Just south of the El Cortez, around 7th and 8th streets down to Gass Avenue, there's a "neighborhood" of nice little 2-3 bedroom homes that were probably built in the '40s and '50s. I use "neighborhood" in quotes, because this area is not like any neighborhood I have ever seen. Most of these houses are law offices or financial advisors. Aren't these houses more valuable as homes than as offices?
Actually, no, they're not more profitable as homes than they are as offices.
Why not?
As you noticed, they're on the small side. This hasn't harmed their adaptability into office space, all conveniently adjacent to downtown, where the municipal court, regional justice center, federal courthouse, and court services are all located.
Realtor and historian Jack LeVine says that the bungalows are the last pre-World War II housing we have in downtown, but those buildings are much more valuable as commercial real estate, especially for the legal community. Lawyers need to be close to where all the legal action is and buying a small house on the southern fringe of downtown is cheaper than renting office space. Also, landlords who lease space to professionals can command a much higher monthly rate than they would to residential renters.
So it’s really a case of the free market determining the destiny of a neighborhood.
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Dave
Dec-29-2019
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Dave
Dec-29-2019
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Kevin Lewis
Dec-29-2019
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