Quote:
Originally Posted by ajiuO
I don’t think anyone should be surprised at what is currently happening along north temple and the rose park area in general. The area has been prime for gentrification for a long time running. The writing was on the wall for North Temple the minute they announced the North Temple trax line.
If you think about it Rose Park is close to down town, offers houses with yards and lots of mature trees, with great access to freeways, the airport, and public transportation... anyone who thought the area was going to remain under valued forever is an idiot. Besides practically all of North Temple being redeveloped, they are also planning a pretty substantial redevelopment of 600/700N.
5 years ago Rose Park had a reputation of being a not so nice area. 5 years from now it will be extremely desirable.
I know it sucks for some people (mainly renters) and I feel bad for them. But it’s also going to raise the property values for a lot of lower middle class people who will potentially be able to make a lot of money from the sale of their property.... and that’s exactly what’s going to happen.
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I live in Rose Park. I moved in roughly 4.5 years ago. My house has roughly doubled in value since I bought it. I think I bought right as the area shifted. Today, if you can manage to buy a house in the area, it is going for well over asking price. This is because many people are buying the houses to rent them out. Rents for the houses have been increasing and are pushing $3,000 a month.
Being so close to Downtown is one of the biggest draws for people moving in. Being under 10 minutes with even moderate traffic is great.
For the area, I am looking forward to the 600/700 North updates and the increased bus service that will come over the next few years. This increase in service will put me roughly within an a 2 block area of 15 minute, all day, bus service on 3 if not 4 sides.
The change will be some what more on the periphery due to the quasi-historic nature of the houses in the Rose Park area. Most of the changes will be limited to along 600/700 North and along 9th West. I can see many of the apartments being updated to a more urban style, less ground level parking, to take advantage of the increased property values and desire to live in the area.
My biggest hope is that the Smith's at 600N and 1200W can be removed and rebuilt as urban store with it facing the sidewalks and apartments above.