After two weeks of jaw-dropping athleticism, good sportsmanship, and dazzling figure skating, the 2018 Winter Olympics have come to an end. But savvy investors are looking ahead to 2028, when the Summer Olympic Games arrive right here in Los Angeles.
If you’re looking to buy either residential or commercial property in Southern California, chances are good that you’ll see a boost in property values from the upcoming games, no matter what area or price point you’re considering!
Southern California will expect a massive influx of visitors to catch Olympic events throughout the county in 2028.
Businesses, as well as homeowners with rooms to spare, will be called upon to cater to a burgeoning crowd of sports fans.
The last time the Olympics were in Los Angeles was in 1984 and 5.8 million people attended. That’s a lot of mouths to feed, beds to sleep in, and shopping bags to fill!
So along with being an opportunity to bask in our national pride, it’s also an extraordinary real estate investment opportunity.
Making Los Angeles County Olympic-Ready
Los Angeles’ thriving sports scene, including myriad professional and D1 college sports teams, means the Los Angeles Olympic Committee is taking advantage of existing infrastructure all across Southern California to host the 2028 Games.
From the Staples Center and LA Convention Center to venues as far afield as Lake Perris in the Moreno Valley, events will be taking place all over the Los Angeles Valley. Likewise, visitors will be staying and playing all around LA County, not just near the Olympic Village on USC’s campus.
City leadership and the Los Angeles Olympic Committee are gearing up and bringing numerous improvements across LA County. This includes the 2020-opening of the new NFL stadium in Inglewood. At $2.6 billion and 3 million square feet, it’s the grandest, largest, most expensive sports stadium in history.
While the 70,000-seat arena will be the home to the LA Rams and Chargers, it will also play a highly visible role in the games as the venue for the opening ceremonies. The “Oculus” – a 120-yard video screen—is longer than a football field and the biggest screen to date. As if this wasn’t enough of a draw, along with the arena, there’s an entire entertainment district and urban village. Properties with proximity and access to the area will be at a premium.
The ambitious “28 by ‘28” plan accelerates the completion of 28 infrastructure projects in time for the 2028 Summer Games. The plan will make it easier to get around the county by car, bus, rail, bike, and plane, and ease the gridlock that has traditionally frustrated residents and visitors. It’s also is a significant move forward for sustainable transportation.
The proposed West Santa Ana Branch light rail line is one of the cornerstones of the “28 by 28” plan and stands to reshape downtown LA. The Los Angeles Metropolitan Transportation Authority (MTA) is exploring options to extend the line. The plan dovetails with the recently approved measure that encourages residential development near transit hubs.
Invest Before the Market Heats Up
Residential and commercial real estate will become more and more valuable as the games get closer, and excitement and interest builds. And, as with all things real estate, the more desirable properties will go fast. With all the new construction and improvements in infrastructure, real estate investment opportunities at all price points and all across LA abound.
In addition, if you’re going the residential route, home rental services like AirBnB and VRBO have ignited demand for short-term rentals in Olympic areas, and made it simple to get your listing in front of potential guests. If the 2016 Olympics in Brazil are any indicator, there will be lots of opportunity for windfall: more than 66,000 people stayed in AirBnBs during the Rio games.
2028 will be here sooner than you think, and now is the perfect time to get in ahead, while the market is still calm. Regardless of whether you’re looking to make a commercial or residential property investment, it’s not too early to start scouting out prime locations now to put you in a rewarding position for the 2028 games.
Escrow of the West strives to offer the highest level of service, accuracy, knowledge, professionalism and genuine care. View our escrow services or call us at 866-444-5560.
Call us today, and let the games begin!
