L.A. House Flippers Target the Hipster Crowd
Steve Jones, a Southern California real estate developer, bought a three-bedroom teardown in Los Angeles’s Glassell Park area last year. It was a risk—after all, this had been gang territory in the ’90s and was still on the border of gentrification. But Jones believed the fringe neighborhood on L.A.’s far east side was ready to attract a different kind of buyer. Over six months he gutted the home, installed marble countertops in the kitchen, put in a pool, and added an attention-grabbing orange front door. He hoped to sell the rehabbed property for $850,000—a lot of money, considering how far you have to drive for a decent cup of coffee. “The customer dictates the price,” he says during a walk-through of the house. “There’s an inexhaustible supply of hipsters in L.A. You saw the same thing happen in Brooklyn. The hipsters pushed out until they got to the water.”
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