L.A.’s appeal among techies is spreading beyond the mega-rich, with tech industry buyers from Silicon Valley spending more and more time in the Southland/L.A. — and snapping up real estate here. They include Facebook and EBay executives as well as angel investors and start-up entrepreneurs.
“We’ve seen an uptick in buyers from the technology industry over the last several years — some moving to Los Angeles and some buying second homes here, as a kind of peaceful retreat,” said Charles Black, executive vice president of marketing and strategic development at Hilton & Hyland.
Those who have put down roots in L.A. cite a mix of personal, financial and work-related reasons: Compared with the Bay Area, the weather is warmer and the lifestyle more laid-back. With San Francisco home prices at staggering highs, SoCal means more space for less money.
And with a growing tech scene, plus the lure of tech-entertainment content partnerships in Hollywood, there’s more business to do in L.A. In 2014 the Los Angeles-Long Beach region broke into the top five metropolitan areas by venture capital investment for the first time, with 171 deals totaling $2.05 billion, according to the National Venture Capital Assn., whose records go back to 1995. Keep Reading…