Google is expanding its presence in Los Angeles buying 12 acres in the Playa Vista development. It is estimated that this will bring in as many as 6,000 employees. This, coupled with the huge growth of the tech industry in the general area known as “Silicon Beach”, is of course good news for the local economy in general and the real estate industry in particular.
Where are all of these people going to live, especially in the sellers’ market that is Los Angeles real estate at present?
Let’s take a look at activity over the past six months in some of the neighboring areas.
82 homes sold. The majority of housing in Playa Vista is condominium complexes. Only 12 of the sales were single family.
The low was $365,000 and the high $1,634,000. The median price was $769,500.
Average days on the market was 53 and the sold vs list price was $97.73%.
There are presently 19 units pending sale and 16 units on the market at a median price of $2,190,000.
132 homes sold. The low as $506,014 and the high was $10,000,000. The median price was $1,525,000.
Unlike Playa Vista, Venice has a majority of single family homes. 111 of the above sales were single family.
Average days on the market was 59 and the sales vs list price was $99.27%
There are currently 30 units pending sale and 54 units on the market at a median price of $1,613,500.
Some of the most beautiful ultra-modern houses in L.A. have been springing up in Venice of late.
149 sold with a low of $749,000 and a hight of $10,150,000. The median price was $1,900,000.
Average days on the market was 55 and the sold vs list price was $99.54%
There are 31 homes pending and 40 on the market at a median price of $3,097,000.
287 sold with a low of $285,000 and a high of $7,200,000. The median price was $975,000
Average days on the market was 53 and the sold vs. list price was $99.94%.
There are currently 50 units pending and 85 on the market at a median price of $1,305,000.
And of course if you are a Los Angeles home seller, especially in the Silicon Beach area, I would love to hear from you.
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