Why the Sunset Junction Street Fair has been good for Silver Lake property values

The Sunset Junction Street Fair has faced a lot of backlash from residents upset about everything from high ticket prices to traffic generated by the Silver Lake event. But at, least for Silver Lake homeowners, a weekend of inconvenience and the $20 price of admission is a small price to pay for a substantial boost to the neighborhood economy and real estate market, according to festival organizers. In an interview with Frontiers magazine, Sunset Junction director Michael McKinely, said that the nearly 30-year-old festival, coming up this weekend, has played a role in changing the neighborhood, boosting property values and attracting vegan cafes by the score:

“When we first started, it was $200,000 houses with broken windows and empty businesses, said McKinley. “And now I think because of us, there are $1 million houses, upscale businesses and an upscale yuppy-type crowd. Nothing can stay the same; I think you just have to let things have their own life.”

Related story:
* Get your free Sunset Junction neighbor wristband. LA Weekly

Photo by Kansas Sebastian via Flickr

Post a Comment

Please keep your comments civil and on topic and refrain from personal attacks. The moderator reserves the right to edit or delete any comments. The Eastsider's Terms of Use and Privacy Policy apply to comments submitted by readers. Required fields are marked *