Home prices in Venice Beach rose throughout 2016 and it doesn’t look the prices are going down any time soon. 2017 is definitely looking up for the beach community. Venice Beach remains to be one of the priciest neighborhoods in the nation according to a report from real estate firm Douglas Elliman.
According to the report, the median prices in Venice is currently at $1.978 million which means it’s up nearly six percent from the previous quarter and over 15 percent since the final months of 2015. According to the real estate website Zillow, Venice is the seventh most expensive neighborhood in which to buy a house.
To help put this in perspective, Curbed reports, “the median sale price in Manhattan fell to $1.05 million this past quarter. And while that borough continues to blow Venice away in terms of price per square foot, condos in Venice are now selling for per-square-foot prices that are nearly equivalent to those in Brooklyn.”
After Snap Inc., Snapchat’s parent company, installed its new office in Venice ,which should be going public soon, the neighborhood should expect to see a rush of individuals in the tech industry looking for homes. According to LA Weekly, “And while it is unclear how many of their employees will join their financial ranks…it is safe to assume that dozens, if not hundreds, of newly created millionaires will be hitting the market, which already has brokers lining up.”
The average prices in Venice rose over 20 percent since last year and the neighborhood’s average sale price stayed at $2.439 million by the end of 2016. Mar Vista has also been flooded with tech money in recent years and has also seen rises in prices. Meanwhile, the median sale prices in Downtown Los Angeles and the Westside stood at $1.03 million.