What impact will Silicon Beach have on LA? (Pasadena: home, neighborhood)

[adr3naline]

With the new Expo line I can only assume the slums surrounding the line to the east will gentrify at an increasingly expedited rate. Take for instance West Adams, where there's plenty of crap housing stock to be rejuvenated...or alternatively, space for multi-use developments.

[jm1982]

Originally Posted by adr3naline

With the new Expo line I can only assume the slums surrounding the line to the east will gentrify at an increasingly expedited rate. Take for instance West Adams, where there's plenty of crap housing stock to be rejuvenated...or alternatively, space for multi-use developments.

It feels like a lot of that housing is already pretty high but of course it could go up more .
It's still "cheap" compared to Venice,Santa Monica or those other Westside areas .

I remember there used to be a lot of real run down older Victorian homes around there but haven't been around those residential areas too recently .
Lots of those homes around there and the USC area are deemed historic and the city makes it hard to do improvement or changes .

I knew a guy that owned many properties around USC that he rented as student housing and he mentioned how the city made it difficult for him .

If it's true that all these tech workers want to take public transit and not drive that could be the case .
I just don't know how much of that is a reality or it's being exaggerated . If someone has kids especially I don't really see them not owning a car in L.A if they can afford it .

[thelopez2]

Originally Posted by jm1982

From the article

"The average tech worker in their mid-20s to early 30s is willing to shell out between $2 million and $3 million on average — sometimes paid upfront in cash — on a new place close to their employer, according to Lee Johnson, a local realtor for Sotheby’s International Realty. Snap billionaire co-founder and CTO Bobby Murphy, for instance, purchased a new $2.1 million home in Venice, Calif., just 11 blocks from Snap’s headquarters."

Seems unlikely the "average " tech worker is buying $2-3 million homes . Of course the billionaire cofounder of snap can easily buy a $2.1 million home .

Article also mentions a tech founder that sold his company in 2014 for $200 million and saying how L.A is more affordable than the Bay Area , kind of funny .

"The average tech worker in their mid-20s to early 30s is willing to shell out between $2 million and $3 million on average — sometimes paid upfront in cash "

No such thing as an average tech working. I bet it is more like the "The cash buyers of $2-$3 mil homes are tech workers.

[adr3naline]

Originally Posted by thelopez2

"The average tech worker in their mid-20s to early 30s is willing to shell out between $2 million and $3 million on average — sometimes paid upfront in cash "

No such thing as an average tech working. I bet it is more like the "The cash buyers of $2-$3 mil homes are tech workers.

Yeah...not all of us tech workers were part of the Snap IPO. This sweeping generalization of new-money only applies to small segment of the scene.

[jm1982]

Originally Posted by adr3naline

Yeah...not all of us tech workers were part of the Snap IPO. This sweeping generalization of new-money only applies to small segment of the scene.

Yeah that's what I find annoying about these type of articles . They'll quote someone saying something like that , in this case a real estate agent with tech worker or founder clients , but then don't do any research or fact checking .
Of course the agent gets their name published so it's free marketing or advertising for them .

[rmreel]

What zip code is Silicon Beach?

[thelopez2]

Originally Posted by rmreel

What zip code is Silicon Beach?

Venice 90291 and Santa Monica 90405 90401 90404 90403 90402
Those that can't afford there buy 1-2 million dollar homes in Mar Vista 90066 or Culver City
Google, Yahoo, Facebook, expanded into Playa Vista, so you can call that Silicon Marsh Land

[adr3naline]

Originally Posted by rmreel

What zip code is Silicon Beach?

Silicon Beach is a generic term that encompasses just about any tech company on the West Side, and the boundaries change based on who you ask. Working in the LA tech scene personally, I consider it anything West of the 405 and North of LAX...although startups are definitely spread out down to Hermosa Beach...they just tend to get closer to the water.

Here's a handy map plotting tech companies or related services...

[jm1982]

The Venice Freakshow is closing . The founder is blaming Snapchat for them losing their lease .
Doesn't seem to legit though as Snapchat doesn't own the building and they claim they aren't taking over the Freakshow space.

https://therealdeal.com/la/2017/05/0...new-its-lease/

There are a lot of articles saying Venice locals are upset but I'm guessing the property owning locals are pretty happy about these tech companies raising property values even more .

Arnold Schwarzenegger actually made his first million investing in real estate in the Venice area and I believe he still owns a lot of property there .

"Instead, he turned to real estate in the 1970s. Using the money he made from bodybuilding, Schwarzenegger put a down payment on an apartment building. He quickly started benefiting from a "magic decade," he tells Ferriss: "Buildings that I would buy for $500K within the year were $800K and I put only maybe $100K down, so you made 300% on your money.
"I quickly developed and traded up my buildings and bought more apartment buildings and office buildings on Main Street down in Santa Monica and so on. … I became a millionaire from my real estate investments."

The way Arnold Schwarzenegger made his first million

[Koolmas]

I am soooo in shock...I own property in the West Adams area and now I know why I get so many freaking letters in the mail to buy my property....and why people have knocked on my door too see if I want to sell. It's much more
Deeper than I even knew or thought I knew.