Silicon Beach Rides the Wave of the Future

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In the past few years the Westside has witnessed astonishing tech transformations. Initial change was first suspected after Google leased Frank Gehry’s iconic Binocular building (very fitting for a search engine company) in Venice as part of their Southern California expansion. “The prices didn’t noticeably rise for a year or more after their 2011 move.  But in 2013, the buzz around Silicon Beach began to result in record-breaking deals as prices started to soar in Venice, Marina del Rey, Mar Vista, Westchester, Playa del Rey, and El Segundo,” said Coldwell Banker Residential Brokerage Sales Associate Alice Plato. “No longer the less interesting step-children of hip Venice, these communities now have their own cachet with a new buyer pool, chic architecture, and upscale retail shops.” In fact, according to recent MLS data, Playa Vista sales were up a whopping 101% (Q4 2014-Q4 2015) leading all other Los Angeles County communities.

With the recent retail, residential, and office development, Playa Vista has transformed into one of L.A.’s premiere 21st century live/work communities.  Furthering the momentum was Facebook’s recent signing of a 35,000 square foot lease at the Playa Jefferson campus in Playa Vista. “As each new office lease is signed, creating thousands of new jobs, the dream for Play Vista is further realized. And in real estate, when a commercial market soars, the residential market is close to follow.  This has definitely been the case in Playa Vista and there is a promising future ahead for its diverse residential market.”

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