LA Weekly offers Five Signs You're Gentrifying. Ornamental grasses, ubiquitous artists and gelato are all signs that your neighborhood (in LA) is coming out of its cocoon. And of course there is the Pimp My Bungalow phenonemon.
The accompanying article Welcome to Gentrification City gives a historical account of the process. It's a nice study of urban evolution and a priceless slice of LA-icana.