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Silicon Beach Real Estate. How Much Will it Cost to Live There?

Posted by janepeters on May 10, 2017
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Silicon Beach is continuing to grow and is now considered to have the second or third largest concentration of tech companies in the world. With companies such as Google and Yahoo opening offices in the area, real estate is at a premium.

Silicon Beach real estate. How much will it cost to live there?

The areas involved in Silicon Beach are: Playa Vista, Marina Del Rey, Santa Monica, Venice, and Westchester.

So how much will it cost you to live in those areas?

The sold data is for the past six months.

Playa Vista

There are few single family homes in this development. However the median sold price is $2,090,000 for homes with an average 3,000 sq. ft. There are currently 8 active listings.

The median sold price of condos is $963,000 for an average 1,700 sq. ft. unit.  There are currently 14 units available. Playa Vista has a Mello Roos Tax levy in addition to the homeowners’ dues.

Santa Monica

The median price of single family homes sold is $2,274,000 for an average 2,300 sq. ft. home. There are currently 46 units available at a median price of $3,922,500 for an average 3,500 sq. ft. home.

The median price of condos sold is $1,038,750 for an average 1,300 sq. ft. unit. There are 66 units available at a median price of $1,562,000 for a similar average sized unit.

Marina Del Rey

Single family homes sold for a median of $1,442,500 for an average 2,200 sq. ft. home. There are 19 units available at a median price of $2,899,000 for an average 3,400 sq. ft. home.

Condos sold for a median of $860,000 for an average 1,500 sq. ft. unit.  There are 58 units available at a median of $1,128,495 for an average 1,600 sq. ft. unit.

Venice

Homes sold here at a median price of $1,762,500 for a 2,000 sq. ft. property. There are currently 51 homes available at a median price of $2,695,000 for an average 2,700 sq. ft. unit.

Condos are at a premium in Venice, but the median sold price was $1,280,000 for an average 1,600 sq. ft. unit. There are 8 on the market at a median of $1,484,000 for a 2,200 sq. ft. unit.

Westchester

Homes sold at a median of $1,030,000 for an average 1,800 sq. ft. property. There are 51 on the market now at a median $1,338,000 for an average 2,300 sq. ft home.

There are very few condos in this community.

As you can see, Silicon Beach real estate continues to rise in value. And this is where you can see a lot of development and, in the case of Venice, gentrification take place in Los Angeles. Consequently, especially in Venice, there does seem to be a fair amount of inventory available which is not the case in other Los Angeles communities.

 

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