Historic Real Estate Development; in Antelope Valley California
By Neil Resto
Aerospace Valley, California
Antelope Valley, located in northern Los Angeles County, California, has a rich history of real estate development dating back to the 19th century. Here's a brief overview of the historical development of real estate in Antelope Valley:
Homesteading era (late 1800s - early 1900s): The area was initially settled by homesteaders, who were granted land by the federal government in exchange for developing and improving it. Many of the homesteaders were farmers who established large-scale agricultural operations, which formed the foundation of the local economy.
Aerospace industry (1950s - 1990s): The establishment of the aerospace industry in the nearby cities of Palmdale and Lancaster in the 1950s and 1960s led to a period of rapid growth and development in Antelope Valley. The aerospace industry created many high-paying jobs and attracted a large number of people to the area.
Suburbanization (1960s - present): As the population grew, the demand for housing also increased, and Antelope Valley experienced a period of suburbanization. Developers began building large residential subdivisions, which were marketed to people seeking affordable homes outside of the crowded urban centers of Los Angeles.
Real estate boom and bust (2000s): In the early 2000s, Antelope Valley experienced a real estate boom, with housing prices rising rapidly and developers building large numbers of new homes. However, this period of growth was unsustainable, and the local economy was hit hard by the subprime mortgage crisis and the Great Recession. Many homeowners went into foreclosure, and the real estate market took several years to recover.
Current state of real estate (present): Today, Antelope Valley continues to be a popular destination for people seeking affordable housing within commuting distance of Los Angeles. The local economy is diverse, with major employers including aerospace companies, healthcare providers, and educational institutions. New residential and commercial developments are still being built, and the real estate market remains active.