To Live And Buy in South LA: Why Are Home Prices So High?

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The Times is running a long piece today detailing the troubles faced by South Los Angeles 15 years after the riots: poverty, unemployment, wages failing to keep pace with the rest of the city. So here’s a question: what explains why the median home price, as measured by recent sales, in such a troubled place, is $457,250? That may sound like a bargain in Los Angeles, but it is more than double the national median price. Why are homes so expensive in South LA? Your thoughts? Comments?