Silicon Beach - High Tech Companies Lure Top Talent to West LA
Why West LA? Why Now?
The area from Manhattan Beach to Malibu is among the most livable spaces on the planet. Close proximity to natural world - from beaches to deserts to mountains - as well as to the resources of major cities, all under year-round beautiful skies has become even more attractive with new transportation hubs connecting downtown LA to the Pacific Ocean. Why West LA now? Better to ask: "What took so long?"
Although long known as the movie capital, Los Angeles has never based on a single industry. Aerospace, engineering, agriculture, defense, manufacturing and tourism complement the abundance of entertainment offerings with LA expanding to fit them all. Within LA county, the public schools and universities are among the finest in the nation.
Structured on a massive flood plain, LA expands outward for hundreds of miles. Many well-to-do residents opt to live or have a get-away pad near the beach the LA Basin, and later Orange County could absorb the demand for luxury housing in places like Pasadena, Irvine Ranch, Palos Verdes, and out to Riverside and beyond.
Since LA-ers can't follow Horace Greely's advice to "Go West" - the only extra west is lifeboats - the region responded with more dense housing. Single family homes, condos and office buildings are replacing the remaining farms and factories. Nor is there any sense of this movement receding. Tech companies want to be near each other to take advantage of the synergy and similar labor pool. Also, as noted above and common sense bottom line: it's a great place to live.
With the cost of living in the Silicon Valley triple what it is in Silicon Beach, highly paid owners and employees of these companies look towards LA. Pay $1,000,000 for a 2,000 sq ft home? To this crowd, that's a bargain. What started in Venice is rapidly expanding to adjacent regions like Culver City and Westchester. The surge is sweeping up sleepy El Segundo and Playa Del Mar further south. Many expect the extension will transform areas west of La Brea in a second wave.
Market forces are pushing up real estate prices. A fair question: will the tech boom continue? What if it's a balloon that busts? The answer is a, "who knows?" But it's a strong reason to consider owning valuable real estate. People need places to live. Space is finite. And Silicon Beach always has been and will continue to be a premium destination. Plus, wealth advisors declare, "Diversity your portfolio." Real estate is a stable hedge against the fluctuations of Wall Street. Plus, plus! while you cry over your losses, you will do so admiring a beautiful sunset from the porch of your wonderful home.
Looking for a home in Silicon Beach - or in any area in West Los Angeles? Look no further than Belle Tsai of Sotheby's International Realty. She grew up there, lives there and knows the insider scoop on entertainment, shopping, and real estate - neighborhood by neighborhood.
Belle Tsai - Sotheby's International Realty
15308 Sunset Blvd.
Pacific Palisades CA. 90272
SIR CalBRE# 899496
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