Playa Vista is Southern California’s New Silicon Valley

Playa Vista

Playa Vista is the new kid on the block on the Westside and is offering space to Silicon Valley players and those wanting to live an urban lifestyle. Although not considered luxury living, Playa Vista’s homes are selling for over $4 million. Here’s why.

Reinventing Itself

For years, Playa Vista was known for Howard Hughes’ aviation firm that sat vacant for decades due to environmental red tape. Then, in 2012, Brookfield Residential bought the master plan for $265 million. The purpose was to court tech companies that ran out of space in the Silicon Valley as well as Silicon Beach. Today, Playa Vista, along with Santa Monica and Venice are part of the Silicon Valley outpost, with Google going into the old Spruce Goose Hangar built by Hughes.

Playa Vista is hot on the trail of other big tech giants like Yahoo, Microsoft, IMAX, Facebook, and YouTube. With these companies come employees that embrace urban living. Today, nearly 6,000 people live in the tiny city, but that number will double in the next couple of years.

Home Values Rising

Situated between Marina del Rey on the ocean and Culver City, as well as the Ballona Wetlands and Westchester Bluffs, Playa Vista has it all. Whether someone is looking for a beautiful nature preserve, a hillside view, a day at the beach, or great shopping and dining, residents can find what they are looking for.

The community consists of modern houses, 29 greenspaces, two concert areas, and three retail spaces. The newest retail space known as the Runway includes restaurants, retail space, Whole Foods, a movie theater, and fitness clubs.

All of this had led to home values going up year over year. In the last 15 years, condo prices have nearly doubled. Rent is also high with 2 bedroom units renting for as much as $9,000 a month.

Homes For Sale in Playa Vista

Currently, there are just a few homes for sale in Playa Vista. These 4500 square-foot homes are worth $4 to $4.89 million. Additionally, 66 single family homes are under construction that will sell for $2 to $3 million and will be tech havens equipped with Apple HomeKit. Newly constructed condos begin at $1.1 million. By the end of 2020, Playa Vista will have over 6000 housing units.

For more information on living in Playa Vista, give me a call. I’d be happy to show you the current homes for sale as well as discuss homes currently under construction. If you want urban living at its finest, then Playa Vista is right for you.

© 2019 The Raskin Group. 2115 Main Street Santa Monica CA 90405 (310) 867-0173

 

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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