Silicon Beach housing prices surge as techies move in
In Venice, 25-year-old Snapchat co-founder Bobby Murphy has bought a new two-bedroom house for $2.1 million, or nearly double the median price of homes in the neighborhood.
A few blocks away, a three-bedroom town house with a rooftop sun deck was just rented for $7,000 a month - a year ago, an identical unit was renting for $5,900. 'Totally Silicon Beach living,' the ad on Craigslist proclaimed.
And farther south in Marina del Rey, hundreds of apartments were recently completed and aimed at drawing the tech crowd, with high-speed Internet in every unit, free Wi-Fi in common areas and an online application process.
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.
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