Tech Companies Drive Demand for Housing on the Westside

Housing on the Westside

With the addition of many new tech companies, housing on the Westside remains hot. Additionally, home prices near tech development are reaching historic levels.

Westside Tech Companies

With recent leases by Google and Apple, as well as entertainment companies such as Sony and HBO, the Westside can expect to see extreme growth. These companies are acquiring large amounts of office space. With the office space with come employees how need housing, thus making an impact on Westside real estate.

Where are employees wanting to buy? Based on my experience, these clients want to be within a few miles of their hub. And where are these hubs:

  • Apple in Culver City
  • Netflix in Hollywood
  • Google in Playa Vista
  • Facebook in Playa Vista
  • HBO in Culver City
  • Sony in Culver City
  • Snapchat in Venice
  • Tinder in West Hollywood
  • Hulu in Santa Monica
  • YouTube in Playa Vista

Housing on the Westside

Because of the strong demand for housing, tech employees are also driving up the price of housing. Home prices near tech development are reaching historic levels.

Although some in the real estate industry believe that new construction, especially condos and apartments, are outpacing demand, I don’t believe this is true. The demand for living space is strong, especially given the housing shortage in the LA area.

Many tech employees are millennials, who are the largest home buying demographic across the US. They make up almost half of all mortgages. Millennials want the following features when buying a home:

  • Urban setting
  • Single family home or condo
  • 3 to 4 bedrooms
  • 2 to 3 bathrooms
  • Open concept
  • Storage
  • Outdoor living features

If you are ready to put your house on the market, give me a call and let me help you market your home to the tech employees moving into the area. Also, contact me if you are in the market for housing on the Westside. I know the area inside and out and will help you find the perfect fit.

© 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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