Silicon Beach Growth Spurs Housing Grab on the Westside

 

http://www.thenorthwestern.com/story/money/2014/10/22/silicon-beach-brings-tech-boom-los-angeles/17733153/

“So long Silicon Valley. These days entrepreneurs and engineers are flocking to a place better known for wave surfing than Web surfing,” said Inc. “Amid the palm trees and purple sunsets of the Southern California coastline, techies have built ‘Silicon Beach.’”

If the term “Silicon Beach” hasn’t yet entered your vocabulary, you probably don’t live in Marina del Rey, Santa Monica, Venice, or any of the other Westside cities that have transformed—and continue to do so—the area not just into Silicon Valley South, but a thriving tech hub that shows no signs of slowing down.

“I’ve never seen anything like this in my 25 years,” said Trevor Belden, a commercial real-estate agent who played a role at brokerage Industry Partners in placing the likes of Uber and Snapchat in various locations across the Westside, on MarketWatch. “There is absolutely no doubt in my mind that eventually Silicon Beach will be mentioned in the same breath as Silicon Valley as the world’s leading technology hub. It’s already happening.”

Tech Leaders in Silicon Beach

Leading tech companies that have set up shop in Silicon Beach include Facebook, Microsoft, YouTube, and “Google, which is going all out to establish a big So Cal presence,” said MarketWatch—with a recent purchase of 12 acres in Playa Vista in addition to its Venice office—along with Hulu, Demand Media, and Snapchat, the fastest-growing social network around.

Snapchat’s role in Silicon Beach has been particularly noteworthy for its rapid expansion on the Westside, necessitating more and more space, not to mention housing for its workforce. Luxury apartments in Marina del Rey, Venice, and Santa Monica have been quickly absorbed and new Marina del Rey condos like X67 Lofts are being sought out by those who see the tremendous value in owning instead of renting on the Westside with monthly payments comparable To luxury rentals in The Marina, Venice, And Playa del Rey Areas.

X67 Lofts is now selling and has encouraged Marina del Rey homebuyers to add their name to the interest list quickly since there are only 67 luxury condos available.

“Insatiable Snapchat’s gobbling up real estate again, but this time it’s spreading into another coastal neighborhood: Santa Monica,” said the Los Angeles Times. “The messaging app has signed an almost $3 million-a-year lease for nearly 80,000 square feet of space at the Santa Monica Airport. About a year ago, Snapchat was gearing up to move into 40,000 square feet in Venice on Abbot Kinney and Venice Boulevard, in addition to space on Market Street and about 25,000 square feet along Ocean Front Walk.”

Exterior View of X67 Lofts Building in Marina del Rey, CA

Additional notable Silicon Beach startups include:

  • Jessica Alba’s Honest Co.
  • Mobile-gaming company Scopely
  • Parachute Bedding
  • Dollar Shave Club
  • DogVacay, “like an Airbnb for dogs,” said Business Insider.
  • Wireless charging company uBeam
  • Hyperloop Technologies, “who wants to build the future of transportation,said Business Insider

Still growing

MarketWatch reports that LinkedIn is rumored to be looking in the area, “Twitter, which opened a Santa Monica office last year, is said to be looking to expand,” and Apple is “also sniffing around.” That will create even more need for Westside condos—a need that X67 Lofts looks to fill.

Luxury Marina del Rey apartments like Stella, Aqua, and Esprit can cost the same monthly, and even more, than some Marina del Rey condos. Communities like X67 Lofts offer an ideal location within walking distance to the beach, Abbot Kinney, and many of the hot tech shops. Not to mention an environment today’s tech workforce is looking for.

In Silicon Beach, “The vibe is eclectic. No office-park chic here. Graffiti murals mix with coffee shops, foodie scenes, and boutiques,” said Inc. “Companies allocate ample space for bikes and surfboards so employees can hit the beach after work.”

X67 Lofts features 67 contemporary new loft-style homes on the Westside with 15 uniquely designed floorplans ranging from 759–1,906 square feet and high-end features and finishes including gourmet kitchens with center islands with eating bar (per plan), KitchenAid® stainless steel appliances, frameless European-style cabinetry, and Caesarstone® countertops.

Resort-style amenities at X67 Lofts include a dipping pool with cabana-style seating, a residential Concierge Attendant seven days a week, a fitness room, and a community room.

For more information about moving to Marina del Rey or owning a new condo near the beach, visit X67 Lofts. You can also add your name to the interest list here.