Celebrities Battle Over Los Angeles Real Estate
With a lack of home and condo inventory in Los Angeles, demand is high as well as prices. According to a recent article in Variety, Los Angeles real estate is heating up and executives and celebrities alike are facing steep bidding wars for superior properties.
“At the upscale end of the market, often in those Los Angeles neighborhoods favored by showbizzers, demand is the strongest, resulting in multiple offers over asking price for contempo properties and select empty lots.”
For instance in Venice and the surrounding areas, Silicon Beach is the area where many leading tech and digital media firms are located and as a result, have high real estate price tags.
“The upward trend in the area’s home prices is referred to as the “Google effect” because employees of the firm (and related venture capitalists and tech start-ups like Snapchat) prefer to live within walking or biking distance of their workplaces.”
The “Sunset Strip, the Pacific Palisades and the upper reaches of Bel-Air continue to attract those in the biz. The view properties are a big deal for industryites.” Talent also likes to stay on top of trends, buy, sell and move more frequently than their counterparts in years past. Executives are also major players in this real estate game looking for the best homes in the area regardless of price.
Los Angeles real estate continues to be one of the most sought after markets in the industry. If you’re looking to compete with executives and celebrities alike for your dream home, consult with a experienced real estate agent to help you purchase the home you most want for the best price.
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