Silicon Valley Entrepreneurs Move South and Buy LA's Luxury Housing
The Wall Street Journal reports on the growing numbers of technology entrepreneurs who are buying luxury homes in beachfront areas around Los Angeles, earning the stretch from Santa Monica to Playa Vista the name "Silicon Beach".
Interestingly, this article "Tech Titans Hit The Beach", is featured in The Wall Street Journal's newly-launched section called "Mansion". The WSJ says that this new section will provide "visually stunning and innovative reporting of high-end properties around the globe as well as market data, trend analysis and exclusive listings."
"Even as prices have begun to creep up in neighborhoods like Venice, L.A.'s real-estate prices still tend to be substantially lower than those in desirable parts of Silicon Valley," writes Lauren Schuker Blum of The Wall Street Journal.
"A substantial portion of Venice's real-estate boom is attributable to Google... [T]he Web-search giant opened a flashy new office in Venice to focus on engineering, sales and advertising... The southern migration is taking place as companies like Google and Facebook beef up their presence and more Silicon Valley investors and entrepreneurs establish footholds in the entertainment industry. Prices are soaring in the beachfront communities tech types favor, and rents in these areas are growing at a faster rate than in other parts of the city."