CRF Blog

Silicon Beach housing prices surge as techies move in

by Bill Hayes

In bad news for me and good news for my landlord, the Los Angeles Times reports that Silicon Beach housing prices surge as techies move in.

The Westside has long been a desirable place to live, attracting entertainment executives, sports stars and financial gurus. But there’s a new guard moving in.

The burgeoning tech community known as Silicon Beach is fueling a Westside housing grab that has enabled landlords to push sky-high rents even higher and helped send home prices above their pre-recession highs. Real estate agents say that within these neighborhoods, techies have made a brutal real estate market for buyers and renters even tougher.

“Everyone wants to buy here because this is the hot, cool space,” said Brian Maser, a real estate agent who specializes in selling condos in the area.

Amid last decade’s housing bubble, the median home price in Silicon Beach — the area west of the 405 Freeway from Santa Monica south to Marina del Rey — peaked at $925,000 in the second quarter of 2007 before plummeting 25% to $694,000 in the first three months of 2010, according to research firm DataQuick.

But Silicon Beach prices have risen sharply this year. [more]