Glendale’s real estate market dates back to the early 1900s when the city was first founded. At the time, Glendale was a small agricultural community, and real estate development was focused on creating residential neighborhoods for the growing population.
One of the earliest real estate developers in Glendale was Leslie C. Brand, a wealthy businessman who helped to transform the city into a modern and vibrant community. The brand was responsible for developing several of Glendale’s most iconic landmarks, including the Brand Library and the Alex Theatre.
Significant changes and developments over the years
In the early days of Glendale’s real estate market, many homes were built in a traditional, Victorian style. However, as the city grew and modernized, new architectural styles emerged, including Craftsman, Spanish Colonial, and Mid-Century Modern.
Throughout the early 1900s, Glendale’s real estate market remained relatively stable, with steady growth driven by the city’s expanding population and economy. However, like many communities, Glendale was impacted by the Great Depression in the 1930s, which led to a slowdown in real estate development and sales.
Despite this setback, Glendale’s real estate market continued to grow and evolve in the following decades, with the development of new neighborhoods, commercial areas, and cultural landmarks. Today, Glendale’s real estate market is considered competitive and desirable, with a strong economy and a diverse range of properties available for sale or rent.
The Impact of the 2008 housing crisis on Glendale's real estate market
The 2008 housing crisis had a significant impact on the real estate market in Glendale, as well as on the broader US housing market. The crisis was triggered by a combination of factors, including a housing market bubble, lax lending standards, and the proliferation of risky mortgage products.
In Glendale, the crisis led to a sharp decline in home values and sales and an increase in foreclosures and short sales. Many homeowners were unable to keep up with their mortgage payments, leading to a wave of distressed properties hitting the market. This led to a surplus of inventory, which caused prices to plummet.
The impact of the crisis was particularly acute in areas where prices had risen rapidly prior to the downturn, such as in some of Glendale’s more expensive neighborhoods. In these areas, many homeowners found themselves underwater on their mortgages, meaning they owed more on their homes than they were worth.
However, despite the challenges posed by the crisis, Glendale’s real estate market eventually rebounded. Government intervention and new regulations helped stabilize the market and prevent a further collapse. Additionally, Glendale’s strong economy, desirable location, and high quality of life continued to attract buyers and renters, leading to a recovery in sales and prices.
Today, Glendale’s real estate market is considered to be strong and competitive, with a diverse range of properties available for sale or rent. While the 2008 housing crisis significantly impacted the market, Glendale’s resilience and recovery demonstrate the long-term potential of real estate investment in this dynamic and vibrant city.