For a change, instead of being hurt by the effects of gentrification, some immigrant families are now prospering from the benefits gentrification has to offer.

BY CHRISTIAN MARTIN
EL NUEVO SOL

“Immigrants have faced huge obstacles to achieving the American Dream, yet have persevered to overcome them.” – Charles Rangel, Former U.S. Representative

Los Angeles— When neighborhoods across the globe are losing their identity by the addition of large brand name companies and the ever growing popularity of house-flipping, immigrant communities are finally finding a way to prosper against a broken system.

These families of hard-working immigrants who have spent decades fighting for their own piece of the pie are now finding peace. In varying regions of Los Angeles one can find communities of Latino immigrants who have invested in property in area’s once deemed questionable reaping the rewards of the current markets growth.

Unlike renters, who often rent to have the freedom to move in a moment’s notice. Families who risk it all by putting down roots in the form of housing are finally gaining opportunities that once weren’t open to them.

Breanna Serafin, 27, daughter of first-generation Mexican Americans who much like their parents worked hard to make a better life for their children, have felt the blessings of the current housing market. Raised in Venice, Calif. Serafin witnessed the community grow and change. “I loved how it use to be,” said Serafin. “It doesn’t feel the same at all. I don’t recognize it.”

Serafin’s grandmother lived in Venice also and after her passing, Serafin’s family inherited the property. “It was years ago at the beginning of the Venice Beach craze.” She said, “I hate [the new] Venice now. I visit my family and it’s not the same.”

“I am glad we sold my grandmother’s house for that reason,” she said, as she joked. “Plus, we made bank.”

During this time of community development, the 2009-2013 American Community Survey, by the US Census Bureau, determined that from the years 2000-2013 gentrifying in Los Angeles jumped to 15.1% compared to the 2.9% from the years 1990-2000. According to the American Institute for Economic Research the average cost of living overall for the cost of food, housing, and transportation has gone up by 46.7% since the year 2000.

So it is no wonder that families like Serafin were once rare to find, but with more and more neighborhoods being affected by this new wave of development all at once we are finding communities of immigrants who invested in property reaping the benefits of what only once was a dream.

And unlike the fears of renter communities of downtown Los Angeles, neighborhoods of Inglewood, Lennox and Hawthorne, that hold large numbers minority property owners, are largely excited for the largest development project to hit their area. The Los Angeles Stadium at Hollywood Park, or LASED (short for Los Angeles Stadium and Entertainment District), will house both the Los Angeles Rams and Los Angeles Chargers. The project is said to boost revenue and tourism for local community businesses and the city in general.

The arena will be one of the largest construction efforts to bring in a new wave of sports and entertainment back into LA. While the largest fears are for added traffic, vandalism, and mass tourism that is often underestimated property owners are excited by the prospects of being able to gain the ability to make added income from their already obtained real estate holdings.

“My family is looking for more properties before the market goes up,” said Sandra Banuelos, 26, Los Angeles native. “We are currently remodeling our Inglewood home.” Banuelos shared that the property remodel included a large main house and a smaller rental property in the back.

“We are looking for further investment opportunities, using our saving and a second mortgage because we have experienced it work for us before.” Banuelos added, “It works. But it is a risk.”

“It usually isn’t always slow investment return opportunity,” said real estate agent Aide Jerome. “These communities have so many large projects coming their way that banks are offering low interest loans to qualifying minority families to help them reinvest in their own communities. The potential for growth is here.”

“My mother invested in property all over Los Angeles and Mexico,” Jerome said. “She came from a Mexican family that knew that property, something in your name and tangible, was something stable to invest in. My brother inherited a property in Santa Monica, our parents bought it for about $160,000 forty years ago he sold it for just over 1.6 million.”

Xóchitl Navarro, 54, was born in Tepatitlán de Morelos, Mexico, once small town outside the City of Guadalajara. Navarro now lives in Porter Ranch with her husband, and two sons, who together they have taken advantage of the growing housing markets. “Compramos bajo y vendemos alto.” Navarro said, “Gracias a dios emos tenido un techo donde vivir y comida que comer.”

Navarro purchased a home in Canoga Park in 1998 for $127,000 they sold it in 2006 for $590,000 using the funds they purchased properties in Mexico, and then invested in both a cabin in Lake Arrowhead and a Condo in Las Vegas. Each property was under $100,000 investment and now they are each valued at least 6 times the purchase price. Having sold another property, this time in Mexico, Navarro is now in the process of starting a business reinvesting in the town she grew up in.

Though they have reaped the spoils of change, they too understand the cost it comes at. Jerome’s brother inherited a Santa Monica property where he rented each unit out affordably to families they knew needed help. Low rents, of $400 to the highest being $1,400 are now at $4,100 by the new owners. Jerome said, “Thankfully, he waited until all the tenants moved out.”

Much like the Serafin family, each of these families and their heirs immigrated here from Mexico with the desire to succeed. The dream for a better life for one’s children is a global emotion.  Families like this risk it all to come here, to stay here and to thrive here. Serafin said, “This is the America Dream, no?”

Tags:  Aide Jerome andra Banuelos Breanna Serafin Canoga Park Hawthorne housing market Inglewood Lennox Venice Xochitl Navarro