't laugh when my house sold for over a mil.
Rental Property Investor · Los Angeles, CA · Member since 2018 · 4 posts · 3 votes
6y
@Chad Doheny Hi! I am new to the BP community and have been reading posts because I wasn’t to invest soon. I was looking into San Pedro. Some people say that it’s too tough with rent control laws and that a majority of people who live in San Pedro rarely leave, making it hard to increase rents. What are your thoughts on this? Would be soo cool to invest in an area before prices skyrocket!
Rental Property Investor · Los Angeles, CA · Member since 2018 · 4 posts · 3 votes
6y
@Jason Hsiao Hi! I am new to the community. 63 units seems like a large project! Congrats! Do you think there is opportunity in San Pedro for small investors like myself who want to buy 2-4 unit homes?
Investor · Pasadena, CA · Member since 2015 · 269 posts · 189 votes
6y
Of course @Jacqueline Suarez! There are small multi's, 2-4 units in San Pedro as well. Were you planning to house hack? I can have someone from my team set you up with an automated alert whenever something fits your criteria pops up.
Real Estate Broker · San Pedro, CA · Member since 2016 · 206 posts · 89 votes
6y
I'm house hacking in San Pedro on single family residence. Bought two years ago and build some equity in those years. San Pedro will blow up in prices in next 3-5 years. There is a lot of development going on.
I know the second time!! There is so much other development though, they will be back if not someone will eventually rent that space. I'm debating if I should buy out of state units or another property in San Pedro. I currently have alerts set where anything under valued gets sent to me.
I can help you with doing a search on properties and analyzing deals. I'm a numbers guy, so I enjoy doing it with my clients or anyone interested that doesn't like excel.
I know the second time!! There is so much other development though, they will be back if not someone will eventually rent that space. I'm debating if I should buy out of state units or another property in San Pedro. I currently have alerts set where anything under valued gets sent to me.
Agreed. I want to stay close to home instead of out of state though. I have another property in the mountains and that's far enough.
Rental Property Investor · Carson, CA · Member since 2019 · 185 posts · 74 votes
6y
@Moshe Greenberg. Pedro is great right now! However in 15 years it is going to get very hard. I don’t know the percentage rate but majority of people in San Pedro or Longshoremen’s or something to do with the waterfront. Unfortunately automation is taking over the docks and I can promise you San Pedro will get hit very hard. I know all this because I work down and see the automation coming everyday.
@Moshe Greenberg. Pedro is great right now! However in 15 years it is going to get very hard. I don’t know the percentage rate but majority of people in San Pedro or Longshoremen’s or something to do with the waterfront. Unfortunately automation is taking over the docks and I can promise you San Pedro will get hit very hard. I know all this because I work down and see the automation coming everyday.
True, there are a large percentage of existing longshoremen in San Pedro. That industry may get hit hard by advances in technology. I don't think potential work at the port is what makes it attractive to current investors though.
Yes I can see the automation taking over one day, but that wont deter from investors and first time home buyers from coming to San Pedro. San Pedro is the last frontier in the LA/South Bay area where there is a lot of development and still low barrier to entry to finding a decent priced home. Anywhere else in LA and your going to overpay. I feel like San Pedro is not known by other who live in LA. A lot of people that live in LA have never been to the Port. Once the old Ports O Call is built, more people will know about San Pedro.
Rental Property Investor · Carson, CA · Member since 2019 · 185 posts · 74 votes
6y
My opinion the dockworker is what drives San Pedro,like the auto industry drove Detroit. I’m there almost everyday. It won’t get hit like Detroit but San Pedro will be hit when automation takes over. How hard I don’t know.
Rental Property Investor · Carson, CA · Member since 2019 · 185 posts · 74 votes
6y
That’s why I’m getting into real estate investing because longshoreman careers is going to become very slow and dried up. San Pedro is an awesome place but all you investors consider the job source.
My opinion the dockworker is what drives San Pedro,like the auto industry drove Detroit. I’m there almost everyday. It won’t get hit like Detroit but San Pedro will be hit when automation takes over. How hard I don’t know.
Yes, but it is still within driving distance to other job opportunities for people who are not in that industry. For example, people who work elsewhere in LA or telecommuters like myself.
I don't think you can compare a neighborhood in the city of Los Angeles to the rust belt city of Detroit. One is a large city that depended on the automotive industry and had few other opportunities. The other is part of a metro area that has plenty.
Rental Property Investor · Carson, CA · Member since 2019 · 185 posts · 74 votes
6y
You are absolutely right I was just trying to do a drastic comparison. You all go for it in San Pedro. 20 years we will see a different San Pedro and I don’t think for the better.
Yes I can see the automation taking over one day, but that wont deter from investors and first time home buyers from coming to San Pedro. San Pedro is the last frontier in the LA/South Bay area where there is a lot of development and still low barrier to entry to finding a decent priced home. Anywhere else in LA and your going to overpay. I feel like San Pedro is not known by other who live in LA. A lot of people that live in LA have never been to the Port. Once the old Ports O Call is built, more people will know about San Pedro.
"Low barrier"? I guess everything is relative. :-)