Los Angeles’ blossoming technology start-up industry, known as Silicon Beach, is spawning a real estate boom on the city’s Westside, a mostly affluent area known for housing film executives, star athletes and financial industry heavyweights.
In the past 12 months property in Venice, Marina del Rey and Santa Monica – areas dotted with hundreds of new tech start-ups – has experienced double-digit price growth and a dwindling supply of inventory. Homes are also spending considerably less time on the market and selling well above asking prices, according to estate agents.
The influx of internet wealth is swelling house prices in one of the most competitive and expensive property markets in the US. Observers say it is reminiscent of the real estate boom that swept Silicon Valley during the dotcom frenzy of the late 1990s.
Read the full story on www.ft.com.
Pressure on real estate values at the beach is pushing the path of progress east into Mar Vista and Palms. Westchester is picking up overflow from Playa Vista. These are the areas to focus your attention, if you’re finding yourself priced out of the beach cities.
This is a great time to pick up a small duplex or triplex in these areas, especially if you’re thinking about a first home – live in one unit and rent the other. Call me to discuss strategy.