This is a blog post written in mid- 2016
Find Current Silicon Beach Trend Charts Here
Silicon Beach Real Estate Is A “Thing”
Silicon Beach is a new thing in LA. As I’ve discussed before, the earliest references in the media that I can find are in late 2011. As you’ll see below, that timeframe also coincides with unprecedented and consistently upward pricing for residential real estate in the beach cities typically associated with Silicon Beach.** This is readily seen by the Silicon Beach real estate trends displayed graphically below.
Santa Monica & Venice Real Estate Trends
Santa Monica and Venice, the original communities under the Silicon Beach moniker, are seen here together in the chart below. Santa Monica real estate has always been pricey, but here we see Venice real estate prices outpacing Santa Monica since 2011, which I think might surprise some people.
Price per square foot for Santa Monica single family homes is up about 33% since early 2012 to $1082.
Price per square foot for Santa Monica condos is steady over the last year at $786, after experiencing a 25% run up from the beginning of January 2013 to the beginning of January 2015.
Price per square foot for Venice single family homes is nearly as high as Santa Monica at $1078. This is a 42% increase since 2012.
Price per square foot for Venice condos is up 10% in the last year to $427. This is a 34% increase since 2012.
Of course, Santa Monica and Venice are both big geo areas and I’m quoting median prices. Contact me for custom graphs or data.
Marina del Rey, Mar Vista & Westchester Real Estate Trends
As pricing pressure grew in Santa Monica and Venice, next came Marina del Rey, Mar Vista and Westchester, starting their ascents more toward the beginning of 2013. The Mar Vista and Westchester charts trend almost identically, although Mar Vista is considered a more desirable location and that is clearly reflected in the price difference between the two trendlines.
Marina del Rey tends to follow the Westchester trendline. I suspect this is true only because the Marina skews more toward condos and Westchester skews more single family with SFR’s higher price point. Given its proximity to Venice, I would otherwise expect Marina del Rey to show a more aggressive trendline.
Price per square foot for Marina del Rey single family homes is up 25% in the last year alone to $771. This is a 37% increase since the beginning of 2013.
Price per square foot for Marina del Rey condos is up 33% since the beginning of 2013 to $595.
Price per square foot for Mar Vista condos is up a whopping 40% since the beginning of 2013 to $532.
Price per square foot for Westchester single family homes is up 31% since the beginning of 2013 to $607.
Price per square foot for Westchester condos is up 42% since the beginning of 2013 to $406.
Playa Vista Real Estate Trends
Playa Vista has always been hot as a very walkable, urban project, but now that employers and all the cool, hip restaurants and services are rolling into the area, the place is on fire. This chart is remarkable:
Price per square foot for Playa Vista single family homes is up 32% since mid-2013 to $543.
Price per square foot for Playa Vista condos is up 37% since early 2013 to $583.
Playa del Rey Real Estate Trends
Playa del Rey appears to be tracking right along with Playa Vista in terms of its aggressive appreciation. PdR’s starting point is much lower due to its location in LAX’s flight path, but its appreciation and trendline is keeping up with all the other Silicon Beach communities.
Price per square foot for Playa del Rey single family homes is up 27% since mid-2013 to $543.
Price per square foot for Playa del Rey condos is up 35% since mid-2013 to $519.
El Segundo As Part of Silicon Beach?
El Segundo is getting a ton of press recently for the creative space being built and housing trends are reflecting this development.
Price per square foot for El Segundo single family homes is up 21% in the last year alone to $644.
Price per square foot for El Segundo condos is up 10% in the last year to $427.
The Silicon Beach Effect Is Real
Silicon Beach is a new thing in LA, but Silicon Beach real estate trends, when viewed graphically, show that Silicon Beach is having a huge impact on housing prices up and down LA’s beach cities.
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** Data is presented on a rolling 12 month average for median price. This means that each point on the graph is an average of the previous 12 months. A presentation in this format smooths out the trendlines for easier reading. Also, using median price excludes the aberrational outliers that average price would include. Custom graphs are available based on a wide variety of criteria including property type, number of bedrooms, number of bathrooms, price range, days on market, price per square foot, % or list price, and more. Contact us for custom graphs.